Through these blockchain-enabled digital assets, artists can both maintain ownership of their work and gain royalties from sales. Is this the future of contemporary art?
British street artist Nathan Murdoch spray-painted a giant mural of two hands in rainbow-coloured gloves joined in prayer then hurled white paint at it – the destruction ensuring the original image will not survive but one print and one NFT will.
With NFTs, many see an opportunity to monetise digital art of all kinds, offering collectors the bragging rights to ultimate ownership, even if the work can be endlessly copied.
Welcome to the bizarre world of non-fungible tokens (NFTs) – unique digital assets that could reshape how we view copyright and the internet.
"Everydays: The First 5,000 Days" is now the most expensive "non-fungible token" piece ever sold, a sign of longterm confidence in the burgeoning market that creates collectable digital assets by transforming virtual work into something own-able.
Blockchain technology allows digital art items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.
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