Crypto-art is revolutionising the way celebrities display and sell their work, says Wave Financial co-founder. As vinyl records are to streaming, NFTs are to existing physical art, Les Borsai told Insider. NFT innovation brings better experiences, which means their boom is not a bubble, the digital art expert said. And the reverse may also be true - an artist who produces NFT art might want to additionally market these works as a physical piece or as a gift to reward owners of the NFT version.
To get off to a good start, that process begins with creating a work that is unique, especially in a market increasingly flooded with NFT, Matias said. On many platforms such as Foundation, users are required to pay a certain fee linked to the computing power needed to make an NFT part of a blockchain. According to his observations, too many artists say they are interested in selling NFTs without following a plan of action. While this new NFT technology is interesting, for the time being I'm sticking with the old method of displaying the edition number and my signature on the artwork itself.
Since NFTs are digital assets that cannot be replaced and exist on a blockchain, demand only exists if there is a perceived value behind them, just as a value is assigned to a physical artwork. There has been a lot of build-up and hype about non fungible tokens (NFTs) and digital artwork around the world in recent times. In the same month, some NFL players, such as Tampa Bay Buccaneers player Rob Gronkowski and Los Angeles Ram Taylor Rapp, also joined the NFT craze and launched their own collections. Actually, my photos have a small logo on the back with a QR code that, when scanned, takes people to an online digital certificate of the artwork, but it's not an NFT.
On the other hand, your art may seem like child's play to offline art enthusiasts, but it is perhaps the biggest hype of the century within the NFT metaverse. Many people believe this means that all the value of the destroyed physical object is transferred to the NFT, making the value of the NFT equal to, if not greater than, the physical object and the original NFT combined. The physical work and the NFT can be separate or together, the value differs depending on what you intend to do with one or the other. The NFT is a digital "token" stored on a blockchain that can be transferred to someone, giving them ownership of the token.
Determining who authorises the destruction of the physical object again comes down to the contract related to the NFT. A QR code leading to the NFT and other information can appear on the reverse side, as shown in the recent NBA TopShot physical prototypes created by Infinite Objects. And given that NFTs exist in a digital space where there is an oversaturation of content, the process of simply creating and selling an NFT is not going to make most creators much money.