Today, the entire art world is being flipped on its head, and the earliest adopters are reaping the rewards.
Modern trending art revolves completely around NFTs, or non-fungible tokens. While many claim NFTs to be among passing art trends, they fail to recognize a key factor.
The true value of an NFT is the technology behind it. It’s going to forever change how artists create and sell their work. But NFTs will also transform many other industries, which is why the NFT market is already worth over $23 billion.
But what exactly are NFTs, and why are they more than a passing trend? Keep reading to find out now.
What Are NFTs?
Non-fungible tokens are a type of token that lives on the blockchain. It’s essentially cryptocurrency, but with a key difference.
Cryptocurrency, like dollars, is fungible. One bitcoin is the same as one bitcoin, just like one dollar is the same as another dollar. They’re interchangeable, and it doesn’t matter which dollar you have.
Non-fungible means something isn’t interchangeable; each one is unique. This makes them more like trading cards than currency.
If an artist creates an NFT, it comes with a unique token address that’s recorded on the blockchain, which is a public, decentralized ledger that tracks all transactions on the network.
This token address shows the original artist, and it also shows who owns a particular piece right now. This helps to prove authenticity and reduces the risk of scams or fraud in the digital art space.
NFTs can be bought and sold with cryptocurrency on many online marketplaces. See here for information on getting started.
So what are the art styles that are currently trending in the NFT space? Here’s a closer look at what the market’s focusing on.
Personal profile pictures (PFP) are a large collection of NFTs, often between 5,000 and 10,000. The artwork is generative, meaning that the artist creates various traits for their characters, and the final images are generated randomly through software programs.
The result is a big collection of similar, yet entirely unique images. People love using these images as profile pictures on social media. They currently make up the bulk of NFT sales.
Art With Utility
For diehard artists, the art itself is utility. But we’re seeing many artists and brands creating NFT artwork that comes with perks and benefits. For example, if you hold an NFT in a particular collection, you may be able to receive free NFTs in the future or discounts on upcoming projects.
Many of these benefits translate into real life, with access to in-person events or free merchandise.
NFT artwork doesn’t need to be static. Many animators are getting into the space and creating GIFs.
Since the artwork is digital and is usually viewed on a computer or phone, animated art pieces do very well and add a new dynamic to art collecting.
The Next Wave of Trending Art
NFT art is the latest form of trending art. New artists are emerging in the space. And famous artists are moving into the NFT space at a rapid pace.
They’re creating valuable artwork that can be bought and sold with ease online. Yet they’ll retain, if not appreciate value over the coming months and years.
Looking for more art tips and tricks like this? Head over to our blog now to keep reading.