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How NFTs are Benefiting the Art Marketplace
Non-fungible tokens (NFTs) are certainly popular, and in the last year they have dominated art news headlines with tales of extravagant price tags.
It’s a lot of heat and excitement, but just because NFTs are selling for a lot of money, does that really mean that they are good for the art marketplace?
After all, there are plenty of items that sell at traditional auction houses for tens of millions of dollars, but very few artists and art lovers actually see any benefit from that kind of wealth being thrown around.
But NFTs are different. They could very well reshape the way we think about buying and selling art, and they are overturning age-old expectations — in many ways for the better.
Let’s look at some of the ways that NFTs are benefiting the art market.
Greater Control for the Artists
In the art market as we’ve known it, gallerists and art dealers have a lot of power. Their expertise and connections give them the ability to find buyers for artwork, and they can be especially helpful for artists just starting to break into higher prices.
So what’s the problem with this system?
Artists themselves rarely have the time to become experts in the art market or make the connections they need to move their art. That puts them at a power disadvantage.
Even worse? There is almost a cultural stigma against artists diving into the pedestrian world of commerce.
But NFTs allow certain new conditions for sales, conditions that artists can build into an NFT of their work.
For instance, you can make an NFT of a digital work of art and guarantee that every time it is resold, the artist gets 10% of the price. What’s better, artists have access to the bidding information and the entire provenance of their work. That means they can see everyone who bought their artwork and how much they paid.
This single change will revolutionize the artworld by leaps and bounds, helping artists to get more of the money their work generates.
Greater Access for Art Lovers on Marketplaces
On the other side of the coin are the art lovers. Many people want to buy art , but if you aren’t well connected, it can be hard to have access to everything that’s actually available out there.
Of course, gallerists and auction houses and art dealers want to meet with and encourage every single art buyer. But the reality is that there is an emphasis on big time art buyers in the current art market. After all, if you are an art dealer with limited resources, are you going to focus on the tycoon you know who spends millions on art each year , or the middle income art lover just now wanting to buy?
With NFTs, marketplaces are wide open. Auctions are available to everyone, and little if any information is reserved for a select few.
This is letting more people leap into the world of art buying. That combined with the empowerment of artists means a lot more direct buying and selling of art.
NFTs Are Changing
When we think of NFTs in the artworld today, we predominantly think of auctions for blocks in a blockchain that are linked to digital files — like JPGs, MPEGs, GIFs, and so on.
This has caused many to scratch their heads because when you purchase NFT arts for sale, you aren’t the only person with access to the art work. Anyone can still copy and share these files infinitely.
But here is the thing: NFTs aren’t done evolving, not by a long shot.
Remember when we talked about artists being able to use NFTs to get 10% of all future sales of their art? That’s what is called a smart contract. These are critical elements of NFTs, giving people the ability to have contract clauses automatically fulfilled when certain terms are met.
And since NFTs copy the provenance of an artwork in a safe and secure way, they take the burden of provenance off of both the artist and the art buyer.
Put these two things together, and you can see how NFTs won’t just become interlinked with the digital art market. They can also become critical features of the physical art market.
As NFTs grow and change, we will see the art market shifting along with them. We are standing at the precipice of a major development in the art world. NFTs are going to be a core piece of this change.
