The emergence of non-fungible tokens (NFTs) has created a new paradigm in the art industry. NFTs are digital assets that come with unique and immutable properties, which can be used for different purposes such as authentication and monetization. The artist can create an NFT for his digital art, which will create an indestructible and immutable record in the Blockchain and thereby will certify the art as original and unique. The artists can also use NFT to monetize this artwork. Over NFT marketplaces, he can sell his NFT directly to an interested buyer.

This article explores how this technology might transform the way we value or think about art by providing a new level of authenticity: “The First Authentic Digital-Art Commodity”.

NFTs: What they are and how they work?

NFT is a blockchain token that has an attached data value, which comprises of the following pieces: –

TokenID: The unique string identifier’s(that is used to identify the particular NFT) for this NFT.

Owner: The owner of this NFP is represented by Ethereum address.

Metadata: Metadata such as artist name/certificate number, etc… is stored in IPFS.

This information can be read or written with Authenticity Verification Smart Contract (AVS) through AVS interface by its owner who also acts as an Authenticity Verifier.

The AVS can be programmed such that it will verify the authenticity of the NFTs, based on its metadata. And if this verification is successful then an ‘authentic’ stamp of approval is added to the art piece and the same information is written back to IPFS.

Verification: The signature and other details related to original art work and artist are saved as a tuple in IPFS for easy retrieval. This creates a chain of authenticity beginning with genesis block till present day. Every transaction made on Blockchain has some associated metadata which provides digital proof of existence date. This data cannot be altered or changed by anyone once written to blockchain as there exists no mechanism for such change or modification.

A line-by-line breakdown of how an NFT works:

  • The artist creates an NFT for his digital art.
  • This will create an indestructible and immutable record in the Blockchain and thereby will certify the art as original and unique.
  • The artists can also use NFT to monetize this artwork.
  • Over NFT marketplaces, he can sell his NFT directly to an interested buyer.

How can NFTs be used to authenticate digital art?

NFTs provide a new level of authentication for digital art. The artist can create an NFT for his digital art, which will create an indestructible and immutable record in the Blockchain and thereby will certify the art as original and unique. The AVS can be programmed such that it will verify the authenticity of the NFTs, based on its metadata. And if this verification is successful then an ‘authentic’ stamp of approval is added to the art piece and the same information is written back to IPFS.

This provides a tamper-proof record of the artwork’s history and provenance, which can be used to track any changes or modifications made to it in the future. This also helps in creating trust between artist and buyer.

How can NFTs be used to monetize digital art?

NFTs can also be used to monetize digital art. The artist can create an NFT for his digital art, which will create an indestructible and immutable record in the Blockchain and thereby will certify the art as original and unique. The artists can also use NFT to monetize this artwork. Over NFT marketplaces, he can sell his NFT directly to an interested buyer.

This provides a new way of monetizing digital art and helps in building a trust-based relationship between artist and buyer.

What are the benefits of using NFTs for digital art?

Some of the benefits of using NFTs for digital art are:

  • NFTs provide a new level of authentication for digital art, which in proving its authenticity.
  • NFTs can also be used to monetize digital art, providing a new way of monetizing digital art.
  • NFTs provide a tamper-proof record of the artwork’s history and provenance.
  • This helps in creating trust between artist and buyer.
  • NFTs are easy to use and can be integrated into any existing art work or system.
  • They are also secure and transparent, making them the perfect solution for authenticating digital art.

Conclusion

NFTs offer a new and innovative way of authenticating digital art, which is secure, transparent and easy to use. They provide an indestructible and immutable record of the art piece’s history and provenance, and can help in building trust between artist and buyer. NFTs offer a great way of monetizing digital art and can be easily integrated into any existing art work or system. They are the perfect solution for authenticating digital art.

Categories: Digital Art

0 Comments

Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *