NFTs (Non Fungible Token) are digital works of art using blockchain technology. It is a transparent database system, with a high level of security and operating without a central control body.
The NFT market has grown very quickly and these works have gained considerable value across the world in a short time.
The first work of digital art sold at auction for more than $69 million. This new form of art is shaking up the “traditional” art market with this dimension of virtuality. The digital art market is booming and its growth is dazzling.
There is strong speculation around digital works. Indeed, the most expensive NFT work in the world sold for $69 million. It is “Everyday: the first five thousand days” directed by Beeple (Mike Winkelmann). This work of digital art represents the assembly of 5,000 digital images.
Art has always been evolving and new forms of art are constantly being born; and settle into the “traditional” art market. Innovation being at the heart of our society, certain players in the “traditional” art market are deciding to enter the digital era.
Digital works compete with “traditional” art, which is why some art galleries are launching a digitization of their works.
There are now digital marketplaces, but this remains fragile for the moment due to the novelty of this art and the virtuality of the works. Galleries have specialized in the sale of NFTs.
Artists who collect art want to own digital art to expand their collection
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