The Art of NFTs

Non-fungible Tokens(NFTs), the digital-only visual assets powered by blockchain technology, continue their foray into the core of the global art world. NFTs can be image files, videos, music, trading cards, or even tweets, and they can be traded and sold between users. The NFT industry grew by 299 percent in 2020 and continues to skyrocket, states a report from the time. It’s triggering tectonics shifts in the art world, and people have started taking sides.

A few years ago Jazmine Boykins an American illustrator, was posting her artwork online for free. But recently, she

has been selling the same pieces for thousands of dollars each, thanks to NFTs, which have become an excellent avenue for artists to monetize their works. But on the flip side, art is not just about money when it becomes so, there might be an upscaling more significant issue at our hands.

For instance, in 2021, Blockchain firm Injective Protocol bought a 2006 edition of Banksy’s Morons (White) painting for $95,000. To everyone’s surprise, the company burnt the mesmerizing work to ashes, and they live streamed it. The firm immediately created a digital representation of the world famous artist’s work using blockchain technology and turned it into an NFT. The Morons NFT was sold for $380,000 - a 300 percent increase from its price as a physical print. Despite the size of the transaction, we can’t really blame the art lovers for viewing it as an outrageous act.

However, while the arguments between art lovers flare up, the online global art market is predicted to increase by 494 percent by 2024, thanks partly to people’s growing interest in crypto art and NFTs.