NFTs: An Evolution of Art From Physical to the Digital Space

Art has always been considered to be a very important part of our culture and history. We’ve seen many paintings, sculptures, and drawings throughout history, but it’s been quite some time since these works were created. New technology has allowed people to create exceptional art, stickers, and other fantastic collectables.

NFTs is a term that is growing in popularity. We’ve been seeing the success of NFTs across the internet. NFTs are the hottest thing over the past few years. You’ve probably heard about them and might even have seen some around your friends. NFTs (Non-Fungible Tokens) are digital assets that represent something rare, and unique and cannot be copied or duplicated. In other words, they exist as blockchain digital identities that never exist twice. What makes NFTs so special is that they allow their holders to own property rights to their digital assets without the need to transfer ownership from one person to another.

NFTs and Their Utilities

The main advantage NFTs have over traditional artefacts is that the payments are irreversible and once the deal is done there is no going back. The artists have full control over their artwork and even a not-so-techy artist can easily convert their art into NFTs.

NFTs can be developed into a wide variety of different things. You can use them:

1. In the form of virtual items that you can collect.
2. As unique one-of-a-kind things that have their own value, or even for financial investments.
3. As a means to whitelist users for rewards and eligible for airdrops.
4. As proof of attendance to an event.

CryptoBaristas is an exclusive NFT collection that offers its holders the opportunity to receive discounts at online stores and merchandise. These are fun, caffeine-inspired NFTs whose purchase supports real-world coffee initiatives.

NFT holders can also have access to invite-only community parties and events. Using NFTs in the ticketing system completely removes the possibility of people using fake tickets to enter an event. For example, the Web3Conf team collaborated with ticketh.io for a seamless experience for attendees to manage ticket verification at the venue for their conference in Goa and SuperteamDAO with MetapassHQ for the Supermeet in Delhi.

Ultimately, the idea of using NFTs as in-game assets has a lot of potential. However, we just don’t know enough to know how viable it is at this point in time. It also presents an opportunity for NFTs to be used for something truly innovative and important. NFTs are becoming popular among developers and game players. They give more advantages to game makers, bringing a wide range of profit models for them. For users, it’s also easier to enjoy the game and play actively with NFTs. So from this aspect, we’d expect that NFTs will be widely used in games.

Getting Familiar with the Art and their Artists

NFT artists have seen a massive spike in interest over the last year. Just like the designs themselves, we see that NFT artwork can be quite varied. Some works are incredibly simple and cute while others are more elaborate, sophisticated and often very well thought out.

An artwork named ‘Everydays: the First 5000 days’ by an artist Mike Winklemann, popularly known by his artist name Beeple topped the list for being the most valuable NFT art for quite a long time until ‘The MERGE’ happened.

The MERGE is an artwork of the digital artist PAK which was sold for a whopping 91.8 million dollars. The auction of Beeple’s work was a milestone in the world of NFT’s, attracting the interest of many new buyers and sellers.

Beeple is a digital artist whose work has been shown in museums, galleries and art fairs around the world. Beeple was one of the first artists to sell a work of art as an NFT. The artist had been posting a new digital artwork every day for more than 5,000 consecutive days. He compiled the collection of images into a single file and sold it as an NFT for $69 million.

Beeple is known for his 3D digital art, which he creates using Photoshop and Cinema 4D. He has worked for clients such as Apple, Nike, Coca-Cola and Samsung. The artist has also created album artwork for musicians such as Justin Bieber, Katy Perry and Deadmau5.

VeeFriends is another great example of utility NFTs which is a NFT collection officially owned by Gary Vaynerchuk. Gary Vaynerchuk popularly known as GaryVee is an American author, speaker and internet personality. By owning any of these NFTs you can directly become a part of VeeFriends – a community of extraordinary intellectuals and secure your access to his conference i.e. VeeCon.

Another seemingly interesting collection of NFTs is the Bored Ape Yacht Club which is a collection of 10000 unique digital collectibles launched by Yuga Labs and grants access to a private online club, exclusive in-person events, etc.

What Factors Decide the Value of a Particular NFT?

Just like the value for a physical art is determined by the consumer interest, the price for a NFT is also based on the judgments of the buyers. This also indirectly depends on the NFT artist’s popularity and the hype of the collection in the market. Rarity being of the most important aspect in the price evaluation, gives the holders a sense or feeling of owning something exclusive and unique. The utility of a NFT also acts as the major deciding factor for the price calculation.

Earning from NFTs

After blowing away the internet in 2020 NFTs still continue to be a major trend these days. With this everyone in the world is looking out for opportunities to make money through these newly popular digital pieces. Although most traders earn the real value from resale of NFTs, there are other areas where these tokens can save lots of money or provide value to life.

As discussed above, they provide exclusive access to in-person events, discounts in stores, etc. The creators can earn royalties even after selling them out. NFT-powered yield farming , NFT gaming and NFT staking are just a few other examples to earn money with these non-fungible tokens.

Conclusion

Non-fungible tokens is one of the latest phenomena in the crypto world and remain a controversial topic, even despite their growing popularity. Many artists and creators have made their stance on the subject clear; they are vehemently opposed to any digital form of art, because it is not tangible. They don’t like the idea of owning a ‘code’ instead of an artwork. I’m going to assume that you aren’t one of those people.

Non-fungible tokens are on their way to grow in importance for the way of collecting different kinds of items, as well as for digital asset management. NFTs may not be perfect yet, but they do have a bright future ahead in both the real world and the crypto space.