The Art World Will Be Dematerialized By NFTs.
Did you ever wonder how Google and Apple became such giant companies so fast? The answer is dematerialization. Yes, Google took the book and made it something searchable on every smart phone, tablet, and computer. Millions of books are now at your fingertips and you can carry this library in your bag! Apple took the land line phone, the desktop computer, the music cd, and combined them all into one device, the iPhone.
Just as these aspects of our daily lives have become digitalized, changes are coming to how we view and appreciate artwork. This new trend in is the NFT. The long definition of an NFT taken from Wikipedia is:
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.
The NFT important because just as books have become a digital phenomenon, works of art are becoming a digital phenomenon. These works of art are tokenized on the Ethereum blockchain and are issued in limited amounts determined by the artist. Now, artists have the power to control how many copies of their work exist in the digital space. Consequently, they are using this platform to release their latest works, as such, NFTs selling for $10,000 are commonplace. We may see art galleries offering limited edition NFT ‘digital prints’ of actual physical artwork. The NFT artwork market is going to increase exponentially.
