Blockchain Is Creating Ripples Across the Art World Through NFTs

Blockchain Is Creating Ripples Across the Art World Through NFTs

Naveen Joshi 05/08/2021
Blockchain Is Creating Ripples Across the Art World Through NFTs

The involvement of blockchain in art opens up a stunning array of possibilities for artists everywhere.

With Non-Fungible Tokens (NFTs) enabling visually creative individuals to fetch top dollar for their efforts, the field of art seems to be undergoing a quiet revolution.

As we know, purchasing or selling expensive artwork comes with its own set of challenges. Firstly, you do not want to damage an expensive piece of art. And secondly, the time and costs involved in procuring or selling, say, an expensive painting are always very high. So, NFTs, or virtual tokens that are tied to artwork creations that can be traded, enable new-generation artists to monetize their digital creations in an easier way. Initially, artists may be hesitant to use it, but there are several examples of individuals making loads of money by selling their creations via blockchain in art.

Buying and Selling NFTs for Art Purposes

To purchase NFTs, individuals will need to approach online marketplaces such as OpenSea or Nifty Gateway. On the online platform, such individuals will find a multitude of NFT options. Once the choice of artwork is selected, the necessary payments can go through and the creation is digitally transferred to its new owner. Certain marketplaces specialize in specific NFTs. To sell, certain marketplaces allow creators to make their NFTs via their open platforms. On the other hand, certain marketplaces may make it mandatory for artists to become partners with them, thereby making their share of money in the entire process.

Rising Popularity of Blockchain In Art

There are some obvious benefits of digital art and the process of buying and selling NFTs through online portals. While one prime advantage as mentioned above, here are a few key reasons for the increasing involvement of blockchain in art:

  1. One of the upsides of blockchain, and cryptocurrencies in general, is that it exists in a decentralized marketplace. So, the buyers of digital artwork and NFTs are, more or less, independent of a traditional art and craft market. Therefore, creators with limited influence among art dealers and other players involved in the market can still sell their creations to buyers without having to spend lots of time or money for the same.

  2. Artists can create digital artwork from the comforts of their home or any other confined space with an internet connection. As a result, they can cut down on their travel expenses. As we know, traditional artists may need to travel far and wide to ‘seek inspiration’ for their creative minds to create alchemy on canvas. More importantly, digital art does not involve the usage of paper and actual colors. So, resources are saved and, in a way, the environment is protected in the long term.

There are a few other advantages of involving blockchain in art. As you know, art is generally found sitting quite low on the list of somebody’s priority purchases. As a result, artists may find it difficult to make a living out of their creativity. Blockchain creates avenues for artists to create and sell their creations to a wider audience. As a result, technology has had a huge impact on the field of art.

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Naveen Joshi

Tech Expert

Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.

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