Are Digital Collectibles NFTs Replacing Art?

In 2021 NFTs became the largest market with high demand, making a business of $40bn approximately, according to a report in Financial Times.

The major breakthrough in the digital innovation world has happened through the NFTs. These are Non-fungible tokens, which are interchangeable units of data stored on the blockchain. The presence of NFTs shows that the blockchain industry is growing. It is bringing creative ideas forward. NFTs are the new innovation in the blockchain world. They are like digital ledger. These are seen as files, images, videos or audios that are transferred to people when they want to acquire them digitally. These digital forms of figures are of value because the audience finds them interesting and worth possessing. It seems that in the future the value of NFTs will be in billions, therefore, many fans and experts are acquiring NFTs fast.

But, the big question is NFTs as digital form of creativity are growing in market demand; will they become more desirable and valuable than art? The chances are yes.

NFTs are very interesting as they are becoming the new digital assets. These have made the news especially when the first major art NFT is auctioned for $69.3 million at Christie’s. It is a photo collage artwork. It was offered on auction at a famous auction house. This was a very unexpected step. However, this auction has certainly added to the worth of the NFTs. Now billions of investors will look at NFTs as acquirable assets to have to show to the world that they are ahead of time and are in the modern era of Metaverse.

NFTs are attracting many different buyers from various age groups. However, the millennials and younger people are super interested in getting NFTs. The art is also experiencing transformation and NFTs will make digital art be valued and recognized. The future is unfolding gradually and if you do not have NFTs you might be lagging behind. What say?