You probably already know how NFTs work, and if you don’t, take a look here. NFTs or Non-fungible tokens, allow an individual to gain ownership of digital goods. NFTs come with proof of both ownership, and authenticity, imparted by blockchain technology. Even though creative digital assets, remain accessible and viewable to all, the ownership is undisputed and creators, by selling an NFT of their work, get remunerated for their creative endeavors. NFTs seem to repair somewhat the negative impact social media has had on artists. Big Tech is not great for artists, as the platforms admittedly give visibility to the created content, but do not adequately remunerate the scores of artists and other content creators, who make their platforms ultimately so attractive and drive traffic to it.
It seems astonishing that individuals would spend their money, and sometimes a great deal of it, to acquire digital art, which then can still be shared freely around the internet. The First 5000 Days, an artwork by Beeple (Mike Winkelmann), was sold for $69 million in spring 2021, making it the third highest price for an artwork by a living artist.
A market tracker website NonFungible.com, recorded that in February 2021 alone collectors and speculators spent more than $200 million on an array of NFT-based artworks, memes and GIFs. And if you still have doubts, the annual ranking of the most influential people in Art by the magazine ArtReview should erase the very last of them. The prestigious London based magazine stated that the NFT, a non-human entity, was most influent ‘person’ in the current art world.