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NFT art galleries: future of art or another exaggeration?

Cryptopolitan


TL;DR Breakdown

  • NFT art galleries have opened up in a lot of places as lockdown gets lifted.
  • NFT industry has already crossed $500-million.
  • Bitcoin 2021 conference hosted over 30 artists, displaying their art in NFT art galleries.

NFT or non-fungible tokens are now a part of the blockchain industry. This means that with the growth of the blockchain industry, the chances of growth in the NFT industry are increasing as well. Recently, many museums and art galleries have decided to showcase NFT work. There are festivals wherein NFT artists display their work. Basically, an NFT is a unique token to an artist.

This token cannot be exchanged or transferred to anyone else rather, it is unique. NFTs store the data of the artist, be it audio, picture, or video, on the blockchain and this means that they are erased. The data that is stored is the one that is auctioned. The NFT artworks are becoming more and more popular each day. The biggest question is, is the NFT industry just a crypto FUD?

NFT art galleries could be the future

NFT art galleries have been opened up in the USA, Russia, and many other countries. Artists have begun to host the auctions of NFTs of their own artworks, songs, and other digital artworks. In the Bitcoin 2021 conference that was held, there were about 30 artists showcased their work in the conference. This conference was the biggest in the history of the entire world.

The number of people that were present in the NFT peer-to-peer auction was around 200 and the auction continued after the world’s biggest Bitcoin conference of the year 2021 ended. There are plenty of opportunities for the crypto market in the future and with the growth of the altcoins, and multiple projects that are being implemented on the chains of these coins, NFT art galleries will provide plenty of opportunities for artists.

Cities like Miami have seen the rise of a lot of NFT art galleries. Merrick Porchéddu, the CEO of Artist Uprising, has told everyone that the conference was attended by around 200 people and thereafter, the online auctions continued. Many artists like the Weeknd were the first ones to host a live auction for their songs and artworks. Indeed, the NFT industry is not a hoax, and in all probability, we will be seeing a time when the entire industry will be in the spotlight.



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