Are NFTs The Future Of Fine Art Collecting?
Elevating the status of digital art, these rare tokens have prompted a new wave of collectors and artists
A Non-Fungible Token (or NFT) means any digital collectible it represents – whether an audio, video or artwork – is one of a kind, and cannot be replaced. The current hype around the blockchain technology is on using it to sell digital art; essentially, if you purchase an NFT artwork, it means the original belongs solely to you.
But why invest in NFTs when the same artwork can be downloaded online for free? Well, just like a Picasso painting can be sold as a number of prints, the original can only belong to one person.
As of recent, NFTs have gathered a new wave of artists, allowing them to make money for work that is usually only rewarded with likes and comments. Buyers and collectors can now support digital artists and perhaps in future, the value of their NFT will increase, allowing room for profit.
Artist Kristel Bechara. Courtesy of the artist
Award-winning Dubai-based artist Kristel Bechara has just launched the Middle East’s first NFT digital artwork, marking the first female artist in the region to launch a tokenised art series and to start accepting payment through cryptocurrency on an NFT marketplace. Entitled Beauty in Diversity & DeFi, the series’ first work is a homage to Satoshi Nakamoto, the presumed founder of bitcoin.
The artist is also set to release 25 unique limited-edition paintings that can be bought with an NFT on OpenSea, a huge marketplace for crypto collectibles and digital items. These works will also be redeemable for a physical work, which can be mailed directly to the collector. For every future commission, Kristel will be offering an NFT as proof of ownership and authenticity of the work.
Not only are these tokens shaking up the art scene, they’re impacting the digital world as a whole. For instance the CEO of Twitter, Jack Dorsey, sold his first-ever tweet as an NFT for $2.9 million (Dhs10,651,598). Published in 2006, the tweet – which was shared more than 120,000 times – reads: “just setting up my twttr.”
Crazy or the beginning of a genius revolution in the market? Only time will tell.
Lead image: Kristel Bechara’s NFT artwork depicting Satoshi Nakamoto (2021). Courtesy of the artist