What’s The Real Cost Of NFT Art?, Lloyd Walden [12/7/2022]Γιάννης Κουκουλάς
There have been several news articles regarding NFT art recently. Beeple’s spectacular selling of his artwork ‘Everydays: The First 5000 Days’ at Christie’s has thrust it into the limelight, making it the hottest new investment opportunity. This item, a digital artwork containing an authenticating NFT (non-fungible token), was sold for $69.3 million, making it one of the top three most expensive works by a living artist.
Therefore, it is an ideal time to utilize those column inches to promote the arts, particularly digital work. But to what extent do NFTs engage audiences with art? And to what extent?
Championing Digital Art
NFTs can pertain to a wide variety of digital assets, including film snippets and trading cards. The term NFT art may be used to describe any type of artwork, from a digital reproduction of an oil painting to virtual architecture.
Digital art is where NFTs have had the most impact. Previously, the ease of duplication of digital art was a hurdle to its commercialization. NFTs altered this by giving a safe, collectible token representing an artwork. In doing so, they level the playing field between digital art and traditional media for collectors and investors. And NFTs go even farther to recognize digital artists by including a commission so that once they are exchanged, the creators receive a portion of the earnings. In addition, NFTs are quite simple to register, reducing entrance hurdles for artists.
The potential of non-fungible tokens to commoditize digital art is undeniable, because they enable more artists to earn more money, hence fostering the art form’s expansion.
Specialist markets, such as SuperRare and Nifty Gateway, provide a tailored experience and excel in generating buzz and high-priced purchases.
However, NFT art is also marketed as generally accessible, and sales are not exclusively of great value. Digital artists are offering NFT originals and editions at a broad variety of pricing points, therefore expanding the audience for art collecting. For instance, Beeple sells ‘Everydays’ versions for as cheap as one dollar.
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