How is technology changing our understanding of art, what makes an artist an artist, who sets and prices digital works, and where does physical art fit in the digital boom?
Probably many asked the question: “what does nft stand for in art?”, today we will talk about this in more detail. NFTs are called a unit of data in the blockchain – a digital ledger of transactions where each element is unique and cannot be replaced. Thanks to the ability of this technology to provide a unique signature and ownership, for the first time NFT began to be widely used in the field of digital art.
On the impact of the pandemic on the physical art market
Quarantine has become a powerful impetus for the development of digital art. The whole world has switched to online, and if it was relatively easy for someone to do this, then for many it remained completely incomprehensible what to do in such conditions.
This also applied to many artists and gallery owners. Museums and exhibition spaces were closed, it was impossible to hold auctions
What makes popularity
Digital art is only gaining momentum, so it’s hard to say what exactly makes an artist popular. Sometimes it can be a successful social media campaign, sometimes the artist gets noticed because a well-known collector bought his work, and sometimes his story and background are important.
We often hear that NFT is a hype, a bubble. The main argument of such critics is that digital art has only a history of transactions. But the value of works of art is not only in who bought and for how much and for how much then sold. The value of a work is determined by history itself: the personality of the artist and his role in the art world, the meanings that he invested in the work, and, of course, the history of the exhibition are important – there are a lot of factors.
From a legal point of view, there are still a lot of questions about the NFT. For example, the right to use works in the public domain is not yet regulated in any way. The law does not prohibit you from creating a digital copy of the Mona Lisa and claiming that you are the owner of this digital asset, and then documenting it as a personal digital asset using NFT.
Content is getting bigger. And if some create it because they cannot live without creativity and have found an additional tool for themselves, then others quickly retrained and began to position themselves, for example, not as designers, but as digital artists. The rules of the game are only being developed, and while the market for digital art in general, and especially art that is sold as NFT, is the wild West.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.