The digitization of media has been a market with many threats for artists, musicians and other creators. Uncontrolled digital copying online of what they have created has meant that unscrupulous people have made money on the pieces of art while the artists got nothing.
The recent development of the NFT market (short for non-fungible token) on blockchains has proved to be a welcome opportunity for creators to make money in a controlled way with royalties each time an NFT is sold. It’s a huge opportunity but it’s also a new market where both selling artists and buying collectors have to make sure they have enough information about the market and the rules.
The selling of NFTs as digital arts, music, etc. started rather gently via online auction houses but have the last year grown dramatically both on digital marketplaces and more traditional and established auction houses like Christies.
Collectors are drawn to the new NFT market: It’s trendy and it’s easier than collecting physical objects as the ownership is safely locked in a blockchain of computers with no alarmed showrooms or galleries needed. Collecting in NFTs is not less expensive but rather much easier and it seems to satisfy collectors’ wish to own.
