Non-fungible tokens, NFTs, are proven to be a rather impressive and modern way for artists to earn fame and sell their art.
However, this sudden spark of success has raised many eyebrows. Should NFTs be considered art? Are NFT investments worth it? What is their future? Is it going to replace traditional art? To give you answers, we have laid down various points of value.
What are NFTs?
NFTs are rare digital tokens that are issued in small amounts. One can buy and sell an NFT only on verified NFT marketplaces. These unique trading cards cannot be replaced with anything. They can be anything – from your drawing to music – but a lot of hype around this technology is around selling digital art.
Traditional Art and why is it Valuable?
Everything brings us back to one simple question – what makes art valuable? Great artists like Van Gogh and Warhol have unique styles and techniques. While their artwork is different, whatever they have created is highly valued.
And as the saying goes – beauty is in the eye of the beholder – different people see different values in each traditional art piece. To some, art is valuable in context with history, while for others, it is the artists’ style that adds value to it. More or less, these factors add up to the value of art, and people see it as a great investment.
You can find all of these factors in NFTs. The rarity, the significance of time and context, everything represents great value. So, what makes them different?
NFTs and Traditional Art: What’s the Difference?
Art has existed in digital forms since computers existed. Earlier, a huge challenge for digital art was the issue of rarity. Digital art is unique but reproducible. But with NFTs, artists, art collectors, and art houses can stay assured that the digital art they are dealing with is unique and have one owner at a given time.
Moreover, unlike traditional art, crypto artists can showcase their art on the platform by themselves without the interference of any middlemen.
NFTs vs. Traditional Art
NFTs and traditional art are not the same. Let’s take a look at the point of differences between them:
The primary difference between NFTs and traditional art is the mode of creation. NFTs are completely digital items that only exist in digital wallets on a specific blockchain. Anyone can create NFTs and sell them on an NFT marketplace.
While traditional art only exists in physical form within one physical space at a time.
Ease of Access
One of the biggest issues to address while differentiating between NFT and traditional art is accessibility. Anybody can admire NFT art from anywhere in the world. However, that is not the case with traditional art. To admire the art pieces, you would need to visit a museum or art gallery.
Authenticity and Legitimacy
It is much easier to verify the authenticity and ownership of an NFT. Marketplaces like OpenSea offer transparent details about trades done of any listed NFT to anyone on the internet. To check the authenticity, you simply have to check the contact address of the artwork. While with traditional art, this is not the case. Traditional art uses a physical certification signed by the artist. Scams and frauds often threaten such physical documents.
As opposed to this, legitimacy is still an issue in the NFT world. Since it is still not considered traditional art, people can conduct illegal activities like money laundering. NFT transactions are registered on blockchains, making it harder to verify the identity of the buyer and the seller.
Money laundering is not easy with traditional art as it requires physical signatures and documents.
You have to preserve traditional art under certain temperatures and lighting. If not maintained properly, it may need repairs. DaVinci’s Salvator Mundi is not under good circumstances and has undergone numerous repairs. There is no such condition for digital art.
Art has always been a status symbol for the elites. However, this status symbol is only limited to art galleries or their own homes. This is not the case with digital art. Anyone who owns an NFT can post it anywhere on the internet to show everyone.
Digital projects such as cryptos and NFTs heavily rely on aggressive marketing campaigns for their success. They use the FOMO principle, often hire influencers, create a good online presence and bring more fans to their NFT selling page.
There are fewer art collectors with traditional art, and impressing them is not an easy task.
NFT artists can reach a large audience and potential buyers through the internet than traditional artists. There are various NFT marketplaces to buy and sell NFTs, while traditional art can only be sold and bought in auctions.
NFT has a vast potential of transforming the creative industry. However, it is only in its infancy. But we are beginning to see the start of something extraordinary for our future generations to witness.
There is much more to NFTs, and you can get deeper insights into it by visiting Mesha – a trusted online community for everything NFT!
Akanksha Malik is a content creator & digital strategist at Mesha – India’s largest investing club & online community where the world’s best investors gather to share ideas, discover fellow investors, invest in NFTs & crypto and compete in challenges for real money. She develops content to share her knowledge and insights helping her readers stay updated with the latest in fintech & investments, as well as cryptocurrency trends and upcoming NFT opportunities. Apart from being passionate about her work, Akanksha loves exploring architectural sites and different local dishes during her travels.