NFT Artist Beeple Has Set A New Standard In Digital Artistry

After creating a digital drawing every single day for 13 consecutive years, the graphic designer brought all of those artworks together into a monumental collage. He called it “EVERYDAYS: THE FIRST 5000 DAYS.” Beeple then minted the digital collage as a nonfungible token or NFT exclusively for British auction house Christie’s through the use of blockchain technology.

More importantly, the artist permanently linked the masterpiece to himself and programmed it to receive 10% of every sale on secondary markets.

Even though Beeple made headlines after his purely digital work was auctioned off for more than $69 million, something more meaningful happened between the lines. Digital artwork was recognized as real art, and artists were given the upper hand in a market for the first time ever. Anyone can now capture the value of their artwork as it grows.

Digital illustrators and graphic designers who have been neglected over the years by the establishment gatekeepers no longer have to struggle to make a living. NFT represents a breakthrough innovation that fundamentally changes the art industry’s dynamics.

Indeed, artists now have the opportunity to be compensated for their work without being devalued by the higher art-market machines.

NFT sales volumes have exceeded $220 million over the past month alone while retail and institutional demand is skyrocketing. People have long used art to store value, so digital art on the blockchain may follow the same steps. Anyone anywhere can become an art collector thanks to NFTs, which would likely be how people own art in the future.

Even billionaire Mark Cuban recognizes the true potential of art in the form of NFTs since “the buyer knows how many will be made and has blockchain proof of ownership.”

Such a paradigm shift in the art industry serves as evidence that financial marketplaces are swiftly changing. Although there are several barriers to mass adoption, artwork as NFTs can take on a life of its own, allowing artists to gain what they deserve for their work.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

DeFi – How to Access Multiple Liquidity Sources

Cryptocurrency exchanges are the backbone of the crypto industry. Serving as the ultimate liquidity providers, they allow the whole ecosystem to thrive and serve as an entry point for millions of people to join the crypto movement. Among exchanges are also some of the most...
Total
0
Share
Blockster

FREE
VIEW