In order to understand the important role NFTs play in the world of art, we must first take a brief look at what NFTs themselves are, and what that translates to in terms of utility, and ultimately, value.
What are NFTs?
NFT stands for non-fungible token, non-fungible meaning non-replaceable. They are unique tokens that act as certificates for digital assets, and are stored on the blockchain as data.
Ethereum is perhaps the most popular blockchain for NFTs, but there exist a range of other chains that support their creation as well. Sometimes data from different blockchains can be transferable from one to the other with the help of cross-chain bridges, enabling the transfer of NFTs to and from different platforms.
Since NFTs are unique, they make for an ideal means of digital certification; this can range from arts and collectibles to gaming and digital merchandising, and even real world applications such as real estate.
While digital assets can always be copied and duplicated, NFTs ensure there can always be one “official” version of said asset, creating actual digital scarcity. This not only results in an increase in value, but also allows for digital collectibility the likes of which were not possible before.
NFTs & Art
When an artist turns their work into an NFT, they effectively sign that version as an official and unique version of which there can only be one. However times that work gets copied, there will exist the NFT to prove that that one particular version stands out as different.
Besides enabling collectibility, NFTs also serve as a source of income for artists; where in the past they had to rely on fan contributions and doing commissions for a living, today, they can auction off their works as NFTs to practically sell their work in a digital format.
But it doesn’t just stop there, with NFTs, creators can receive a percentage of all future sales of their works as royalties, creating some level of fairness. In an event where they gain recognition after some of their works have been sold, they can still see a fraction of those future sales.
Artists and creators of all backgrounds can use UniArts’ tools to create NFTs of virtually anything, and sell them in the built-in UniArts marketplace dapp. Due to its simplistic design and user-friendly interface, it allows users to create NFTs without any prior knowledge of the blockchain.
In addition to being able to create NFTs on UniArts, with the aid of cross-chain bridges, users can transfer NFTs and tokens with ERC-20, ERC-721 and ERC-1155 standards from other blockchains, removing barriers and creating more decentralization.
UniArts however is not a mere marketplace for NFTs, it is also a movement towards the democratization of art. When NFTs are created on its platform, they are voted on by stakers, and popular works are rewarded with grants and support. It allows an artist’s work to speak for itself, and lets the community govern itself and dictate what constitutes as quality art.
Significance & Value
NFTs are a universal tool for artists of all categories, a brush that can be used by painters and musicians alike. They enable creators in new and innovative ways to sell their works securely, efficiently and reliably in an open and decentralized ecosystem.
UniArts offers all of that, but goes a step further by utilizing NFTs to achieve a democratization of art, which not only benefits the artists, but also the collectors and connoisseurs. By doing so, it encourages fairness, and serves as a platform not just for a marketplace, but also for the incubation of new and upcoming talent.