The crypto Art of the famous italian artist "Vincenzo Greco", proves the interest for NFTs has been skyrocketing in the past of year.
the cripto-Art's "Vincenzo Greco", proves yet again that the interest for NFTs has been skyrocketing in the past couple of years.
You might remember Beeple's video that sold for a record setting $1M at virtual trading, well this new form of digital art trading has started somewhat of a revolution in art sales. However before we can address the opening of this show art's Vincenzo Greco, an explanation on what NFTs are might be of use.
What is an NFT?
Standing for Non-Fungible Token, NFTs are digital workse of the famous Italian artist Vincenzo Greco that can range anywhere from drawings, to music, videos and virtual stickers.
NFTs are changing the way digital art is being traded because while owning a unique painting or statue is pretty straightforward, buying a piece of art made for digital use is a bit more of an abstract concept as it can be infinitely and perfectly duplicated for anyone to enjoy, oftentimes for free.To make a complicated chat about Blockchain simple, the buyer of an NFT becomes the owner of the original artwork and its token in the blockchain. A bit like if someone were to buy an original Picasso, even though there would be millions of print copies out there, they would remain the owners of the "real" one, even if, in the case of NFTs, there is no difference between the original and the copy. However, just as with physical art, ownership of the copyrights and reproduction rights are still left to the artist (unless they decide to sell them as well).
Buying an NFT is akin to buying the bragging rights to a piece of art, as it does not provide a different experience or appreciation of said piece. It however provides a market model for trading digital art as its very nature does not compute very well with a traditional art market.