Can NFTs transform the digital art industry in 2022?

Non-fungible tokens (NFTs) have grown in popularity in recent years. By the end of the year, NFT's sales will reach more than $ 27 billion, as global giants such as Nike, Samsung and Louis Vuitton begin to branch out into the tech.

Billions may seem like a lot, but consider the potential of NFTs and the many additional industries that technology can impact. It is important to note that NFTs are tamper-proof tokens for other assets that are reported directly on the blockchain. Given the lifestyle of a blockchain sharing list, NFTs are publicly traced and, for the first time, offer a way to analyze the history and history of digital assets.

NFT is not limited to digital devices. Any valuable or incomplete product can be symbolized, from digital and physical images to movies, music and even homes. Due to their programmability, NFTs can be used across many industries to focus and achieve digital integrity.

Digital Artist Beeple Daily Challenges: Interest in digital art seems to have resurfaced after 5,000 sales on NFT for a record $ 69 million on day one. For more information on blockchain, download the WikiBit app, the global blockchain monitoring app. Indeed, for the first time in history, NFT has realized that blockchain can identify and track the history and ownership of digital information.

NFTs also allow artists to sell their work directly to fans in a friendly manner to friends seen in the Bitcoin whitepaper. The token will also give fans a place in the future to complete their works by introducing new financial options, such as donating broken NFTs or selling NFTs for a performance in progress. . Using smart contracts for NFTs will generate additional revenue, allowing artists to benefit from real estate and secondary sales of their businesses.

The most famous NFT digital art received by 2021 was selling Pak's “The Fungible” for $ 17 million and Andy Warhol's “Machine Made” for $ 3 million. However, NFTs can also be used to represent assets and liabilities. Using the hype, Beeple sold his first real estate and NFT for $ 29 million in November 2021. “Single Man” has a 7-foot-tall box with LED screens on both sides, showing people in animations. of stars walking in changing environments. The peculiarity of this product is that Beeple makes it relevant to life, constantly adapting its environment to the conditions of the modern world.

The increase in NFTs aroused some skepticism as early as 2021, NFTs were only seen as a bubble. However, NFTs have proven to be effective and have become an integral part of the global meta. As brands like Facebook, Nike, and Microsoft continue to experiment with metaspace, NFTs will benefit more from this digital world.