NFTs The Future of Digital Art

Tiona Clark, Student

The music industry has been in a state of constant change since the days of the music streaming titan Napster. There has been an increasing number of changes since the early millennium. For one, many artists are opting to go the independent route leaving major labels to pursue a bigger piece of the pie. Music streaming and social media has made it much easier to reach a large audience without the help of a major record label. Record labels are scouring to make money in this ever-changing climate. Enter NFTs, or Non-Fungible Tokens that will be the next wave of digital art and music products. With NFTs, an artist can mint an original work of art as a Non-Fungible Token that is embedded with a unique code that can not be duplicated. This unique code allows you to track its use in real time.

Now artists will be able to place the value on their original works. They will also be able to track the value and performance of their work of art. Even if a song is on various platforms, it will still increase the value of the NFT. If a song becomes a hit on other platforms, it only increases the resale value of the NFT. NFTs perform similar to stocks and are considered a long-term investment in artists. NFTs can be purchased for five hundred to one-thousand dollars on various platforms and automatically attract high income, crypto-native users who have the money to spend on the artists that they like. These NTFs will soon provide bragging rights to those who can afford to purchase ownership into their favorite artists. Unlike other music streaming platforms, artists now have control over the percentage earned on the resale of their goods. It has been predicted that the market will be flooded with movies and original prints of photographs taken of artists.

Even in its earliest stages the possibilities with NFTs are endless as It pertains to raising the value and creating an overall lucrative royalty generating portfolio. With all of the benefits of NFTs, they are not currently monetized but that is a feature that will be rolled out in the near future. With the freedom to shape, sell, and define the market changes the entire landscape of this free market. NFTs can be purchased easily on platforms such as superrare.co and niftygateway.com. Information is being bought and sold every day and with NFTs, it will give people the ability to cash in on the market now. It is being predicted that over the next one to two years, NFTs will be the next wave of content sharing. In every age, art has had to redefine its place in society. This is a game-changer for the arts with the potential to make artists a very lucrative return on their investment. The industry has spoken and we are on the brink of a change that no one can stop. It is coming. The question is, will you be ready to ride the next wave?