The current digital world is still evolving, which brings about new perspectives regarding a myriad of things, including art. This particular space is one that Non-Fungible Tokens, or NFTs have greatly influenced in the past few years, giving artists another way of selling their work. These tokens are essentially identifiers recorded on blockchains that certify authenticity and ownership.

 

They can't be replicated, replaced, or subdivided, which as you can imagine, sounds just about perfect for the world of art. So, how much further is this piece of tech set to take those in the art space? Let's find out and as well, take a look at the issues within the digital art niche.

Contents:

- The issues with digital art

- How NFTs change the game

- The digital nature of things

- The size of the NFT space

- Potential problems artists may face

- Digital changes

- Final thoughts

 

The issues with digital art

At the heart of all things, NFT art is digital, which is a space that's quite difficult to monetize for several reasons. Some of the most prominent include the following:

- Scams

- Plagiarism

- Theft

- Privacy issues

 

The above issues are things that NFT technology curbs, which makes things a lot easier on those fronts. What the tech does is almost simulate the real world and its art space, however, the non-replicable, unique nature of these tokens makes it so that forgeries are impossible.

 

How NFTs change the game

Having gone through how these tokens are great for digital artists specifically, let's look at their impact on the wider art world. Suffice it to say, it has gotten to the point of actually being mainstream. A great example of this, which you've probably heard of is the £50 million Beeple's NFT art got at a renowned art auction house Christie’s.

 

This, as you would imagine, was quite a big deal. In fact, so huge was this, that Christie's now actively engages in the whole NFT artwork space.

 

This pretty much proves that NFT art is basically on par with collector items, which gives artists even more opportunities to sell their work. The fact that they're easily accessed, and traded further makes this point. So, to summarize the way NFT tech is a game changer for the art space, consider the following:

 

The digital nature of things

Because everything is digital, not only are artists in the space given more opportunities to sell their work securely, but access is considerably easier. Also, NFTs don't require much coding knowledge, so practically anyone could learn how to create them. The cherry on top is that through the selling of fractional ownership of artwork via NFT, people with smaller budgets can get into it as well, making it far more inclusive than art outside the digital world.

 

This is only a small taste of what the tech can do for artists or the space. The nature of NFTs helps with the following:

- Licensing and cultural preservation through the tokenization of real-world assets

- Diversification of portfolios, extending beyond physical objects

 

The size of the NFT space

Another area worth looking at is the size of the NFT Space. The general NFT space, despite recent turmoil, is still worth close to $27 billion in 2023 which is by no means what it was during its peak in 2021, but may rise as education, and adoption of the tech persists.

 

This isn’t as large as the $61 billion wall art market. However, the space hasn’t yet proven itself to be just another passing phase, which shows that there's still interest in it, something artists might want to look at. If they and the rest of the world become educated regarding space, the market is likely to grow.

 

Potential problems artists may face

From what we've seen so far, it's fair to say that artists should consider using the NFT space to help monetize their work, especially from a digital standpoint. However, there are a few things that interested people should be wary of when using the tech in this manner. 

 

The first of these issues lies in the very digital nature of NFTs, whose value isn't determined the traditional way through the market. Instead, the ability to monetize digitally opens the artwork up to digital inflation. Also, NFTs are nowhere near as regulated as traditional arts, which is quite concerning, especially in regard to key areas such as copyrights, and taxes.

 

Digital changes

Last, but not least is the issue of commercialization of the arts industry. Now, while there's nothing wrong with making money, the ease of doing so digitally as well as the potential for easier sales may mean a drop in quality. Summing up, we will still see how it evolves within opportunities as:

- Direct sales and royalties offer artists new revenue streams

- Investors and collectors can diversify their portfolios with digital art

- The rise of NFT marketplaces introduces new trading platforms

- Blockchain enhances the verification of art authenticity and ownership

- Digital art's integration into traditional markets will probably validate its investment value

 

Final thoughts

This piece, more than anything, is directed at those in the art space who are looking to see whether or not the NFT realm is a viable one. Long story short, it is viable, because it's a market that has a lot of potential, while also providing artists with security, as well as new options that physical items can't give.

 

That said, the challenges you're likely to face such as digital inflation, and the chaotic nature of NFTs have to be taken into account. In any case, if you're interested in expanding your beneficial ventures, NFTs are worth a thought.

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