In today’s digital asset market, there are a lot of conflicting opinions about NFTs (non-fungible tokens). Whether you love or hate it, there’s no denying that NFT is a groundbreaking technology for the art and collectibles industry. Digital artworks have emerged as a robust industry, with the NFT market expected to become $147.24 billion by 2026.
But let’s take a step back and reflect on the broader use case of non-fungible tokens. The big question any user has is “why bother spending thousands of dollars on digital artworks that you can download from the internet for free?” The simple answer lies in the essence of authenticity and ownership.
Preserving the authenticity of creative products
Think about the Mona Lisa, a creative artwork of Leonardo Da Vinci that has prevailed through the centuries. The physical painting itself, preserved at the Louvre, is currently worth $870 million. But what’s stopping you from downloading its digital form, printing it, framing and keeping it for your own collection?
This problem of authenticity is even more critical for the ‘non-famous’ artworks. For every original work, thousands of online copies are available for download. Even outside of the digital domain, other talented artists can simply replicate the original version and promote it as their own production. In this essence, the original product loses its value to some extent.
The idea of NFT is to preserve this value. Human creativity is idiosyncratic – meaning that original creative content is never equivalent to a replica, no matter how good it is. Original artwork or any other creative product has its own unique journey. There is a thought process that went into its conception, there is a novel idea or concept behind its inception, and a story behind its ownership. These values are never found in plagiarized art.
Non-fungible tokens preserve this creative value in the digital world. Each artwork has its creator’s digital signature engraved on its data block. The history of ownership is permanently recorded in the blockchain, preserving the story of its journey from the creator to the collector. Most importantly, NFT adds a monetized value to digital artworks.
NFT is changing Industries
Through the power of blockchain technology, NFT is creating new opportunities for industries that previously had no hopes for persevering authenticity. In gaming, when gamers win a reward or achievement, there is virtually no value to it. Through non-fungible tokens, gamers can now record their achievements on the blockchain and showcase their rewards to the digital world.
Sports players and athletes are able to digitize their iconic moments and conserve them on the blockchain to live forever, while also influencing a journey of ownership for fans and collectors. There’s also the luxury goods industry.
With the increased use of technology, it has become increasingly challenging to differentiate original products from their copycats. This is a big issue for luxury goods consumers, people who spend thousands or even millions of dollars on high-end digital assets. Blockchain issues unique indigenous contracts to every original asset, making it easily distinguishable from the faux.
Every piece of data on the blockchain is permanent, unchangeable, or tamperproof. So, the origin of an asset, artwork, or any creative product is always preserved and its value remains intact in the digital world.
NFT has a long way to go, slowly but surely
It goes without saying that the NFT technology is far from perfect at this stage. With scams, copyright infringements and hacks, the industry still lacks significant credibility. However, new innovations and ideas are fueling changes in the industry, bringing more authenticity and assurance to users.
For example, the ORIGYN Foundation has innovated the concept of integrating biometric data with NFT contracts for stronger authentication in the creative arts industry. Innovations like this will continue to bring more credibility to the non-fungible space, and pave the way for preserving the creations that define human ingenuity in the digital world.
ORIGYN’s case is one example of how web3 can revolutionize an entire industry, and Bitrue would love to provide their customers access to participate in projects of this caliber. The token $OGY functions as a utility token that used for transactions and rewards on the platform; it can also be staked to participate in the network’s governance mechanism.
How NFTs Benefit The Art Market?
Article submitted by Anastasiia Ageeva. The World Art News (WAN) is not liable for the content of this publication. All statements and views expressed herein are only an opinion. Act at your own risk. No part of this publication may be reproduced without written permission. © The World Art News
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