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Art is often thought of as solely physical creations built of a mixture of paint, clay, or a year’s worth of toiling away to create the perfect masterpiece. Due to the creation of nonfungible tokens (NFTs), a major shift occurred in the art world. Digital art is now the product of artists of a different kind.
What Are Nonfungible Tokens (NFTs)?
Non-fungible tokens (NFTs) are traceable digital assets that represent a physical object such as a painting, sculpture, or even a house or famous building. NFTs describe everything under the sun. The digital art market has never seen the type of disruption that NFTs have caused. Due to their popularity, the largest brands and well-known artists and musicians in nearly every industry create non-fungible tokens.
How NFTs Are Disrupting The Art Market
Some of the most famous art auction houses including Sotheby’s have chosen to feature and auction off NFTs of famous paintings and works by some of the world’s best artists. No longer are art pieces (and their creators) have limited means to show their work. NFTs have ushered in the creation of entirely new marketplaces and industries. There are now millions of nfts for sale on popular marketplaces.
Art is now being created solely for display and auction as an NFT through the use of complex computer programs. Physical art is also meshing with digital art as building concepts and design are randomly created by powerful computers that are hard at work developing eye-provoking designs and new concepts.
Digital Art: The New Normal For Celebrities & Investors
Celebrities and investors are flocking to collect and mint some of the world’s most famous (and head-scratching) digital art pieces and representations. Celebrities like Justin Bieber and music legends like Cher and Elton John have invested and minted songs as digital art. There seem to be a million ways that digital art and music are on display in NFT marketplaces and online auctions.
A few notable auctions by celebrities and art enthusiasts include:
- Justin Bieber: 3LAU raises $11.7 million with Ultraviolet NFT album
- Alejandro Burdisio-Burda: Digital artist raised $29,724 USD selling her digital artwork
- Cam Rackam: artist made $738K USD in under 32 minutes selling his digital art to fans
How to Invest
If you want to start investing in NFTs. First, do your research to select the NFT platform and crypto exchange you’d like to invest with. If there is a particular NFT collection or artist that you would like to invest in, check which blockchains and platforms they are listing their artworks on and invest in a compatible cryptocurrency. Once you’ve opened your digital wallet, you can join an NFT marketplace and begin bidding on and purchasing NFTs. These NFTs will be on the blockchain and you can access them through your digital wallet.
Invest in NFTs & Join The Digital Art Revolution
Start to collect your favorite digital art NFTs today with FTX. Join millions of digital artists, celebrities, and new crypto investors as this revolutionary innovation continues to gain popularity.