NFT art is big again

More and more artists and collectors are beginning to see the ‘digital’ value of visual art

- SREYA DEB

AFTER A SHORT-lived blip in the NFT (non-fungible token) art market, the sector is seeing a resurgence again. This is not only due to a wave of artists, but largely due to the evolution of collectors. This is evident in the fact that some of the most reputed and expensive art pieces are still dated in the early 2020s.

Now, they have more takers, and are stirring the interests of digital art enthusiasts once again.

Along with the reemergence of cryptocurrency as a viable investment, leaving behind the phase of public uncertainty it experienced — the NFT art market too has been similarly revived.

Digital images, which could once exist only in the form of shareable, downloadable JPEG and IMG files, are now entering the market in the form of collectible, trade-worthy items with unique verifiable identities, being sold to the highest bidders. To simplify, these digital NFT tokens serve as verifiable proof of origin and ownership of a particular digital asset, and can be embedded in a variety of assets including video games, videos, music, photographs and visual artworks.

As is with all art, with NFTs it takes a truly unique digital asset to make it a collector’s piece.