In order to change the art industry, NFTs must be safer Author: Cointelegraph

[ad_1]

To change the art industry, NFT must be safer

2021 has witnessed many notable milestones. Irreplaceable tokens (NFT) market, increase Value has increased by 2,100% starting in the fourth quarter of 2020, and consumer spending has exceeded US$2 billion. Although the headlines have been dominated by record-breaking sales, what is often overlooked is the growing demand from new investors. according to For NonFungible, which tracks NFT transactions, there were 73,000 NFT buyers and 33,000 NFT sellers in the first quarter. Although these numbers look impressive, they are actually relatively small compared to the global art market. Pay attention to In 2018, it was 64.7 billion U.S. dollars, of which the United States, China and the United Kingdom accounted for 84% of the global market.

The traditional infrastructure of the art market dominated by dealers and auction houses seems to be outdated in an increasingly online and globalized world, and the demand for such assets in emerging markets will only grow. People may view the COVID-19 pandemic as a catalyst to destroy the existing art market infrastructure. At the same time, the NFT market does give us a glimpse of how to apply smart contract technology to ensure that third parties and middlemen who usually require reductions can be removed. However, as far as the current situation is concerned, the current infrastructure has too many defects and the possibility of user error is too great to actually replace the current verification, distribution, auction, and ownership verification methods.

Luke Stokes He is the managing director of the Interwallet Operational Foundation. He is passionate about the voluntary governance system and has been involved in it since the beginning of 2013. Since the beginning of 2018, he has been a consensus witness of the Hive (formerly Steem) blockchain and the custodian of the community’s all Eosio block producer and DAC promoter eosDAC, since its establishment. He has a computer science degree from the University of Pennsylvania.