Creating value with digital art
BY 花消英气 from 21st Century
Published 2022-01-11
NFTs have changed how we see and own art. VCG

A new wave of creativity is taking the art world by virtual storm.

In November, “NFT” was chosen as 2021’s “Word of the Year” by Collins Dictionary.

NFT is the abbreviation of Non-Fungible Token. According to the BBC, it is a “one-of-a-kind” asset in the digital world that can be bought and sold like any other piece of property but has no tangible form”. Now, NFTs are becoming popular in the art world.

Unlike the traditional artworks that are made by hand and have their own special technique, digital arts can be duplicated and easily obtained for free. But NFTs could provide a digital certificate, showing ownership of a unique virtual or physical asset that someone has produced.

“In the digital world, you wouldn’t know if something is a copy of something else primarily because the copy is almost perfect. The NFT was the first to prove [who owns] this property,” Pindar Wong, chairman of internet financial infrastructure consultancy VeriFi (Hong Kong), told China Daily.

Along with protecting ownership, NFTs allow the creator to get a royalty payment each time the work is sold. As The Guardian noted, the artwork itself still belongs to the creator, but the buyers can get limited rights to display the digital artwork.

So whenever the NFTs are sold, each transaction can only be made with a corresponding transfer to the creator.

“NFTs can ensure that creators, including artists or music composers, can have a portion of the revenue from every subsequent transfer, which could encourage their creations,” Sylvia Wang, a consultant at business-to-business platform ArtBiz Asia, based in Macao, told China Daily.

That’s why many analysts believe that “NFTs are a revolution for the art industry”, noted China Daily.

According to the latest report by Reuters, in the first half of 2021, the sales of NFT digital artworks reached $2.5 billion (about 16 billion yuan), an increase from just $13.7 million for the same period in 2020.

US artist Mike Winkelmann said that with the help of NFT technology, the art field itself has entered uncharted territory. “I do see this as the next chapter of art history,” Winkelmann told The Verge.
美国艺术家迈克·温克尔曼称,在NFT技术的帮助下,艺术界本身已经进入了一个未知的领域。温克尔曼在接受美国科技新闻网站The Verge采访时表示:“我确实认为NFT是艺术史上的下一章。”

For example, Winkelmann created a digital work of art – Everydays: The First 5000 Days, which is a collage of 5,000 images the artist captured. In March, it was sold for a record $69 million.

(Translator & Editor: Li Xinzhu AND Luo Sitian)
Abbreviation  缩写
Non-Fungible Token  非同质化代币
Property  所有物
Tangible  有形的
Duplicated  复制
Certificate  证明
Asset  资产
Infrastructure  基础建设
Royalty  版税
Transaction  交易
Transfer  分成
Portion  部分
Revenue  收入
Uncharted  全新的
Collage  拼贴画
Captured  捕获