The Art Industry is Booming in 2023 — NFTs Establish their Rule Forever

24 May 2023

The world wouldn’t have had its splendor without the luminescence that art radiates. From the inner depths of the heart, creativity inspires a piece of resplendent art.

Are you an artist? Do you collect precious artworks of famed artists and embrace the beauty of art? You’re on the same page, then.

Well, it’s all good and glamorous for artists and art buyers who are on the frontlines and have a way to reach out to each other. What about the artists who don’t get a chance to demonstrate their artworks in these commercial art galleries?

The precious artworks of many talented artists go unsold and they quit their noble profession because they don’t have a stage to sell their art. That’s what NFT art looks to solve.

With the coming of the NFT art market and commercial blockchain platforms that facilitate the purchase/trade of artworks, creativity in the art space is booming, and artists are able to make a fair living.

In this article, we’ll see how NFTs are revolutionizing the art industry and how it solves traditional art market discrepancies.

What is NFT Art and How Does It Work?

NFTs or non-fungible tokens are digital assets that possess a unique value. The concept arose out of the inherent problems lying with the authenticity and originality of premium goods such as artworks, luxury apparel, music, etc.

In the art space, NFTs have a popular market as they allow the artist to sell their artworks and passionate art collectors to buy them. These non-fungible tokens assure the owner of the artwork, the ultimate credibility of ownership.

These NFT artworks are stored in blockchain platforms that encrypt data. Whenever an art buyer purchases an art NFT, the transaction gets imprinted onto the blockchain. This data is immutable and cannot be changed by scammers.

Everyone participating in the NFT artwork trade pertaining to that NFT marketplace can see that the original piece of the artwork has been purchased. Thus anyone who supposedly says that they own that particular piece of art is owning the counterfeit,

How NFTs Are Paving Massive Breakthroughs in The Art Industry

The impact that NFTs have had on the art market is immense. Various NFT art markets have reported staggering sales and surges in art trade conduct over digital establishments.
Art Blocks, an art segment with NFT collections available on the Ethereum blockchain, clocked a turnover of 848 million US dollars as of April 2023. The highest-ever record of NFT art purchases was claimed by the artist Beeple who sold his artwork, Beeple, Everydays: The First 5000 Days, for a staggering $69.3 million.

Let’s take a look at the top 4 ways NFT art is making significant breakthroughs in 2023.

1. Authentication & Ownership Verification

The arrival of the NFTs has been a blessing for the art industry; an industry wherein the originality of work requires credibility. Before the entry of NFTs into the art space, there was no way that art buyers could verify the originality of the artwork. They had to accept the facts laid out by the demonstrator.

As a result, there was a lot of counterfeiting going on with respect to the art trade. Duplicates of original artworks were sold under the ‘Original’ banner. Now, that’s not an issue. With NFT, buyers can verify the authenticity of a particular artwork and own legit artworks that are non-counterfeits.

Every detail regarding the NFT purchase is permanently recorded in the blockchain and is immutable. Everyone who wishes to own the same artwork can only settle for second and third hands.

2. Enhanced Opportunities For New Players

In the traditional art market, artists had to go through the grind to make it to celebrated venues and art galleries to sell their art. Several artists had to desert their profession because they couldn’t make a living due to lack of exposure. Well, that’s not the case with the NFT art marketplace.

Any artist can display their artwork in these blockchain platforms that facilitate NFT crypto exchanges and sell their artworks to big buyers. The profit margin is also high for players in the NFT art industry as authentic art buyers are on the prowl for collecting indigenous artworks.

3. NO MORE Intermediaries

The advent of NFT art markets has removed the need for intermediaries such as art galleries. Now artists can sell their artworks directly to art collectors and expand their profit margin as they save on commission fees. This also establishes genuine relationships between talented artists and passionate art collectors.

This direct connection enables artists to reflect their identity authentically and build a name for themselves in the market with successive ease. Their line of work becomes more credible and art collectors can avoid taking the time to visit galleries to purchase priced works.

4. Creative Ways Of Owning Art

You’ll be surprised to know that now NFT artworks are being sold in bits and pieces. With the concept of fractional ownership, art buyers can come together to buy a certain portion of a particular art piece without buying the entire artwork. This allows passionate art buyers with a limited budget to own valued pieces of artwork.

The Future of NFT Art Is Exciting!

As more and more artists and art collectors enter the NFT art space, the future holds a ton of opportunities. With technologies such as the metaverse also paving their way into mainstream NFT art, buyers can make judicious decisions as they get a projected view of the artwork.

You won’t skip a beat about the trendy NFT art trends by following IBC Media on our website and social media channels.

Let’s initiate the Web3 future together!

About IBC Media

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