NFT, short-lived hype or the definite future of art ownership? – Blockchain news, opinions, TV and work


Non-fungible tokens. Only a year ago, this concept did not sound the alarm for most people. However, in 2021, NFT broke out and became one of the hottest technology trends. On November 24, the Collins Dictionary even named the NFT “Word of the Year”. This is a matter of course, as NFT transaction volume reached 10.7 billion USD in the third quarter of 2021.

NFT, or non-fungible token, uses a digital ledger to provide a public certificate of authenticity or proof of ownership, but does not restrict the sharing or copying of underlying digital files, such as photos, videos, and audio. Therefore, although everyone on the Internet can see, use, download and share your works of art, ownership is unique.

The NFT boom in 2021 mainly revolves around collectibles such as digital art, but later this year it also starts to focus on games, music, movies, and even online memes.

Although the proliferation of NFTs is still only recent, the first known “NFT”, a video clip, is actually not that new.It was created by Kevin McCoy (Kevin McCoy) and Anil Dash Produced by McCoy’s wife Jennifer in May 2014.McCoy registered the video on the website Domain Coin Blockchain and sold it to Dash for $4. This is how the first irreplaceable, tradable blockchain token is associated with a unique work of art.

NFT became very popular in 2021, after that Mike WinkelmanThe professional is known by the name of Beeple, who created a collage of 5000 digital images for his work every day series.Its NFT sold for $69.3 million Christie’s In 2021.This is The most expensive NFT Used to have The most expensive works of living artistsAfter that, others were encouraged and immediately started to create, collect and trade NFTs for millions of dollars, some of them hoping to make profits in the future.

But is NFT a good future investment, and what is the importance of this new concept of ownership?

Experts recommend that you buy NFT only because you want to own it, because you like art, not because you want to promote it. Since this may apply to all forms of art, NFT ownership itself may become interesting.

We have seen that it is very easy to forge a certificate of authenticity or copy artwork. We have noticed in the past that paintings with precise dimensions and composition, even the hands of the same artist, are sold at completely different prices based on their provenance and certification certificates. There may be only one of these certificates instead of one. For the other. NFT provides indestructible proof of ownership and traceable historical records, which will continue to exist as long as the digital world exists.

In the future, every painting, whether it is a digital painting or a physical painting, will have an NFT attached, which makes perfect sense. Therefore, the future of NFT is inevitable, and its importance will only increase over time.





Source link

Recommended For You

About the Author: News Center