Artists have always sought new ways to express their creativity. They are transforming the typical paint, brush and canvas ways of expressing themselves. The development of technology has had a groundbreaking effect on the art community and art forms, allowing artists to leverage the power of technology in changing how art is made, displayed and sold. Over the past few decades, art and tech have become more intertwined than ever before, whether it’s through providing new ways to mix different types of media, allowing more human interaction or simply making the process of creating easier.
The popularity of digital art and design has paved the way for the most recent art advancement one of them being “NFT” (Non-Fungible Token) sometimes referred to as ‘crypto art’ allows artists to easily make an income from their art. NFT’s much like cryptocurrencies exists on a blockchain and the unique thing about them is that they are non-fungible which means it’s extremely useful for tracking copyright ownership and maintaining records of creation. Artists who are looking to sell their work as NFTs must sign up with a marketplace. They then have to “mint” digital tokens by validating their information on a blockchain. Once they have entered the NFT marketplace, they can set their price for the auction. The NFT market is speculative, with people buying up NFT art because there is the belief that they will later be more because they think they will be valuable in the future, as an investment. Furthermore, NFTs are powered by smart contracts. Simply put, Smart Contracts are programs stored on a blockchain that run when predetermined conditions are met. So, Smart Contracts are the function that manages the transferability of NFTs.
The first virtual Non-Fungible Token (NFT) artwork to be sold at a major auction house closed at $69,346,250 during an online auction by Christie’s. It included a collage of 5000 images that took 13 years to make. Its sale drew heightened attention and NFT works, including digital art, GIFs and even tweets, have been thrust into the spotlight in what many are calling a digital art boom.
This is proof that the power of technology is beyond our imagination.