The article The Rise of NFTs and Their Potential to Disrupt the Art World by Finance Magnates makes the case that NFTs (Non-Fungible Tokens) could take over the digital art market by giving digital creators a new means of making money off of their digital artwork. Artists can now use NFTs to display their ownership and authenticity over their digital creations, and they can also get a direct cut of the proceeds whenever their work is sold. NFT sales are providing more options to commercialize their work, spread awareness, and make the most profits from their work than ever before. While there are many advantages of NFTs to artists, the article explains that there are downsides. Examples like their potential for having a bad effect on the environment because of how much energy it takes it is to mint NFTs on the blockchain, or how if all these people buy NFTs and if the rapidly rising market were to crash people will be left with worthless tokens with no use. Even though there are negative aspects to NFTs the article concludes that NFTs are a cool advancement for the digital art industry and have the ability to create a new, more open, and accessible market for digital art. And since the technology isn't fully developed yet, we don't know exactly how NFTs will fit into the overall art world, they are however, are a great tool for artists, art collectors, and tech companies to interact with digital art in fresh and creative ways than ever done before.
https://www.financemagnates.com/cryptocurrency/education-centre/the-rise-of-nfts-and-their-potential-to-disrupt-the-art-world/
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