All About Graffiti Art and Art Brut
In the urban landscape, vibrant forms of artistic expression emerge, challenging conventional notions of art and engaging with communities in unconventional ways. Two distinctive art forms that have garnered attention for their rawness and unfiltered creativity are graffiti art and Art Brut. Some of the most notorious names of contemporary art come from the world of graffiti. And while formal training and historic institutions still hold a massive presence in the art world, we are seeing more and more outsiders storm the gates and break through to become major names. That’s why we put together this guide to understand the types of graffiti art and art brut better. With this new knowledge, you’ll be able to better appreciate this diverse and dynamic realm of creative expression. What is Graffiti Art? Graffiti is a kind of art brut. It is any drawing or writing made on a surface, typically in public view. Graffiti itself is about as old as humanity. But beginning in the 1980s, graffiti began to be shown in fine art institutions, like galleries and museums. With the inclusion of many major graffiti artists into the formal art world, the lines have become more and more blurred. Graffiti art now refers to a thriving genre of art that uses the styles and techniques of street graffiti, but with finished products that are meant for more traditional art spaces. Some of the most well known artists of the last fifty years are graffiti artists, including the late Jean-Michel Basquiat. What’s the difference between graffiti and street art? The terms "graffiti" and "street art" are often used interchangeably, but they do have distinct characteristics that set them apart: Graffiti artists, like the famous Banksy, create and present their art in public spaces. Frequently, their art is not sanctioned by the owners of the property that the art is painted on. For this reason, graffiti art typically are revolutionary or otherwise transgressive themes. While graffiti can be seen as a subset of street art, the key difference lies in the legality and intent behind the creations. Graffiti is often associated with unauthorized markings and can be viewed as an act of rebellion or vandalism, whereas street art is generally more accepted and embraced by communities as a form of public art. However, it's worth noting that the line between graffiti and street art can be blurred, and there are artists who bridge both realms, incorporating elements of graffiti within their street art pieces. Ultimately, both graffiti and street art play vital roles in shaping the visual landscape of cities, sparking conversations, and challenging societal norms through artistic expression in public spaces. If you are still confused, see this helpful guide: Graffiti art is often associated with illicit, unauthorized markings made on public spaces using various tools like spray paint, markers, or etching tools. Historically, graffiti has been associated with acts of vandalism and considered a form of public defacement. Street art, on the other hand, encompasses a broader range of artistic expressions in public spaces. Street artists often create their works with the permission of property owners or as part of organized initiatives to beautify urban environments. Street art is typically more intricate, visually elaborate, and conceptually driven compared to traditional graffiti. How Graffiti Art Started Graffiti art began as street art, and people often use the words graffiti and street art interchangeably. But a few New York City gallerists in the 1980s saw graffiti as a blooming world of creative expression. And soon, they were exhibiting the work of graffiti artists. A particular hotbed was the East Village in Manhattan. Fun Gallery and Now Gallery helped lead the way in presenting graffiti art in a new light. By placing the work by these outsider artists in the context of a gallery, audiences began to appreciate the art on a deeper level. Artists like Keith Haring, Crash, Lady Pink, and Jean-Michel Basquiat became major names in the art world. They inspired new generations of graffiti artists to pursue the style — as street art, gallery exhibits, or both. Today, major corporations have hired graffiti artists to promote products . Major auction houses sell graffiti art. And you can buy graffiti art at countless galleries around the world. Famous Graffiti Paintings Curious to see some great graffiti art? We’ve put together a few of the most impressive and noteworthy examples. Untitled Skull (1982) by Jean-Michel Basquiat Copyright Jean-Michel Basquiat This painting is legendary not only as part of Basquiat’s skull series, but also because of the major headlines it made in 2017. It was that year that Sotheby’s New York sold it for a staggering $110.5 million dollars, blowing past its $57 million estimate. Ignorance = Fear (1989) by Keith Haring Copyright Keith Haring Foundation This work epitomized Haring’s use of art as a tool to raise political consciousness. As a gay activist, the AIDS epidemic was central to much of Haring’s work in the 1980s. This painting united his powerful pop and graffiti hybrid style to deliver an important message. The Breakdown Comes (1983) by Lady Pink Copyright Lady Pink This masterpiece of graffiti art by Lady Pink reveals the deep anxieties of the middle class in 1980s New York City as an empowering fantasy of the downtrodden in the same time and place. The vitality and playfulness of the artwork helps the complex themes go down enjoyably. Graffiti art is such an exciting realm of the art world. Now a few generations into its acceptance into the establishment, it still continues to push boundaries and grab our attention. Now that you know a little more about it, you can shop graffiti art from this fascinating genre that RtistiQ has put together for you to explore. What is Art Brut? Art brut is a term coined by French artist Jean Dubuffet in the 1940s, literally meaning raw art. Dubuffet used the term to describe the realm of artwork made outside of the formal and academic art world. Sometimes called outsider art, artbrut contains a broad spectrum of work. The term is often used with a bias toward Western art circles. For instance, artists in hunter gatherer tribes might be highly trained