Non-fungible tokens or NFTs stormed the digital asset markets in 2021. Today, they are well on their way to becoming a mainstay of the global digital economy. An economy consists of large numbers of people creating and consuming. In that sense, art is a perfect representation of a person’s creative work. Humans love to collect and trade objects that represent their personality. NFTs’ role in changing artists’ lives cannot get understated any longer. That is the topic of today’s post.
In a nutshell, NFTs are changing artists’ lives for the better. This is because, for the first time in history, artists don’t need to depend on an intermediary to sell their work. The structure of the art market is such that artists slog for years to survive, to make it big. With NFTs underpinned by blockchain technology, they no longer need to. Artists mint NFTs of their works on the blockchain, receive royalties for perpetuity. This is a game changer.
What are NFTs?