WHAT IS NFT ART? — NFT ART: THE HIGH FEVER OF CONTENT CREATORS
Recently, NFT Art has become popular amongst the masses and emerged as an extremely hot phenomenon that attracted many of the world’s greatest investors. Especially content creators. So, what is NFT Art? Why is it so popular? Let’s find out in this following article with Snailhouse!
What is NFT Art?
Since the news regarding paintings and artworks sold for thousands or even billions of dollars, NFT Art has become one of the most popular Google keywords searched all over the world. Up to now, its heat is still a huge fever for NFT investors in general, and in the art creation world in particular. So, what is NFT Art?
NFT Art is a type of NFT that is created by artists. In the field of art, collectors and investors are willing to spend a large amount of money to determine the authenticity and provenance of a painting or artwork.
Anyone in the digital age can easily copy any artwork, but NFT allows for both sole and perpetual ownership. To put it simply, everyone can copy NFT art, but only one original exists and is verified.
When an artist creates a work of art, they authenticate it by considering the blockchain’s history. Authors can accomplish this by submitting their artworks to various agencies. They can put the NFT Art up for auction once it has been authenticated. On Blockchain, authors can easily track their NFT artworks. Every time the work is sold, the author will be paid a certain amount of money for each sale.
NFT Art: The high fever of content creators
NFT applications build a new platform in blockchain technology and are transforming traditional finance. By bringing physical assets to crypto ones (digital assets) in the real world, NFT has great potential not only in blockchain but also in the global economy.
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that allows them to function differently from an ETH coin. The majority of NFT Art is traded in ETH. The more value of cryptocurrencies rises, the more appealing the artist’s profit from NFT Art ownership becomes. This is what has caused NFT Art become such a craze among investors.
NFTs are thriving — The future of the art bustling market
The NFT market started to grow and attracted huge attention due to the presence of many artists. Not long ago, American-Canadian pop singer Justin Bieber purchased a digital artwork NFT for more than 1.3 million USD. Justin Bieber’s sale is known to be one of the world’s largest, with current prices reaching seven figures, and this digital art piece is also said to be the most expensive one.
Singer Grimes, Elon Musk’s girlfriend, made $ 5.8 million (more than $ 133 billion) in less than 20 minutes by auctioning digital artworks and music videos in the form of NFT. The information about the auction was posted by herself on her Twitter account on February 28. The image of a baby guarding Mars is clearly visible in the painting “WarNymph.” Many netizens believe that the baby in the picture is a representation of her child and billionaire Musk. However, the singer stated that this is the Goddess of Neon Genesis’ symbol.
According to Coindesk, Sun Bohan, CEO of a platform in China that specializes in buying and selling NFT works — BlockCreateArt (BCA), stated that coding art in the form of NFTs is an emerging trend formed by “connecting art and the underlying platform through culture and technology”.
In recent years, the wave of NFT trading has even impacted Asian countries. Asia has since emerged as the frontrunner in the global NFT craze with Southeast Asians making up most NFT-based web traffic last year, according to a report by research firm Finder. Central and Southeast Asia accounted for 35% of the $22 billion in the global trade of NFTs last year, says research firm Chainalysis Inc.
Three Southeast Asian countries — the Philippines, Thailand, and Malaysia — top Finder’s list of web traffic while Global Google trends data for 2021 found that search queries for NFTs came most frequently from China, Singapore, Hong Kong, the Philippines, and South Korea.
In early 2021, Vietnamese artists began to join the “fever” of NFT works. In August 2021, a Vietnamese artist Xeo Chu earned nearly $23,000 USD (about 500 million VND) on the electronic exchange Binance NFT for his first NFT painting. This is the most expensive NFT painting from Vietnam. Before Xeo Chu, Vietnam already had two artists who participated in the exhibition of paintings in Binance NFT, Phong Luong and Tu Na. Artist Phong Luong’s highest sale was $3,000 while artist Tu Na’s highest sale hit $5,000. In 2021, at the end of April, a boy band group A.C.E released a collection of 106 digital photo cards. This activity made A.C.E become the first Korean artist publishing a digital publication. There is no doubt that NFTs are booming potential for artists.
In general, NFT and NFT Art have created a new craze in the virtual currency investment world. The question “What is NFT?” ‘is still a hotly debated topic in the fields of technology, investment, and art. We can say that the potential of NFT Art is extremely enormous and it will continue to grow and gain popularity as well as benefits in the near future.
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