NFT, the digital art revolution

NFT, which stands for ‘Non Fungible Token’, are digital certificates that authenticate, through blockchain technology also used by cryptocurrencies, files that are sold in the art market.

 

How NFTs work seems simple. A video, an image, an audio, a text or any compressed file obtains an identifier. This certificate records the author’s name, initial value, sales history and other data related to the work in question. In this way, this non-fungible good is given an entity, i.e. it cannot be duplicated, cannot be exhausted by use and cannot be replaced. This simple identification and authentication operation is the basis of so-called crypto art.

Crypto art, like all art, has developed its own market around it: with its artists, works, patrons, audiences and institutions. NFTs are, in short, the certificates of ownership of virtual or physical assets that are exchanged in this digital art market. And some compare NFTs to digital autographed prints. This is how dozens of influencers, tech moguls, celebrities and companies have joined the digital art craze and the purchase of NFTs.

 

The digital art ecosystem

It is estimated that by 2021 digital art will have generated 3 billion euros. And its patrons are mainly young collectors eager to speculate and invest, but also to buy their symbolic and cultural capital with this new art; new millionaires from emerging technology companies, many of them from Asian countries.

All of them find works of digital art in specific galleries, such as MITO, a platform created for the Hispanic community. In the world, the best known of these galleries is Opensea, founded in 2017 and with more than 14 billion dollars in sales volume. But there are others known worldwide, such as Rarible, Superare, Solanart or Valuable

 

A market worth millions

The latest milestone for this new digital art was set on 11 March 2021, when a JPG file by the artist Beeple was sold for $69.3 million (around 57.8 million euros) by Christie’s auction house in New York. The work was entitled ‘Everydays – The First 5,000 Days’.

Since then, crypto art has exploded. A ‘New York Times’ columnist has even sold an article for $560,000. Twitter co-founder Jack Dorsey, who has bet big on the digital and cryptocurrency market, sold a tweet for $2.9 million. Memes, such as the famous Disaster Girl, have sold for exorbitant amounts; and digital collections, such as the $16.9 million Larva Labs, which are nine portraits of a set of creatures illustrated in 2017, the Cryptopunks, a pioneering work in the world of digital art.

 

11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!

If you liked this article, we recommend you read:

Culture

You should check NFTs

3 min read

The global demand for certificates of authenticity for digital works has skyrocketed

Economy

Token

2 min read

You have probably heard about tokens lately, especially in relation to cryptocurrencies

Culture

Technology and art

5 min read

Digital art is capable of anything: it has broken the record by selling a work of art



Equip Editorial Equip Editorial
  1. Joan Santacruz CarlúsJoan Santacruz Carlús says:
  2. Josep AlàsJosep Alàs says:
    Josep

    L’NTF és a efectes NOMÉS d nova obra 100% digital o permet digitalitzar i autenticar obra física ja feta o de nova creació?

    • Jordi CollJordi Coll says:
      Jordi

      Jo no et puc respondre, Josep, no disposo d’aquesta informació… Moltes gràcies pel teu comentari!!!

      6 months ago
  3. Daniela SimónDaniela Simón says:
    • Oriol Garcia FarréOriol Garcia Farré says:
      Oriol

      Gràcies a tu, Daniela per seguir-nos i llegir-nos. Seguim a La Plaça!

      7 months ago
  4. alicia Coiduras Charlesalicia Coiduras Charles says:
    alicia

    Mokt interessant i realment allò del més impensable digitalitzar l’art o imventant una paraula ,artificant el mon digital

    • Oriol Garcia FarréOriol Garcia Farré says:
      Oriol

      El món digital ens amplia nous horitzons a explorar. Gràcies, Alícia. Seguim a La Plaça

      7 months ago
  5. Laura León AmatLaura León Amat says:
    Laura

    Quin potencial tan gran les NFT, perquè poden ser tantea expressions digitals com idees que una persona ti guiï i desenvolupi. Donantt valor a la cultura personal, a nivell universal… M’encanta

    • Mònica Cornudella says:

      Gràcies pel teu comentari, Laura! Ens continuem veient a La Plaça.😉

      7 months ago
  6. Francesc Estafanell PujolFrancesc Estafanell Pujol says:
    Francesc de Borja

    Ensenyar com evoluciona el món en tecnologia. Un gran encert de La Plaça. M’agrada!

  7. Manuel Bullich BuenoManuel Bullich Bueno says:
    Manel

    Molt interesant, gràcies per l’article.

  8. Jordi MorenoJordi Moreno says:
    Jordi

    Moltes gràcies per l’explicació NFT’s!👍

Leave a Reply

App Store Google Play