TheArtGorgeous: What The Hell Is An NFT And What Is It Doing In The Art-World?

 

TheArtGorgeous discuss the phenomenon of NFTs and highlights their most critical benefits to the art industry: history of provenance, proof of authenticity, artist resale rights and ease of transfer:

 

"Each Non-Fungible Token has an individual identity – they aren’t like bitcoin where each coin is interchangeable and of identical value. One bitcoin is the same as the next. NFTs are a bit like real artworks – they are unique.

This makes NFTs great for an industry littered with unfair flipping, copyright issues, and forgeries. The NFT keeps a permanent record of who has bought and sold the work, who it currently it belongs to, and confirms authenticity. It’s possible that over 50% of works sold on the art market are fakes or mis-attributed, so NFTs are a breath of fresh air. They’re also beneficial for artists who can now not only track who currently owns their work, but also get a percentage (10% on average) of the resale value each time the NFT changes hands."