Digital art is becoming increasingly important and prevalent in today’s society. We are finding more businesses, public art installations and art collectors are looking towards the digital as their preferred art choice.
With the growth of NFT’s (or Non-Fungible Token) the value and exchange of digital art is increasing at a rapid pace. Not only this but the rise of social media means that for many artists marketing their artworks, the best way to do this is digitally via video reels, online content creation or some kind of digital platform.
So what does this mean for artists, clients and collectors alike?
Well, the turn to digital is both an exciting opportunity, but equally challenging change for artists.
Lets start with the basics- what is an NFT? An NFT (non-Fungible Token) is a unique collectable token tied to a digital artwork or music that is not exchangeable. This means, unlike cryptocurrency, each NFT has a digital signature that makes it impossible for them to be exchanged for, or equal to one another.
According to a recent report the total value of NFT transactions increased 300% (equivalent of US$250 million dollars) in 2020. Living in a world where the internet can cut, paste, copy and reproduce originals, NFT’s offer a way for artists to be paid for their original work. Original JPEG files are like owning an original oil painting- you pay big bucks for the original, not the copy or knockoff.
Many artists, especially emerging artists, are turning to NFT’s as way of establishing themselves and getting their works out in the world. We are also seeing more and more digital art public displays pop up in cities all over Australia and even corporate collectors looking into investing in digital and using digital platforms.