The Art of Non-fungible Tokens: Yay or Nay

New trends have popped up during the pandemic. From TikTok dance trends to fashion fads, we have been looking for ways to spend our extra time. The lockdowns during the COVID-19 pandemic have been an exhausting experience that has been draining many of us each day. It is only understandable that online trends have been taking over our lives.

Non-fungible tokens or NFTs are not new. NFTs were invented way before the pandemic started, but it has only been a buzzword and a hot topic recently. These tokens, which are similar to crypto coins, have shaken the art world in the past months.

As these NFTs are becoming more popular, individuals and organizations may have been trying to get on with the trend. Data centers dealing with NFTs are in need of resources to control their systems. Data centre power monitoring services can allow these environments to pursue innovative steps in technology while maintaining the center in a proper working environment.

What is an NFT?

An NFT, unlike bitcoins, is some sort of a unique trading card. It can come in any digital form, such as digital art. What makes it unique is that you cannot trade one card for something completely similar, unlike bitcoins. NFTs have no tangible form. Yet, they can be exchanged for millions of dollars.

Why are NFTs so popular?

Collectors of fine art get to keep the physical object that they have bought through an auction house, a gallery, or whatever source they have. With NFTs, though, a buyer can only have a certificate of ownership for the asset. With the nature of NFTs, such as in the form of digital art, these can easily be copied. Anything on the Internet is prone to be duplicated. That is why NFTs have become popular recently.

For example, an artist called Beeple has sold their art for $69 million. Nevertheless, people have still been able to copy and share that same image numerous times since the buyer’s purchase.

Can NFTs replace fine art collecting?

Art galleries and auction houses benefit from the art market as fine art collectors continue to pursue this so-called hobby or business. Even at the onset of the COVID-19 pandemic, the situation has not stopped fine art collectors from purchasing art. Perhaps the recent rise and popularity of NFTs can pave the way for digital art to become the next big thing in art collecting.

The world of modern technology is drastically shifting, and it is also changing our perspectives and notions of the world around us. NFTs might be the necessary shift in the digital art world and the business sector as the two join forces to create a whole different entity that seems to be starting discussions these days. Debates are good, and they keep people talking about issues and what really matters. Perhaps this is a good thing because, after all, the key purpose of art is to get people to think.

However, if NFTs were to become the next big thing in art collecting, it could be detrimental to the reputation and value of traditional arts. It is a topic that could be up for debate. Nevertheless, the important thing is to get the conversation started. Traditional arts have a long history that cannot easily be backed down by fresh concepts. With today’s new perspectives of the world, these traditions could have less place in modern society.

Art Collecting: Business or therapy?

at a museum

Many will argue that art collectors are mostly after the money aspect of art collecting. Perhaps that is true for some art collectors who see the art industry as a business. However, others simply collect when they are moved by a simple sculpture or a painting.

There is a diverse range of art collectors worldwide, and there has also been a thriving circle of younger art collectors. This means that there is a prevalence of more affordable art in the current market. The global health crisis has allowed more individuals to acquire art pieces and approach art with an open mind.

Collecting art amid the pandemic, whether in the traditional or digital form, is a great consideration. It allows individuals to see the world through a different lens, especially during these difficult times. Art allows us to process complex situations that require deep thought. NFT is not necessarily an art form, but it has the potential to challenge people’s long-standing notions about what art should be. Although NFTs can come in various digital forms and not just digital art, it has the potential to challenge old ideas in need of a little nudge.

The modern world of technology is continuously changing, and we have to be proactive about our responses. We cannot simply stand on the sidelines as witnesses, but we should also join the conversations about the developments in today’s world.