and create pieces inside a well codified tradition, but their work might still be considered art brut to some critics—so a reader has to consider who is using the term and how. Art Brut artists typically have no formal artistic training and often face societal marginalization or live with mental health challenges. Their works are characterized by their authenticity, unconventionality, and a lack of adherence to traditional artistic norms. Art Brut encompasses a wide range of styles and techniques. Artists often work with unconventional materials and mediums, using found objects, discarded materials, or natural elements. Their creations are deeply personal and reflect their individual experiences, inner worlds, and unique perspectives. Art Brut has provided a platform for artists who have been marginalized or overlooked by the art establishment. Figures such as Adolf Wölfli, Henry Darger, and Martín Ramírez have gained recognition posthumously for their extraordinary bodies of work. Art Brut challenges the boundaries of what is considered "art" and questions the prevailing criteria for artistic validation. Famous Art Brut Paintings Many Art Brut artists remain relatively unknown, with their works often discovered posthumously. However, there are a few notable Art Brut paintings that have gained recognition and influenced the art world. Here are a few examples: Adolf Wölfli's crazy controversial Art: Adolf Wölfli, a Swiss artist and psychiatric patient, produced an extensive body of work during his confinement. His intricate and highly detailed drawings depict fantastical landscapes, intricate patterns, and narratives from his own imaginary world. Prisoner Drawings is a series of densely packed compositions that reveal Wölfli's creative vision and psychological complexity. "Götter [gods]" by August Walla: August Walla, an Austrian artist with schizophrenia, created a range of powerful and expressive artworks. "Mystery Train" by Martín Ramírez: Martín Ramírez, a Mexican-American artist, created intricate drawings while institutionalized in psychiatric hospitals. His works often feature repetitive lines and motifs, including trains, figures, and animals. Conclusion: Graffiti art and Art Brut are two distinct forms of artistic expression that have captivated audiences with their rawness, authenticity, and unconventional approaches. Graffiti art, born from underground subcultures, challenges social norms and transforms the urban landscape into a vibrant visual tapestry. Art Brut, created by self-taught artists, provides a platform for marginalized voices and challenges established artistic conventions. Together, these art forms exemplify the power of artistic expression to transcend boundaries, spark dialogue, and redefine the notion of what art can be in our complex and diverse world. Check out the Graffiti and Art Brut Collection on RtistiQ to explore some of magnificent works in recent times.
Exploring Art Medium: A Fusion of Category and Material in Art Creation
Art is a vast and diverse realm that encompasses a wide range of creative expressions. Within this realm, the concept of "Art Medium" holds a crucial role, serving as the bridge between artistic intent and tangible creation. The medium that an artist chooses to work with can have a significant impact on the style and meaning of the artwork. For example, a painting made with oil paints will have a different look and feel than a painting made with watercolors. In the context of Art attribution "Art Medium" has been used interchangeably to refer both the category of artwork and the materials used to bring forth an artist's vision. This article delves into the multifaceted nature of art medium, exploring its dual significance in the world of art. Art Medium as a Category of Art In its first sense, an art medium represents the various categories or disciplines within the field of art. Each medium possesses distinct characteristics, techniques, and artistic approaches. Let's explore some of the prominent art mediums: Painting: Painting is a traditional and widely recognized medium that employs pigments on surfaces such as canvas, paper, or wood. It encompasses various styles like oil painting, watercolor, acrylics, and mixed media, each offering unique visual qualities and expressive possibilities. Painting, Pop Horizon by Barron Holand Sculpture: Sculpture involves shaping and manipulating materials such as stone, wood, metal, clay, or even found objects. Artists create three-dimensional forms that can range from classical figurative representations to abstract and conceptual installations. Sculpture, S-04 BIG FOOT by Aleks Rosenberg Drawing: Drawing is a fundamental art medium that employs pencils, pens, charcoal, or other tools to create two-dimensional representations. It encompasses techniques like sketching, shading, and hatching, allowing artists to convey ideas, explore compositions, and develop their artistic skills. Drawing, Dancer in Red by NK Hong Photography: Photography born from the marriage of science and art, captures moments through the lens of a camera. It employs light-sensitive materials and digital technologies to immortalize scenes, people, and emotions, providing a unique perspective on the world. Photography, La grève Je T'aime by Gudzovsky Printmaking: Printmaking encompasses various techniques such as etching, lithography, screen printing, and relief printing. Artists create multiple copies of their artworks, each possessing its own subtle variations, by transferring images onto paper or other surfaces. Ceramics: Ceramics involves working with clay, shaping it into objects, and firing them in kilns to achieve hardness and permanence. This ancient medium encompasses functional pottery, decorative vessels, sculptures, and intricate porcelain works. Textiles: Textile art employs fabrics, threads, and fibers to create tactile and visually engaging works. It includes techniques like weaving, embroidery, quilting, and textile installations, exploring themes of culture, identity, and materiality. Installation and Performance Art:: These mediums go beyond traditional forms, embracing immersive experiences and the participation of the audience. Artists use various materials, space, sound, and movement to create site-specific installations