Are NFTs the future of Arts?

I always wonder why we still talk about blockchain technology and its various applications in futuristic terms. The “we” above obviously does not refer to people in the blockchain and crypto community as blockchain has become an existential part of their lives, and they’ve witnessed its application in various forms, making them richer, and their world substantially better. However, for people who do not belong to the crypto community, blockchain and its applications still seem abstract and futuristic to them. This can mainly be explained by their inability to conceive something digital to be equally or more valuable than something physical.

NFTs are not limited to visual arts, they cover gaming, entertainment, podcasts, and whatnot. In short, NFTs cover every valuable thing that exists on the internet. This blog post, however, focuses on the application of NFTs in visual arts, and the potential it holds for the future of visual arts. Visual arts have taken various forms throughout history; and have been expressed in various media. The digitalization of human life and every aspect of it has not evaded visual arts. With the availability of sophisticated rendering applications, the use of digital media for the expression of the visual arts has seen a tremendous increase. The novel digitalization of visual arts, however, came with a challenge for the creators of the art, it made it difficult for them to control who had access to the art, who collected them, and essentially, it made it difficult for digital arts to be valuable.

Not too long ago blockchain came into the scheme of things and creators of digital art were given the power to manage their works while having the ability to control how their works are accessed on the internet, and how they are used. Blockchain achieved this by making digital art unique, rare, and valuable, that they become worthy of being collected. The traditional art industry is dominated by an elite class of artists, making artists that are not veterans see little to no profits on their work. Blockchain technology, through NFT, protects the intellectual property rights of creators, making it unnecessary to have intermediaries when selling their works.

So far, NFTs have helped in reducing art forgeries, it has simplified the process of making digital additions to artworks, and has made it possible for creators to earn compensations for future sales of their art, after the initial sale. NFTs are an application of blockchain technology that will continue to influence the creation and collection of artworks, especially digital arts.

The influence of NFTs on art as we know it cannot be completely captured in this single blog post, thus this topic will be further discussed in our blog post next week. If you are new to cryptocurrency, you can start your journey with this Newbie’s guide to cryptocurrency. Make sure you follow Diagon on all social media platforms, and right here on Medium, to never miss our blog posts. To start playing hyper-casual games to earn cryptocurrency, visit the Diagon website, and download the app on the Google play store.

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