User:Teok2000/Digital Art

NFTs
NFT is short for non-fungible token which is stored as a unit of data. With NFTs, digital artwork can be "tokenized" to create a digital certificate of ownership that can be bought, sold, or traded depending on the platform. NFTs can be used to authenticate photos, audio, videos, and many other types of digital files NFTs have helped solve a massive problem in today's digital art revolution and which is, who actually owns the digital art as a lot of people can copy art, NFTs have made it so each piece of art has its own key which can not be duplicated or faked. Just in 2020 the NFT market value triple in price reaching more than $250 million, now it is seen to be worth $22.5 billion just based on the first quarter of 2021. This is a great opportunity for up-and-coming digital artists to sell their art pieces on the web. With today's evolving technology, blockchain tokens such as Ethereum, FLow, and Tezos have made it possible for digital artists to further monetize their talent. One of the first major artists to jump on the trend was Grime and she managed to sell $6 million dollars worth of digital art sold as NFTs.

Mike Winkelmann, also known as Beeple, is an American Digital artist who specialized in computer art, animation, and much more. He recently broke records with his unique, digital art designs which were sold on an online auction house as NFTs. On the 11th of March, 2021 an NFT of his resold for as much as $69 million at Christie's. This sale positioned him to be one of the top 3 highest-valued, living artists, according to the auction house. Images by many other artists such as Pak, Mad Dog Jones, and Micah Johnson started reselling for thousands of dollars on online digital marketplaces such as OpenSea and Nifty Gateway. As curiosity spiked, people were beginning to buy tons of different art and collectibles and it has helped further evolve the world of digital art. NFTs give all artists more autonomy, however with more and more eyes on this new opportunity, it's becoming quite saturated. It has allowed for any artists from any background to share their talent on any marketplace they want and make money from it.

With the massive boom of NFTs, digital collectibles have also started to blow up which is different from 1-of-a-kind, traditional image art. NBA Top Shop is currently one of the biggest collectible basketball highlight platforms all ran through blockchain technology. People have spent more than $230 million buying and trading digital collectibles of NBA highlight. Their project emerged through a licensing agreement with the NBA and their basketball players made with Dapper Labs in 2019. NFTs have revolutionized and changed digital art forever and has brought many new faces to the community from many different industries such as sports, gaming, and much more.