First what is an NFT?
A non-fungible token (NFT) is a digital certificate of ownership built on blockchain technology, that contains the provenance, the history, and all activities surrounding a digital asset. It is on the blockchain - meaning the activities can be viewed by the public and it is immutable - it cannot be forged.
Art underpinned by NFT technology, is quite simply, Art.
NFTs are really just a new medium for creative expression. As a medium it is incredibly diverse, and offers three distinct values of particular note:
Limitless Creative Expression
Blockchain technology is only limited by the artist’s ingenuity. The technology is capable of bringing to life any concept - whether that be work that dynamically evolves over time or as certain criteria are met, reacts to its environment or collector, or transitions over time to utility forms, such as currency or tickets.
Immutable Provenance, Authenticity, and Ownership
Immutable data that publicly tracks the provenance, ownership, and authenticity of an artwork eliminates a wide range of issues that plague the traditional market - security, forgery, copies, provenance, etc.
Artists Are in Control
From 80% of proceeds on primary market to royalties on secondary market sales, to new approaches to patronage and collector relationships, and even how their work evolves once in the hands of a collector, artists have greater control over the work, not to mention an opportunity to create a livelihood for themselves, ante mortem.