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    What’s the Future of Art NFTs?

    The art world is constantly changing and expanding, but it’s rare to see such rapid advancement in any industry in such a short period of time. NFT and blockchain technology, on the other hand, can give new opportunities for artists to connect with buyers, enhance access to and democratize the art world, and bring new perspectives on value exchange in the art world.

    What is a non-financial transaction (NFT)? Simply put, it’s a one-of-a-kind digital asset with proven ownership. It could be a work of art, a game item, a PDF, or simply a tweet. The minting procedure creates a cryptographic token that includes the digital signature of the wallet that created the token when a creator “mints” (creates) a digital asset as an NFT. This gives future collectors direct provenance verification, which is stored on the blockchain. It also gives creators a new avenue to develop and sell their work directly to their audiences, bypassing traditional gatekeepers.

    Predictions for NFT’s future

    Art NFTs aren’t simply a fun new craze; they have serious ramifications for who has access to art, who creates it, and how it is purchased. Here are five predictions about how art non-profit trusts will help artists, collectors, and art enthusiasts.

    Democratization of Art – Who owns a piece of art? What percentage of the population has access to art? Many individuals create art, but how many of them can make a life doing so? What exactly is a “artist”? The answers to those questions have been irreversibly transformed by the digitization of art. Anyone with an internet connection can now examine artwork from anywhere in the world, and they do not need to be physically present to do it. Not only can anybody, anywhere look at art on a phone or computer screen, but virtual reality is rapidly allowing people to visit galleries and museums and study exhibits from the comfort of their own homes. NFTs let artists to create and distribute art through online channels, bypassing traditional gatekeepers that have controlled what art is and who has access to it for decades.

    Increased Diversity and Representation – The advent of blockchain technology and NFTs, as well as the digitization of art, will transform the important actors and influences in the area, making art more representative of the world around us. Art and art spaces are becoming more democratized, allowing access to people and groups who have traditionally been underrepresented in the arts.

    Isn’t that what art is all about? Art has the power to open our eyes to worldviews and experiences that are different from our own, allowing us to broaden and question our viewpoints. The industry should focus on elevating diverse perspectives in this arena and providing crypto education opportunities for BIPOC, women, and underserved artists and communities.

    Patronage and Fractionalization – patronage takes on a new form. Collectors and fans will be able to directly support their favorite artist or creator because blockchain transactions are direct and not mediated by a third party. Furthermore, fractionalization, or partial ownership, is possible with NFT ownership, allowing fans or collectors to share in the future earnings of artists and their work. The possibility of royalties is one of the most tempting parts of NFTs, according to our recent research on “Making a Living as an Artist.”

    New Methods and Media – We’ll see new media being employed to make and deliver art more frequently as a result of these creative technology. Artists such as Jordan Wolfson and Marina Abramovi have already started painting on digital canvases, making work accessible through VR or AR, and prioritizing the experience generated over a static, passive object. Works that are wearable or have a practical application? An artist who turns an art experience into a game for their fans? With new technology comes a creative renaissance, and as more people become interested in the space, technology will only continue to expand and advance.

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