Non-Fungible Tokens (NFTs): An Easier Way to Invest in the Arts

Blockchain, Digital Finance, NFTs, NFTs 101

Non-fungible tokens or NFTs are having a big impact on multiple industries, including the art world as the market for digital art grows.  

NFTs are unique digital tokens that can be tied to tangible assets, for example, a piece of art, either digital or in physical form, like a painting.  

Aside from their enormous potential for things like online gaming and sports collectibles, experts are looking closely at how NFTs are changing the art industry and the digital artwork marketplace. 

Traditional Curation and the NFT Innovation 

Essentially, curators work at collecting, storing, and displaying different works of art. 

Here’s how curating works in a traditional context – an individual, maybe a director, reviews a body of work from both a historical and contemporary perspective. They carefully select individual artworks to display and authenticate their records. 

With NFTs, the process changes significantly.   

One prime example is the development of the browser-based exhibition. Browser-based exhibitions predate the NFT – already, curators, art historians, and other parties were using the power of the Internet to showcase artwork digitally. Now, though, NFTs add a lot of functionality in terms of verification.  

Curators may be able to do away with elements like historical record-keeping and streamline a lot of their generational research using the blockchain’s immutable ledger to instantly verify and provide historical data that used to be collected by hand. 

Innovation at Museums and Galleries  

Where is this type of innovation happening most? 

The Metropolitan Museum of Art in New York is one of the world’s pre-eminent museums already embracing NFTs for curation and exhibition. The International Association for Trusted Blockchain Applications article suggests the Louvre and the Prado might soon follow suit.  

Other examples come from smaller venues like the Los Angeles County Museum of Art. In an interview with Technology Lab Program, the Museum’s Assistant Vice President of Technology, Tomas Garcia, said: 

“NFTs have moved more into mainstream focus. This visibility is largely due to the astounding dollar amounts that high-profile NFTs have fetched at the auction but is also a result of a wider understanding of ways in which this technology could enable innovation in areas like finance, media distribution, and the arts.” 

“The NFT is king right now,” Roy Bernhard, President & Chief Product Officer of Fabriik said. “Its broad-based potential is a good match for curators – and it makes their jobs easier.” 

Elsewhere, galleries like the Honor Fraser gallery are adopting an NFT division where they mint and distribute NFTs directly to the marketplace. New venues like Feral File, an online gallery marketplace hybrid, are publishing artist editions of digital art NFTs. This is an exciting part of how new technology is having significant effects on an art world that has often been seen as a set-in-its-ways relic.  

An Easy Way to Discover New NFT Art and Embrace Digital Collectibles 

Want NFT art but don’t know where to start? FabriikX is one of the first NFT marketplaces of its kind. Built on the power of the BSV blockchain, FabriikX offers expertly curated exclusive content from top creators within arts, sports, and music, as well as NFTs from the best creative minds in our community. To us, NFTs are much more than just digital collectibles – they are experiences that connect collectors with the creators and communities they care about most.

DISCLAIMER

Any news, opinions, research, analyses, prices, or other information contained in this article are provided as general market commentary and do not constitute investment advice. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Any action you take upon the information contained in this article is strictly at your own risk, and we will not be liable for any losses or damages in connection with the use of this article.  

RISK WARNING

Trading in cryptocurrencies carries a high level of risk and may not be suitable for everyone. You should consider whether you understand how cryptocurrencies work and whether you can afford to take the high risk of losing your money. 

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