NFTs have widespread influence, crossing artistic, technological, and economic interests, and have taken the world by storm. So it is no surprise that many artists and creators have jumped on board to sell their digital artwork for massive amounts.
NFTs’ major appeal is that it is immutable; this means that information can not be easily manipulated or changed since it is available on the blockchain. Also, since the digital assets are non-fungible, they cannot be replicated like other crypto assets such as Bitcoins or Ethereum.
NFTs in Design and Architecture
One area in that NFTs can be effective is in design and architecture. For example, it was unheard of to sell virtual buildings or virtual spaces in the past. However, NFTs have made this possible for creators to create digital properties sold in a dedicated marketplace based on blockchain technology.
It seems that NFTs have started a process that will lead us towards a future of digitization and commercialization of virtual properties and architecture. Architects can now, thanks to NFTs, create home designs and verify the originality of their work.
While digital arts can be copied several times globally, there can only be one original. This is similar to the Mona Lisa, although the image has been reproduced in different variations globally. We all know that the original is the one that hangs in the Louvre in France. Nevertheless, we can always go to a store and buy copies for our homes or offices.
NFTs enable the creation of unique architectural designs that can be sold by the creator and authenticated on the blockchain issued by anyone. In addition, most NFTs have a Metadata tag that can be edited to input information like the creation date, artist name, and previous owners.
NFTs have also driven a new craze for virtual worlds where users can access things that do not exist. For example, 3D artist Alexis Christodoulou recently auctioned a collection of nine animated videos that created a blur between virtual and natural environments. The NFT sold for over $300,000 and attracted the interest of collectors.
Another artist based in Barcelona, Andres Reisinger, auctioned furniture that bidders could use to create a virtual gaming environment. One of the bidders that purchased the furniture housed the digital art in his Minecraft gameplay.
The latter shows how NFTs can allow designers to create virtual worlds and designs that can be sold as NFTs to the growing market. NFTs can also be introduced into gaming, where gamers can be rewarded or purchase NFTs for exclusive access or collectibles. Finally, NFTs can also be used as a reward mechanism in games for gamers that can be sold in marketplaces for real money.
Obstacles exist to the massive adoption of NFTs
Although the NFT train is moving, some believe that it is a bubble that will eventually burst. This is due to the lack of regulation of prices and the current mindset of buying NFTs to resell for profits in the future.
NFTs also raise the problem of ownership since digital images are usually not owned by a single person and mainly belong to a design company in the architecture sector. This could lead to a conflict of interest on who benefits from the NFTs.
Despite this, NFTs provide a new concept that could force a rethink of how architecture and design work in the future. Furthermore, it allows smaller design companies to leverage an entirely new market and source of income.
It is known that architecture is a demanding job, and prospective architects can take their creativity to the next level using NFTs. They will also be able to monetize their creations without the problems of project fee constraints, high transaction fees, and more. The approval of NFTs by mainstream artists also bodes well for the growing industry.
Despite the perks of NFTs in designs and architecture, it is still too early to know whether the trend will spread mainstream. The NFT industry is relatively young, and many obstacles need to be crossed, including regulations and acceptance. However, NFTs inevitably have massive potential, and more designers will be looking to leverage them in the future.