The Age of Crypto Art: NFTs Explained
Feb 28, 2022
More artists and collectors are getting into “Non-Fungible Tokens” (NFTs) and crypto art, as the art world shifts into the increasingly popular yet mysterious crypto movement. In this article, we attempt to demystify NFTsand introduce the exciting not-to-be missed Crypto art revolution.
And as the world of art moves further into the digital realm, you are invited to join the StarArt Foundation in its mission to bridge between art and humanity, by browsing our NFT Gallery and supporting charities and humanitarian causes that benefit from all sales of artworks exhibited.
So what is Crypto art or cryptoart? It is digital art that has been “minted” using NFT technology. Non-Fungible Tokens or NFTs are digital assets linked to advanced secure blockchain technology; that represent real-world objects such as art, music, videos, and more; and that are bought and sold online. They create digital scarcity with each NFT having a unique digital signature that makes it impossible to replicate.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork, according to Forbes, with a staggering $174 million spent on NFTs since November 2017. Digital art has taken a giant leap forward since NFTsmake it possible to securely create, store, purchase, sell, and collectdigital assets, as well as prove ownership, protect copyrights, and allow direct access to royalties.
Some artists explain that NFTs are a way for artists to go directly to their fans with limited edition works, and to create art freely without being held accountable by any middleman. Some also say that NFTs have made it possible for them to sell their work more easily than pre-NFT times, and thus be able to focus more on creating the art rather than struggling to sell it. That is in addition to the fact that the digital platform has offered artists a fresh start with an endless array of tools and opportunities for creativity. The fans are also able to participate and engage directly with the artists and show their appreciation of the work through bidding in auctions and collecting the unique digital artworks.
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