In March 2021, 1961 oil painting by vs Gaitonde was sold at more than $ 5 million – making it the most expensive Indian art ever sold.
In the same month, Auction House Christie’s sold digital art for the first time with $ 69 million.
It does not only set a record but also makes the Blockchain application named NFT instantly popular.
NFTS, or non-fungible tokens, are unique digital items stored in Blockchain, the same network that runs Cryptocurrency.
Whatever Digital – Images, Videos, Music, Even online versions of this article – Can be converted to NFT and Monetised.
NFFTs are not digital art but instead of authenticity certificates, and most use the Blockchain Ethereum, the second largest cryptocurrency.
Just like Crypto, NFT trade also does not have legal support.
The lack of regulations also means that he is vulnerable to price manipulation.
Increased internet use and a surge in interest in Crypto has encouraged the popularity of NFTS.
“Many consumers who put money in Crypto were introduced to NFTS as a new investment media.
NFTS also gained popularity when celebrities such as Twitter co-founder Jack Dorsey, Paris Hilton, and Snoop Dogg sell nfts,” Sumit Ghosh, CEO & Sumit Ghosh, CEO & Co-Founder Chingari, the NFT market launched by Salman Khan in October 2021.
Apart from art collectors and memorabilia, some have been taken to NFFTs because of speculation because of the value of tokens originating from buyers who are willing to pay him.
“Appreciation of Crypto Market Capitalization along with the mainstream user adopts Crypto to encourage the popularity of NFT,” said Santosh Yellajosula, Blockchain members and Crypto Asset Council (BACC) and the Chief Ecosystem Officer on Xfinite.
He added that the NFT market can see a correction in the short term.
Increasing interest in digital art because pandemic induced locking also helps NFTS achieve the mainstream audience – those who are not supporters of Crypto.
NFTS also allows digital content makers and IP owners (intellectual property) to monetize their work or assets without ‘intermediaries’ and get royalties every time NFT is sold again.
“NFTS provides the ability to make rare and verified digital assets.
Fractional NFTS digital content and make it traded – making IP fluids,” the CEO of the Indian sports NFT company.
The most expensive NFT in the world sold by Christie’s – Collage 5,000 images by US artists Beeple – can be downloaded and ‘seen’ by anyone but only one person who really ‘has it’.
Ownership data is stored as NFT on a decentralized blockchain network.
In 2021, NFT sales reached $ 25 billion compared to only $ 95 million in the previous year, according to Reuters.
Industrial players say, in the increasingly online world, ‘human rights’ – in the form of nfts – also digital.
In November, Amitabh Bachchan auctioned a poem recording rendition ‘Madhushala’.
Other celebrities such as Salman Khan and Sonu Nigam have also launched NFT.
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