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Future of Art and Investments - Non-fungible Tokens
From digital Art and GIFs to unique, high-profile collectibles, NFTs continue to make headlines. They experienced significant growth during the pandemic. Developers and collectors research the NFT for revenue and investment opportunities. Many experts see the NFT as the future of art and investment.
We appreciate the cultural value of art and things that have been historically preserved. We are also proud to have something valuable: culture or money. We collect art because we want something unique, valuable. Today, collecting art is a thriving and highly regarded practice. In 2020 alone, the global collectibles market reached a record $ 372 billion due to a pandemic-driven online sales boom and is expected to continue at 7% CAGR (compound annual growth rate) between 2021 and 2028.
With the Internet and other digital technologies permeating all aspects of human life, many creators have begun to create digital art. Today, digital art is highly sought after for its uniqueness, convenience and value.
Before the digital revolution could take place, art had to go through art facilities and galleries to reach art collectors and lovers. With the changing internet of the game, art from every corner of the world can be seen by anyone and everywhere. However, it does not solve the problem of ownership of art, especially digital. In digital creation, it's easy to copy something and make your own. This hole takes digital art for granted. The rise of blockchain technology has brought NFT digital assets or Non-fungible tokens tied to a secure blockchain that provides proof of ownership. Distributed Ledger (Blockchain) technology makes NFT more secure and unchanging. In addition, the introduction of decentralized technology will allow NFTs to be independent of any centralized body or any type of third-party entity.
The NFT is changing the face of the arts and collecting sector by creating new opportunities for collaboration and innovation. Their usefulness and opportunities for artists, collectors and investors make the industry even more valuable in the short term. NFTs are unique digital assets where only they have original value. Their uniqueness also governs their demand and price.
Modern technologies have also changed the way we create, access and purchase art and other unique collections. In the past, people needed to have enough knowledge to be able to appreciate and collect art. Today, the Internet has enabled everyone in the world to gain and appreciate knowledge of art. It also allows people to buy and sell art online.
The combined power of the Internet and blockchain technology (especially NFT) opens up endless possibilities for creators and collectors to interconnect and benefit from mutual cooperation and exchange of value. It has pushed forward the democratization of art. It makes designers and artists more easily accessible to the general public, while eliminating the trust of creators and collectors in third parties.
NFTs have the same technological value and collector's value. The NFT offers secure ownership to creators with royalties from each resale of their artwork worldwide without the involvement of an intermediary. NFTs provide their collectors with proof of ownership of the original work. It also acts as an investment that increases value and has a large sales volume. They allow collectors from all over the world to buy art directly from the creators themselves through secure transactions.
There is already a huge demand for NFTs in sectors such as sports, arts, and entertainment. Their digital and decentralized nature already makes them metaverse friendly.
In the future, the use of NFTs in the real estate and entertainment sector will increase significantly. NFT properties take property ownership to the next level through smart contracts. The entertainment industry is expected to experience more NFT movement with a greater focus on creating famous artists who use their art directly to their fans. NFTs are legitimate assets with significant applications in a variety of industries, both digital and non-digital. Experts predict greater acceptance of the NFT as it opens up more avenues for Web 3.0 development.