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Tokenized Digital Art is the Newest Experiment of Blockchain Tech
Digital art pieces sold as ‘non-fungible tokens’ are shaking up the art world
The so-called ‘art world’ has always carried a prestigious mystique in its name’s connotation, implying the presence of an elite group of nobles, distinguished from the rest in their superior ability of commenting upon fine art. For the select few allowed into the group, purchasing art is simply a diversification of their investment portfolio — an estate they can enjoy for decades, then sell at 500% returns. For the rest of us with portfolios too meager to afford six-figure paintings, such a lucrative form of investment is off the table, especially when one considers the added costs of maintaining and displaying fine art.
Thankfully, developers of decentralized applications on the Ethereum blockchain have recently enabled the tokenization of digital art and other collectible virtual items. In the same way that cryptocurrencies have value despite no real, physical backing, digital art tokens have already begun fetching enormous sums on the market. With this technology, artists can tokenize one-of-a-kind digital art pieces with verifiable authenticity and list them for sale. Unlike physical art collecting, artists can choose to receive a commission every time their art is sold…
