Non-fungible tokens — better known as NFTs — have the potential to revolutionize the entire creative world. In the MOCO NFT rooms, we present this rising digital art phenomenon that fundamentally democratizes the art world. It allows everybody to become an NFT artist — not hindered by physical borders, descent, or status — and to create anything and everything.
From fine art, album covers, and 3D-rendered residences to the very first Tweets, iconic sporting moments, and even Edward Snowden's court documents. artists (like Damien Hirst and Kenny Scharf). müsicians (Grimes, Don Diablo, and Steve Aoki). socialites (Paris Hilton), athletes, 3D models, and other creators are selling their unique, non-replicable works directly to whoever is interested, opening up the art scene in an unprecedented way. American digital artist Beeple stunned the "traditional" art world when his compilation 'Everydays: The First 5000 Days' brought in $69.3 million at Christie's in March 2021 — the largest NFT sale to date. In one hammer blow, he became the third most expensive living artist at auction, after David Hockney and Jeff Koons. So, what are NFTs all about?
WHAT IS AN NFT?
An NFT is a digital token that's redeemable for a digital piece of art, an experience, or even a physical object that's connected to the blockchain. It can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical. The first-ever NFT made its way onto the scene in 2014, but it wasn't until 2017 that the first collection was sold via blockchain — 'CryptoPunks'. NFTs have since been touted as a way for artists to set their own rates, retain control over the ownership Of their work online, and trade without being tethered, as is the convention, to a gallery or dealer.
SO WHERE DOES THE MONETARY VALUE COME FROM?
NFTs are like physical collector's items. only digital. So rather than getting an actual oil painting to hang on the wall. the buyer gets a digital file instead. Each file grants its legal holder property rights, containing downloaded information that guarantees authenticity and wards Off copycats. In other words — screenshotting Basquiat won't do you much good against Ethereum's proof-of-work (PoW) calculation.
WILL NFTS REPLACE THE "TRADITIONAL" ART WORLD?
NFT's meteoric rise to popularity solidifies the idea that people are seeking alternatives to the old-guard market. Many argue that NFTs improve inclusivity in the notoriously elite art scene, allowing up-and-coming talents, people of color, women, LGBTQIA+ creators, and other traditionally excluded groups to get a fair shot at making their names. Young collectors also have a much better chance at scoring works. However, there is also a less bright Side to digital trading, as the POW authentication method requires enormous energy expenditure. That said, NFTs are an emerging field characterized by dazzling rapid development; Artist Damien Hirst recently introduced a new energy-efficient system, paving the way for other alternative eco-friendly systems. If there is one thing for certain, it is the fact that this digitized art world — and iterations to follow — have the power to redefine creativity as we know it.