At first, NFT or Non Fungible Tokens are a hard concept to grasp. Through smart contracts in the Ethereum blockchain, these tokens can be minted to assign a specific owner to a unique digital asset or file. So, it follows that anything digital can be made into an NFT; however, not everything is worth making an NFT of. It seems that the digital art niche fused with NFT blockchain technology makes a perfectly good match. Here, we are referring to artists who had been creating digital art in the form of paintings, icons, animations, etc, and that now have found a new way to take their artistic expression to the next level using NFTs.
Advantages of NFT digital art
NFT technology has brought forth a revolution in the digital art industry. Artists that otherwise would’ve remained unknown have risen to popularity thanks to NFTs. Also, many artists have used NFT technology to reach a larger audience of potential buyers and collectors that would have been impossible to reach at conventional art galleries.
The biggest names in NFT such as Beeple, Trevor Jones, and Pak to name a few, have managed to raise millions of dollars through NFT digital art and many more have found a new source of income. Most NFT artwork is sold at marketplaces through auctions that reach a large audience and that sometimes last for only a few hours or even less; this helps in promoting FOMO among collectors that want the art pieces.
NFTs art makes it transparent for collectors to purchase NFT digital art. As opposed to art galleries where the prices are not usually posted beside the paintings, the price of an NFT is always known to the buyer. Further, it is possible to know details about traceability such as previous owners of the NFT.
Impact of NFTs in the digital art industry
Traditional auction houses may have to switch their auction formats to accommodate NFT digital art and cryptocurrency payments. In fact, some of them have already started doing so. The most famous example is the NFT artwork named 5000 First days by the artist Beeple which sold at Christie’s for more than 69 million dollars. Other auction houses are joining this trend as well. Sotheby’s announced the auction of the first-ever minted NFT, an artwork called Quantum by the artist Kevin Mckoy in 2014 which ended up selling for 1.4 million dollars. In addition, Sotheby´s also held an auction for the renowned NFT artist called Pak and his artwork Nineteen thousand seven hundred thirty-seven “cubes” which sold for 17million dollars.
Quantum by Kevin Mckoy
NFT digital art at StadioPlus
At StadioPlus, we have partnered up with some big names in the world of NFT digital art to bring to life iconic moments in sports. If you are a sports fan like us, you will definitely enjoy the work of artists such as Javier Arrés and his tribute to the Inter triple championship win in 2010 or Emilio Sansolini and his tribute to all the football players who have worn the jersey with the number 10, an iconic numbers reserved for leaders.
NFT digital art key takeaways
It is clear that NFT digital art offers a broad range of opportunities for artists to reach bigger audiences and exploit their creativity with tools that were not available before. In the digital space, artists can take full control of their work and even plan digital exhibitions. Also, value is shifting to digital art with some of the most renowned auction houses embracing NFT digital art.