After years of being a museum novelty, digital art is starting to sell like hotcakes--and in some cases for millions of dollars--because of a crypto asset called nonfungible tokens, or NFTs. And it isn't just art--sales of digital collectibles of all kinds are benefiting from these blockchain-based certificates of authenticity. NFTs are making the market more accessible for artists, but in the future, they also could disrupt the entire economy of the art market.
After years of being a museum novelty, digital art is starting to sell like hotcakes--and in some cases for millions of dollars--because of a crypto asset called nonfungible tokens, or NFTs. And it isn't just art--sales of digital collectibles of all kinds are benefiting from these blockchain-based certificates of authenticity. NFTs are making the market more accessible for artists, but in the future, they also could disrupt the entire economy of the art market.
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