NFT Craze in India: Long lost dream of artists finally getting real | Technology News
If you understand technology & arts then most likely you understand NFTs. After all, that’s the buzzword everyone wants and talks about. Non-fungible tokens have recently resurfaced in the public eye, thanks to a massive price increase seen across various collections.
A huge amount of money has been paid for everything from CryptoPunks (minted in the relatively recent year of 2017) to Weird Whales (pixelated artwork of whales done by a 12-year-old in London). In no time, that led to a storm of NFT development services.
To put it simply, Non-Fungible Tokens are digital tokens of content and assets, whether physical or digital. The token holds information of ownership thereby testifying the proof-of-originality. Now, imagine what happens if artists can attest to the ownership of their artwork content? They would earn royalties without chasing the intermediaries (music companies, art galleries, brokers etc.) during their lifetime. After their demise, the royalty goes to their declared nominee.
At the top of it, every token representing a particular copy of the content is unique in its way – either by an ID no, a signature, a text message or any unique element in the content. For example, a movie star launches multiple copies of a poster and puts a unique handwritten text message on each one of them. Therefore, each of these unique posters has a unique token called NFT.
Apart from adding worth to the content, NFTs are an opportunity for consumers to own a unique asset. It’s like purchasing something that’s one of its kind in the world.
Off late, the bandwagon of celebrities, athletes, gamers and artists have plunged at the opportunity to lock their fate on the blockchain. What we are witnessing right now is just the tip of the iceberg. There’s a revolution brimming.
But what led to the overnight fame?
No matter, blockchain-based products especially those in the space of DeFi met with tremendous success in 2020. The pandemic compelled many artists to explore ways of generating revenue through means such as an online auction. NFTs arrived just at the right time. The 30-day average for sales of NFTs has climbed from $0.3 billion to $2.5 billion since August 1. NFT collectibles, both old and new, have been at the forefront of this roughly tenfold surge in market size.
NFTs create opportunities for new business models that didn’t exist before. Recently, art backed NFTs are selling for millions of dollars at major auction houses and other art houses.
This has motivated budding or experimental artists, who would once post their work for free sale or sell it for a cheaper price realized the potential that lay with NFTs which they could encash now through the use of blockchain technology and NFTs.
For example, an artwork by digital artist Beeple’s digital was auctioned for USD 69.3M, making it the third-highest sale by any artist so far.
NFT are on the rise in the post-pandemic world
The Metaverse’s Key: NFT Technology
Existing NFT applications are only scratching the surface of the technology. In the Metaverse, everything will have to be represented. This means that items for sale, online objects, and even online real estate must all be ownable, sellable, and transferable within the Metaverse.
Holders of NFT technology gain actual ownership of digital objects. You’ll begin to grasp how NFTs can build a Metaverse that includes society all over the world once you realize the security that holding a digital property on the blockchain provides, said Vikram R Singh, Founder- Antier Solutions.
NFTs are here to stay in the foreseeable future
They are not just a fancy trend that’ll pass by. If you believe that you are certainly on the wrong path. The tokens have a greater role in economic contribution. And while we are at it, NFTs can be created for anything and everything under the blue sky. Apart from digital artwork, your house, car, commodities, licenses etc. can all have an NFT of their own.
This is a time where the NFT rush is helping businesses of any scale, flourish and grow. What earlier seemed to be a hard push to sell, especially in the case of art, today has made it more saleable. For the asset owners, it is an opportunity to put their unproductive assets to monetary worth. For us, it is a lifetime opportunity to embrace a revolutionary technology, before and faster than our peers.
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