NFTs and Art Sold Digitally

May 19, 2021
Posted in Art, Film, Music
May 19, 2021 JP London

Throughout history, the ability for art collectors and buyers to verify the authenticity of art before purchasing the art has been met with challenges of fraud, forgery, and outright scandal. For centuries experts have been fighting the battle of forgery in art with many famous cases making headlines across the world. There have been movies made about art thieves such as The Grand Budapest, The Thomas Crown Affair, and How to Steal a Million and it always seems to offer a world of excitement within the world of forgery.

Meanwhile I imagine the ability for artists to protect the rights of their work, the art they have dedicated their lives to creating has  attracted a world of headaches fighting thieves and experts in forgery. It seems that this has always been the case in the art world and has headed towards some extensive legal actions regarding copyright. The history of art freud dates back centuries and even Michelangelo himself dabbled in the idea of forgery.

Yet here we are in the year 2021 and the recent arrival of blockchain technology and NFT (non fungible token) has brought with it evidence of a new pathway of solutions to problems of forgery that have plagued us for centuries and have been cause for great concern in the era of digital. Forgery and authentication have been at the healm of interest in blockchain technology as a solution to stop the acts of digital counterfeiting.

Though it’s easier said then done, cybersecurity protection and stopping fraud on a digital scale is not an easy battle. Nonetheless, the idea grew in popularity with the development of Bitcoin and cryptocurrency and since around 2014, the art world has bared witness to the selling of NFTs. And some of these NFTs have been going for as much as millions and millions of dollars. That’s a nice profit for these artists.

Think of an NFT as a digital currency or maybe as a digital asset. Because the current NFT does not give you total security of your digital image or asset and you can still just as easily copy whatever the image is that was originally an NFT. Yet within the NFT is a code created with blockchain technology and this code acts as a certificate.

Blockchain and Cryptography in Art

Most computer users are familiar with the concept that with a simple right click, you can copy most images that are on the computer and this includes NFTs. And for people trying to find the value in an NFT, the idea that you can still copy the image and use it feels like theft, and creates serious doubt and further difficulty seeing the inherent value of an NFT or what the big deal is with it. Many art collectors, and artists have been keeping their ears open to blockchains capabilities and remain dipping their toes in the blockchain pool with little interest in diving in.

Crypto enthusiasts believe the value confidence of the NFT is here to stay and is not just some sort of fading trend. As we become more immersed in a digital world, especially with VR, there is going to be more of a demand for NFTs and also more uses.

What does non fungible mean?

By utilizing blockchain technology, an NFT proves ownership of a digital object such as a piece of art, graphic or even a song. Bitcoin is fungible and a NFT is non fungible. NFT showed up on the scene in 2014. With Beeple selling his NFT collection for $69 million dollars artists are starting to make a good fortune. Beeple produced an explosion of interest for blockchain technology comes from the art world in the form of what is called an NFT (Non-Fungible Token). The technology has become popular as artists such as Beeple and music artist Grimes continue to make millions from selling NFT art.

And what does NFT mean? A non-fungible means that it is unique and cannot be copied because it is built with blockchain technology. This is important in the world of art, a place where fake art runs rampant. And it also creates a unique relationship between the artist and the collector. You still can copy and download the image associated with the NFT but you can’t actually obtain the NFT unless given to you by the owner.

Artists and the Future of NFTs

For artists wanting to learn more about crypto art and NFTs or when beginning your adventures within the crypto art space and diving into the world of NFT art, check out artists like Trevor Jones and Beeple. Since Beeple crashed the NFT scene with his massive $69 million dollar NFT he auctioned off, there have been plenty of others who have done well standing by NFTs. Quantum was originally created in 2014 and is still a favorite amongst NFT enthusiasts. Beeple 5000 Days is a remarkable piece of NFT history. And we are a big fan of Blake Kathryn. Trevor Jones is a great artist and an even better marketeer.

 

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