The Technological Revolution in the World of Fine Art: NFTs

Somewhere, there is an artist sitting in front of their computer. Their attention tied to the screen, they have not bothered to check the clock for how long they have been working on the piece brightening their vision. On their screen rests a masterpiece that can only be created by the very artist before it. Finally, the artist affirms their piece is finished and marks their signature in the corner.

For this artist, sharing their work in the digital age is challenging enough. Selling such a work feels impossible. Within the world of fine art, comes a new technology for artists, such as the one mentioned, and collectors to sell art and to collect. NFTs are this emerging technology.

​What are NFTs and How do They Operate?

NFTs are also known as ‘non-fungible tokens.’ They are similar to cryptocurrency, but only for digital art such as audio, video, or artwork. NFTs operate on a blockchain, which is a digital public ledger.

When a person owns an NFT artwork, they are holding the authenticity and proof of ownership to a specific work of art, and making them the sole owner. The artist, from earlier, will register with an NFT marketplace. They will validate and upload their work on a blockchain before listing their piece for auction on the marketplace. The biggest difference between NFTs and other cryptocurrencies is that the value is marked by the highest bidder, as it will if it were auctioned as any other ordinary artwork.

Creating Opportunities and Moving to the Future of Fine Art

​For digital artists everywhere, NFTs open doors for them to the world of fine art. Despite the appearance of inclusivity in the fine art industry, digital art has been looked down upon. The reason is not for the lack of artistry, but due to the difficulty of pricing these works, checking authenticity, and the lack of security when sharing on a digital platform.

NFTs make is easier for artists to enter these spaces because of the easy process. Today, digital artists are able to make a name for themselves in the industry because of this cryptocurrency. The artist who just finished their work can sell their masterpiece to a digital art collector, and continue to create more artworks in a medium they cherish with the help of NFTs.