The impact of NFTs in the Art Industry. What does BigONE think?
Traditional art has always struggled with difficulties, including ownership, provenance, authenticity, piracy, copyright infringement, and intellectual property theft. Due to the large number of pirated copies generated over the years, it has long been impossible to establish the ownership or originality of traditional art, which has been a major source of concern for art collectors. Now that the art industry is beginning to evolve, we are moving away from conventional art and embracing the concept of digital art, which is only feasible thanks to blockchain technology and NFTs. BigONE will examine the importance of blockchain technology and NFTs in today’s art industry and how it addresses the difficulties facing conventional art in this article with its users.
What are NFTs
BigONE would like our users to understand the meaning of fungible assets before explaining NFTs (Non-fungible tokens). Fungible assets are interchangeable individual units. Money is an example of a fungible asset; a genuine $100 note can be exchanged for another genuine $100 note. So, non-fungible assets are individual units that are not interchangeable, implying that non-fungible assets are unique and one-of-a-kind. BigONE wants users to understand that non-fungible tokens can be considered a form of bitcoin for art. NFTs can be thought of as bitcoin for collectibles. We want our users to understand that, like Bitcoin and other cryptocurrencies, NFTs are also decentralized. Anything that can be classified virtually, such as music, pictures, videos, gifs, and so on, can be sold as an NFT. We want our users to understand that the reason paintings are so valuable is because they are one-of-a-kind. The attributes of non-fungible tokens give the same value that a traditional painting has to anything virtual that can be considered art. We want users to know that with NFTs, artworks can be tokenized to create a single certificate of ownership that can be purchased or sold, making it unique.
Why are NFTs so important to the art industry?
As the world continues to transition to a digital world, artists must protect themselves and their world from replicas and duplicates because anything online can be saved and duplicated by another person in the digital world. BigONE believes that with the introduction of NFTs, artists will authenticate their work, preserving its one-of-a-kind value. An NFT’s history can be traced from the artist to the most recent owner; the art will not lose value during this transition. We want users to understand that the value of an NFT is determined by the buyer’s perception of the creative process. It is sometimes more valuable if a well-known artist created the art. BigONE wants users to understand that the value of the NFT industry stems from the NFT piece’s uniqueness and scarcity. One of the characteristics that add value to the worth of an NFT is scarcity. We want our users to understand that there is only one original piece while there may be 1000 replicas of an NFT. The authenticity preserves the NFT’s value. NFTs have given artists a way to make money in the digital world without lowering the value of their artworks. We want users to understand that NFTs are forging new paths for business models that did not previously exist. NFTs have changed the concept of ownership in the art world.
BigONE wants to reassure users that NFT will be here for a long time. We advise our users to take advantage of the massive buzz NFTs are currently getting and look into other use cases. Although NFTs, like bitcoin, is still volatile and have a long way to go regarding scalability, we consider them a better long-term investment alternative and a game-changer for various sectors. We’ll be looking at the influence of NFTs in the fashion industry in our upcoming piece on NFTs, and how they could be a game-changer for the sector.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.