Since the introduction of Bitcoin in 2008, blockchain technologies are disrupting the financial world. The continuous development in the blockchain sector has given birth to NFTs, disrupting the art industry that is a piece of great news for artists globally.
Before diving into the depth, let’s have a brief introduction of NFTs and how they work. non-fungible tokens represent the digital art that’s are unique whose authenticity can be verified through the blockchain. As fungible means identical, replaceable; the non-fungible means non-identical to any other object, just like a fingerprint. In simple words, these tokens are unique and original.
Standard to Develop NFTs
Developers follow specific token standards to develop NFTs to write code that represents unique assets. Currently, Ethereum ERC-721 and ERC-1155 are the standards most of the blockchain companies are following. Moreover, NFT blockchain developers have the choice to decide which standards will be more useful in the future. For now, Ethereum is leading the NFT development market.
Importance of Non-Fungible Tokens for Artists
The usability of NFTs for artists is still a question. Non-fungible tokens verify the authenticity and originality of the artwork. It means that NFT helps to represent the digital artwork that is completely resistant to fraudulent activities. So, no one cannot have any confusion about the legitimacy of NFT.
Recently, Blockchain-based tokens have been very profitable. Christie’s Auction House sold Beeple image collage for $69.3 million that has brought the huge interest of the world toward the NFTs. The game did not end here, Jack Dorsey sold his first tweet for $2.9 million that comprised of just five words, just setting up my Twitter. These examples showcase the potential the NFT industry has for artists.
Read more articles : NFTs: Challenges and Opportunities
The Future of NFTs
Right now, the future of NFTs is still in its infancy. With the rapid growth of the NFT industry, the creation, selling, buying, and storing NFTs will increase frictionless. It will enforce more people to space. Hence, non-fungible tokens will flourish the digital art industry as many artists will love to follow Beeple to make enormous sums of money. Multiple platforms have merged to trade NFTs, and they will become prominent in no time.
No doubt, NFTs have a bright future ahead, but they need to develop and prove themselves a powerful trend in the crypto world. People want to diversify crypto holdings, and they want to visualize artwork like Picassos.
How OptimusFox can Help NFT Industry?
OptimusFox is a leading blockchain development company empowering companies and organizations through customized blockchain solutions. If you want to develop NFT marketplace or Non fungible tokens, we can help you from consultation to development.
Non-fungible tokens are exciting not for their potential, security, and diversification, but they are related to art. In other words, the Non fungible tokens bring beauty to the finance world as the emergence of art, finance, and crypto becoming more popular. Many NFT collects are turning NFTs to DAO’s to maximize their profitability.
It is not clear that NFTs will develop into the trillion-dollar market like traditional cryptocurrencies, but it may happen in the near future if this field continues to grow at the current rate.