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If you are a newcomer to the art scene, then you probably will not realize right away that the art world continues to evolve very rapidly as new technologies continue to develop.

Metaphorically speaking, these changes in the art world had their genesis in Satoshi Nakamoto appearing online as long as 2008 to announce a new currency that he was calling bitcoin. Now, here we are a decade later, and we now have plenty of cryptocurrencies to choose from, and artists everywhere are flocking to design their own type of blockchain transaction that they are calling the "non-fungible token" or NFT. This new asset is unique, and that is how it gets the name "non-fungible." Moreover, they can be easily transferred to a jpeg file as well as a litany of other types.

Are NFT's the Future of Modern Art?

This all begs the question: are NFT's truly the future of modern art? In some sense, the answer to that question would be yes. For instance, an artist known only as "Beeple" recently sold a jpeg collage he produced for upwards of $69 million. However, there is now a new problem: these modern-day art creations are easily reproduced, meaning that they can easily spawn counterfeits.

However, one of the main reasons why the art world seems to be embracing this new medium is because they are looking to heavily increase their ability to achieve financialization through buying and selling that happens on NFT marketplaces like OKEX and others.

Art Being Viewed as an Asset

If you are surprised that art collectors would be focusing on the latest cryptocurrency prices, don't be. You see, many of today's collectors do not buy art because it is art; they buy art simply because it is valuable. It’s the same collectors that are interested in NFT’s as assets that invest in cryptocurrency. They might let it sit in a digital warehouse for a certain amount of time, but when they are encountering a low point in their personal finances, they may go ahead and unload it at auction for the next individual who is seeking a temporary asset.

Art and Tech Becoming Intertwined

This leads us to yet another stunning epiphany: is it possible that the art world and the tech world are becoming more intertwined? Yes, it is quite possible, especially when you consider that the world of art is becoming increasingly trendy among Generation X and Millennials. Indeed, it was only a matter of time before this generation elected to "push back" against the elitist art world of their parents and grandparents, replacing it for the more chic version of the tech world.

Of course, what of those who might be concerned about how easy this type of art would be to counterfeit? Well, the good news is that this blockchain version of art will often come with a handy certificate of authenticity so that the holder of the art can rest easy knowing that it is the real deal.

There is no question that art is heading toward some interesting territory!


How NFT’s Are the Future of the Art World
Digital Mag

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