NFT Art.
You might say that it has already become a well-established phrase in the art world.
There is an impression that it has gone from a time when people who liked new things were amused to a stage where many people are beginning to enjoy it as a field of art.
In this issue, we will introduce such NFT art and the NFT artists you should buy.
What is NFT art in the first place?
Let us briefly review the meaning of "NFT art" here.
NFT stands for Non-Fungible Token = Non-Fungible Token, which refers to a non-substitutable token issued on the blockchain.
Basically, ordinary digital data can be copied, but by attaching digital data to an NFT issued on the blockchain, it is possible to add the element of non-copyability = uniqueness.
In other words, the "NFT art" that is made into a work of art is digital data such as image data, audio data, and video data. Until now, digital illustrations could be easily reproduced or sent, but NFT-ized illustrations make this technically impossible.
NFT artworks soaring in price at auctions
Beeple's NFT artwork traded for billions of yen
The first year of NFT art in 2021 is still fresh in the minds of many.
In an online sale at Christie's, one of the traditional auction houses, digital artist Beeple's work "Everydays: The First 5000 Days" sold for about $69.35 million.
Billions of yen for dots! CryptoPunks
Another work by CyptoPunks, one of the most well-known names in the NFT art world, sold for 2.6 billion yen for a simple dot drawing reminiscent of the early days of computers.
237 million ($2.607 billion).
[CryptoPunk, #5822](https://cryptopunks.app/cryptopunks/details/5822)
Sold by February 2022
Criticism of NFT Art.
Veteran financial journalist Matt Levine, in an October 2022 article
He stated, "Every Web3 project (not just the NFT) is a Ponzi scheme (a kind of investment scam, named after the con artist Charles Ponzi)."
Levine stated, "The Web3 project is a Ponzi scheme.
Levine addressed the issue of NFT within the larger framework of the rise of Web3, citing several rationales to support his own theory that "NFT is fundamentally worthless.
These include the technical fragility of NFTs, the tenuous legal basis for NFT ownership (at least for intellectual property rights), and the public perception that most NFT art depicts "zombies and kittens."
Art does not exist on the blockchain.
If you buy NFT, the only thing the buyer owns is a record in the blockchain that proves they got a pointer pointing to information on a web server somewhere. That server may contain an image of a monkey, but the blockchain from which it was recorded has nothing to do with that image."
Most NFT artworks do not exist on the blockchain for their data itself, but only to declare access to the web server where the data resides and ownership of that access.
Therefore, to truly own a work of art, you must have the entire archive package.
In other words, to own and maintain digital art, you cannot simply buy tokens.
NFT Art and Ownership
Levine notes that "the legal link between blockchain, JPEG, and ownership is not strong," and the rights surrounding the three "are only exercised as a cultural convention," according to Levine.
Jeff Gluck, an attorney specializing in intellectual property rights, told 2022
"You can't argue in court that 'I can enforce my rights because I put it on the blockchain. Because the blockchain is not recognized (as proof of ownership)."
Future Prospects for the NFT
However, if the above points are firmly recognized, the reasons why NFT art is innovative remain the same, in that the value previously perceived in digital art is now technically quantifiable.
It may suggest a very common sense admonition that once the technology of NFT is established, the viewer's attention should no longer be drawn to the technology itself, but to the content of the artwork.
Recommended NFT Artists
Nyan Cat
In what has long been an Internet meme turned NFT, some of the famous Nyan Cat's Gif images have been put up for auction. The final bid price on Foundation, an auction site specializing in digital art, was an astonishing $590,000 = approximately 63 million yen at the rate of the time.
In 2021, the "Power 100," which announces the 100 most influential people in the art world, selected "ERC-72," a standard to enable the handling of NFTs, as the first year of NFTs, showing the influence of NFTs in 2021.
OpenSea sales website
Steve Aoki
Steve Aoki has been active in Web3 since its earliest days, most famously as a musician and DJ, but also in design, fashion, and technology.
His income from music for more than a decade and from NFT projects for one year in 2021 exceeded that of the former. Steve Aoki says this has allowed him to focus more on music, and he is even more energetically devoted to his music career.
XCOPY
XCOPY is a London-based digital artist. Widely regarded as one of the most important NFTs today, XCOPY is known for its work featuring a CMYK palette, cartoon-like modeling, and flashing graphics reminiscent of old-fashioned broadcast television scenes. Currently, XCOPY's nearly 2,000 productions have reportedly brought in a total of $59.1 million in sales.
CrypToadz
CrypToadz is renowned for its top-tier NFT projects.
It also features one of the iconic pieces of NFT art, the CryptoPunks-inspired toad.
CrypToadz was invented by the now famous anonymous artist of the time, Gremplin, and CrypToadz is currently in the top 15 most traded collections on OpenSea.
The project was initiated by Gremplin in September 2021, when 6,969 toads were created as NFTs. These 6,969 toads sold out as soon as they were launched.
Read also
What is NFT Art? Features and Highly Traded Art
What is NFT Art? An easy-to-understand explanation for beginners!
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