NFTs & Digital Art

Digital art has come across everyone throughout the decades in different forms, be it commercial or self exhibits. However, the world is experiencing waves of different forms of art, which are not only being appreciated also revolutionizing the landscape of art.

One such revolutionary art form is the non-fungible tokens, popular as NFTs. NFTs are digital assets that comprise a range of items like music, artwork, in-game items, memes, and so much more. Anything created digitally can be upgraded to an NFT. Collectors and investors are heavily interested in this diverse form of investment. Owners of these assets can sell them like any other investment in the world based on their current valuation. They are now one of the most spoken-about online investments. The most expensive NFT ever sold – The Merge by Pak – went for $91.8 million with almost 30,000 collectors splitting it together. This is because of the world’s accelerated approach toward the metaverse.

Artists and NFTs

Even celebrities are deep diving into the NFT world for various reasons, like releasing an album, posters, and merchandise. In the metaverse, you can see famous figures buying and selling digital items like tweets, clips, and songs as tradable assets. Another reason is the increased engagement of audiences with their favorite celebs. Some of these include Paris Hilton, Snoop Dogg, Justin Bieber, Reese Witherspoon, NBA star Spencer Dinwiddie, and many more.

NFT cannot be termed as just a hype for famous figures to get even more popular. It has also become an unconventional source of income for budding artists in the form of royalties. From amateur musicians to promising digital cartoonists, they are all in the race to create and launch their NFTs.

The popular Stolen Art Gallery in its metaverse gallery brought back the self-portrait of Rembrandt. The experience enables you to feel the crashes of the sea and notice the tiny smile that Rembrandt gives you. A young visitor once said, "I was so close that I felt like I could lick the painting."

The Indian Art industry is not far behind. After a gap of two years, the India Art Fair returned with a bang to New Delhi. But this time, it was not just a physical fair. India Art Fair collaborated with XR Central and created a browser-based 3D metaverse experience. Visitors could choose to customize their avatars and explore the fair.

It’s Happening

With the NFTs’ widely accessible nature in the global market, people have jumped onto this bandwagon as a great investment option. Since the first week of NFT sales in September 2020, a minimum of $1 million has been spent purchasing NFTs in any seven-day period. NFTs have changed the picture of digital art and will continue to do so in the coming future. It is safe to say the lacking recognition of digital art is now at its end. With the growth of the metaverse and the developing virtual world, the demand for digital virtual commodities will only climb upward.