Why is NFT Art in the Spotlight?
Why NFT Art?
NFT art" has developed rapidly over the past few years, and it has become commonplace to see it traded for hundreds of millions or even tens of billions of yen.
Why is it attracting so much attention and creating new value for art?
Meaning of the term "NFT
NFT stands for Non-Fungible Token, which refers to tokens issued on the blockchain that have no substitutability.
Basically, ordinary digital data can be copied, but by attaching digital data to NFTs issued on the blockchain, an element of non-copyability = uniqueness can be added.
Innovation of Blockchain Technology
The technology behind NFTs is called blockchain, and the data created by blockchain is practically impossible to duplicate because of the enormous amount of computing time required to do so.
In other words, it is a system in which tampering with the data is rather "damaging.
In addition, since transaction data is distributed to computers all over the world, it is difficult to eliminate it even with the power of the state. It is easy to understand by imagining the Internet, for example, that even if one country imposes filters or shutdown measures on the Internet, access is still possible in another country.
Blockchain technology can also add "uniqueness" to digital data, and it is also blockchain technology that enables virtual currencies such as bitcoin, the currency of the NFT purchase itself.
What do you do with your NFT art purchase?
Types of NFT Data
Since most NFT art is image or audio data, it can be used in a variety of ways just like regular image or audio data.
For example, image data can be displayed on a digital photo frame and enjoyed as interior decoration, or set on the home screen of a smartphone and carried around.
Assetability of NFT Art
What cannot be overlooked is the asset nature of NFT art.
Like most works of art, the value of NFT art fluctuates depending on secondary sales. For example, at an online sale at Christie's, one of the traditional auction houses, the digital artist Beeple's work " Everydays: The First 5000 Days" sold for about $69.35 million (about 7.5 billion yen ).
Introduction of High-Priced NFT Art
Let's take a look at some of the world's most expensive NFT art, in addition to Beeple.
Julian Assange and Pak, Clock
527 million dollars (5.797 billion yen)
Julian Assange and Pak, Clock Clock
Sold by February 2022
CryptoPunk, #5822
Sold at $237 million (¥2.607 billion)
CryptoPunk, #5822
Sold by February 2022
7.1 million dollars (¥894.4 million)
Dmitri Cherniak, Ringers #109
Sold by: October 2021
Click here to read the article in conjunction with this one.
What is NFT Art? An easy-to-understand explanation for beginners!
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