Have NFTs changed the landscape of art collecting?
As we embrace the digital age, where content online can be easily copied and used, it becomes increasingly difficult to authenticate individual ownership. In this exclusive article, Patrick Tan presents the solution to this conundrum, in the form of NFTs.Thaddeus Chong had been waiting for this day for a long time. , he had been waiting to take delivery of his latest prized find – a rare piece by American abstract expressionist Jackson Pollock, for months.
NFTs are basically digital tokens that can be tied to anything digital, from drawings to songs, digital items in video games and even animated GIFs. When someone buys that painting from you, the blockchain will record that new ownership and also serve as a certificate of authenticity not only guaranteeing sole ownership in perpetuity, but ensuring that any copy of that art will not be “re-sold” as a knock-off because the blockchain is immutable and to date, unhackable.One important caveat — ownership of an NFT doesn’t prevent someone else from copying the artwork.
Whereas previous generations had an attachment to the physical, including physical art, photographs, books and other collectibles, Millennials and Gen Z are far more comfortable with the ethereal, especially digital works. Imagine if the descendants of Monet could collect royalties from each time his painting was on-sold! , demand and interest for NFTs has never been higher.
To be sure, some of these heady NFT prices are because of the recent spike in cryptocurrency prices — most NFTs are transacted in Ether, whose price has shot up by 570% in the past year. was paid for using Ether, which was trading around US$1,800 at the time that the auction was held by Christie’s.
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