The market for non-interchangeable tokens is worth billions of dollars.


The market for non-interchangeable tokens is worth billions of dollars.

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NFT allows you to prove the authenticity and uniqueness of digital work.

This is why technology has become so relevant in the art world, where the question of work originality has always been important. Artists working in traditional formats became interested in digital art, followed by collectors. Earlier this year, the market experienced a real boom. According to the report, total NFT sales in the first half of 2021 reached nearly $1.3 billion.

 

What is happening with digital art and physical art reminds us of the emergence of photography in the 19th century, when painters were afraid they would no longer be needed by society.

In fact, photography became a catalyst for new experiments in all spheres of the visual arts and contributed to the growth of high-class artists.

 

"Today, the number of artists working digitally exceeds the number of masters creating traditional art, whether painting, drawing, sculpture, etc.

Works in digital art, especially with the advent of the iPad Pro and IPen, have been created in the XXI century, 2-3 times more than the physical works of art. At the same time, the number of people who can afford to buy a copy of a work for relatively little money has also increased, and they do so through a variety of platforms such as jupiterexchange.com

 

Who buys NFT art

Why are people willing to spend thousands and sometimes millions of dollars to buy a five-second clip or a picture? The answer is on the surface - exactly why Malevich's "Black Square" is valued at $20 million and why a pink diamond Ghost Rose at auction at Sotheby's in 2020 was sold for $26.6 million. The key here is the exclusivity and uniqueness of the product.

"The art market stands on several cultural fetishes, and the first is the uniqueness of the artwork. This fetish originated in the early first millennium in Rome when Greek sculptures were brought to the empire's capital to decorate homes. Not enough work was brought to the entire city, and Roman copies began to be made. They were worse executed, since then on the art market the original is worth a lot, and a copy is slightly more expensive than the cost of production", Gelman cites an example.

 

All market players talk about their uniqueness. "NFTs are more like baseball cards or paintings than bitcoins or stocks because each seller has to find a buyer willing to pay a certain price for a special, one-of-a-kind item."

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