NFTs, or non-fungible tokens are data stored on the blockchain that certifies and records transactions associated with a digital asset. Effectively, they are certificates of authenticity of digital assets traded on blockchain-based exchanges that have spurred an economy of scarcity for digital assets such as images, GIFs, sound clips, and videos. In the past, artists producing digital content may have also considered selling their work in places such as instagram, behance, deviant art, or via their own websites. Though, it is unlikely that this content would have been actually bought in any form. This is likely because the content is already accessible to all. On these platforms, if we are to call it art, it could be akin to a digital version of public art in some ways, for all to see and consume. Or more likely, we would consider it either documentation or advertising and marketing of the artist’s work.
The entire point of NFTs, and the reason they are so marketed as being valuable, is because we believe there is digital scarcity of the content being traded and sold.
Prior to NFT marketplaces for digital art, let’s say that someone were to decide that they wanted ownership of … Continue reading...