or enact performances that challenge the boundaries of art. Digital NFT: Very recently Digital NFT is being regarded as an art medium, and more importantly revolutionising Digital Art representation. Utilizing blockchain technology, NFTs represent unique digital assets, such as artwork, music, or videos, providing a secure and verifiable link between the digital file and ownership rights. Art Medium as Material Used in Art Creation In the alternate context, an art medium refers to the specific materials and tools employed by artists to bring their artistic visions to life. The choice of medium significantly influences the aesthetic outcome and the creative process itself. Artists often use it to describe how they created their artwork, which gives a sense of how it needs to be viewed as well. For e.g. Oil paintings ( referenced as "Oil on Canvas") are best observed from a distance to get a more clearer understanding and the depth of the Art. Again depending on the Category of work there are different materials used to fulfill the Artistic vision of the creator. Here are some examples of art mediums in the context of Material Used Paints: Artists use various types of paints, including oil paints, watercolors, acrylics, and gouache, each with its own characteristics and techniques. These pigments, when combined with binders, allow artists to manipulate color, texture, and opacity on different surfaces. A combination of the paint type and the support used form the Medium used for the artwork, for e.g. Oil on Canvas, Gouache on paper, Acrylic on Linen etc... Drawing Tools: Pencils, pens, charcoal, markers, and pastels are all examples of drawing tools that artists employ. These tools vary in hardness, texture, and line quality, enabling artists to create intricate details or bold, expressive strokes. Sculpting Materials: Sculptors utilize a plethora of materials such as stone, wood, metal, clay, plastic, and even unconventional materials like ice or food. Each material offers its unique qualities, texture, and potential for manipulation. Cameras and Photographic Equipment: With the advent of photography, cameras and photographic equipment became vital art mediums. Film cameras, digital cameras, lenses, lighting equipment, and photo-editing software all contribute to the creation of photographic art. Printmaking Supplies: Printmaking relies on materials like printing plates, inks, brayers, and printing presses. These tools facilitate the transfer of images from the plate to the chosen substrate, resulting in distinct prints with their own visual characteristics. Clay and Kilns: Ceramics artists employ different types of clay, glazes, and firing techniques to shape and fire their creations. The firing process in kilns transforms the raw materials into durable and visually captivating ceramic pieces. Fabrics and Threads: Textile artists utilize a wide range of fabrics, threads, dyes, and surface design techniques to create intricate tapestries, clothing, quilts, or fiber-based sculptures. The choice of fabric and the application of techniques contribute to the overall visual and tactile impact of the artwork. The Importance of Art Medium The medium that an artist chooses to work with can have a significant impact on the style and meaning of the artwork. For example, a painting made with oil paints will have a different look and feel than a painting made with watercolors. The medium can also affect the way that the viewer interacts with the artwork, an example being, a sculpture that is made from metal will feel different to the touch than a sculpture that is made from wood. The art medium is of utmost importance in the representation of art as it influences the aesthetics, technical possibilities, symbolic significance, and cultural context of an artwork. It allows artists to express their vision, engage viewers, and communicate their intended messages effectively. The careful consideration and deliberate selection of the art medium contribute to the overall artistic expression and impact of the artwork.Different art mediums have evolved throughout history and across cultures, reflecting the societal and historical context in which they originated. The selection of a particular medium can evoke associations and references to specific art movements, traditions, or periods. The Future of Art Mediums The art world is constantly evolving, and new art mediums are being developed all the time. For example, digital art is becoming increasingly popular, as artists use computers and other digital tools to create their work. It is impossible to predict what the future holds for art mediums. However, it is likely that new art mediums will continue to be developed, and that artists will continue to experiment with different materials and techniques. It's important to note that the future of art mediums will be shaped by the creativity and experimentation of artists themselves, as they continue to push boundaries, embrace new technologies, and explore innovative approaches to art-making. The possibilities are vast, and the future of art mediums for visual artists holds exciting potential for artistic expression and engagement with audiences. Digital, Augmented and Virtual Realities, Mixed Media, Eco-Friendly Materials, BioArt and Living Materials, all are being explored, included and evolved for Artists to continously push the boundaries of their creative abilities to produce thought provoking artworks. Conclusion In the realm of art, the term "art medium" embraces a dual meaning. It encompasses both the categorization of art forms and the materials employed by artists. The category of art medium reflects the different disciplines and techniques artists employ to create their work, while the material aspect highlights the tangible tools and substances used to manifest their creative visions. Artists' choices of medium significantly influence the visual, tactile, and conceptual qualities of their artworks. Furthermore, contemporary artists often push the boundaries of traditional mediums by exploring hybrid forms and incorporating new technologies. Understanding the significance of art medium enhances our appreciation for the diverse expressions and the innovative approaches artists employ in their creative endeavors.
Understanding the Distinction: Contemporary Art vs Modern Art
Over several centuries, Art has evolved with various movements and styles shaping its rich history. Two terms that often confuse people are "contemporary art" and "modern art", more in the context that the words Contemporary and Modern are used interchangeably to mean something in-trend now. While these terms may seem interchangeable, they refer to distinct periods and artistic approaches in the world of art. This article will explore the distinction between contemporary and modern art, shedding light on their characteristics, influences, and significance. Modern Art A Historical Breakthrough Modern Art refers to the period of art that emerged in the late 19th century and prevailed until the mid-20th century. It departed from traditional artistic conventions and embraced innovative techniques, materials, and subject matters. Modern artists sought to challenge established norms and explore new ways of representing the world. One crucial characteristic of Modern Art is its emphasis on experimentation and formal innovation. Artists like Pablo Picasso, Wassily Kandinsky, and Henri Matisse revolutionized art through abstract forms, vibrant colours, and the deconstruction of perspective. They rejected the idea of art solely imitating reality and instead focused on conveying emotional and psychological states. Moreover, modern art was influenced by historical events and societal changes. The impact of World War I, industrialization, and rapid urbanization fueled the desire for artistic expressions that reflected the tumultuous times. Movements such as Cubism, Fauvism, and Surrealism emerged, each with its unique style and thematic focus. Contemporary Art Reflections of the Present In contrast, contemporary art encompasses the artistic practices and expressions of the present time. It emerged in the mid-20th century and continues to evolve as new ideas and technologies emerge. Unlike modern art, Contemporary Art does not adhere to a specific style or movement but embraces diversity and individuality. One defining feature of contemporary art is its inclusivity and openness to various mediums, such as installation, video art, performance, and digital art. Artists like Ai Weiwei, Yayoi Kusama, and Banksy expand the limits of traditional artistic norms and engage with social, political, and cultural issues. Contemporary Art often challenges the viewer's perception, prompting them to question societal norms and ideologies. Another significant characteristic of contemporary art is its global nature. With the advent of technology and globalization, artists have greater access to diverse cultural influences and artistic practices. This has led to a rich tapestry of creative expressions that transcend geographical boundaries and reflect our world's interconnectedness. Conclusion While contemporary art and modern art share a timeline, they are distinct in their approach, style, and influences. Modern Art, emphasizing experimentation and formal innovation, revolutionized the world of Art during the early 20th century. It responded to its time's social and cultural changes and challenged conventional artistic practices. On the other hand, Contemporary Art reflects the artistic expressions of the present moment. It embraces diversity, inclusivity, and new mediums and technologies. Contemporary artists explore a wide range of themes, often engaging with societal issues and pushing the boundaries of traditional art forms. By understanding the differences between Contemporary Art and Modern Art, we can better appreciate the unique contributions of each period and gain a deeper insight into the ever-evolving world of Art. Cover image via Paul Cheng (United States) - Heavy Rain Street
ARTICLES ON ART AND TECHNOLOGY
ART AND TECHNOLOGY
What is Digital Fashion? Is it Art and How to Shop for Digital Fashion?
Introduction The fashion industry’s incessant transition into the digital landscape is a perfect example of how lines between the digital and physical worlds are blurring. The advent of Metaverse and Web 3.0 has pushed fashion designers to showcase their IRL collections through digital clothing platforms — providing unique ways for people to interact with fashion trends online. Impressive, isn’t it? Well, in this post we will get acquainted with the world of “Digital Fashion” and share ways you can shop for it in 2023! So let’s cut to the chase and dive right in, shall we? What is digital fashion? Digital fashion allows consumers to try a virtual dress that has been digitally adapted (virtually fitted) to their bodies through “Virtual Try On” technology powered by Augmented Reality. The idea is to build a fashion product or culture in which the digital dress will become as exclusive as the real one. Imagine gifting someone a dress that doesn’t physically exist. That’s digital fashion for you. It successfully represents the link between virtual reality and tailoring, but shouldn’t be boiled down to just a glorified version of an Instagram filter. Is digital fashion an art? Yes, digital fashion is an art. It is essentially an extension of a designer’s digital illustrations. But, digital fashion is more than simply an art gallery. It is an opportunity for fashion designers to showcase their creativity by using digital fashion platforms that allows them to develop more revenue streams. After all, fashion designers can turn their digital outfits into Non-Fungible Tokens (NFTs) and trade them using blockchain. How to shop for digital fashion? Now that you know how digital fashion functions, it’s time to get in the game! One of the best ways to shop for digital fashion is through digitalfashion marketplaces. These online marketplaces foster cyber couture and push design boundaries — redefining the world of fashion as we know it. Here are some of the renowned digital fashion houses and marketplaces worth mentioning in the post. Feel free to check them out as the digital fashion products on them are exciting enough to captivate fashion enthusiasts worldwide ● DRESSX ● Replicant ● Auroboros ● DIGITALAX ● The Dematerialised ● Tribute Brand ● XR Couture ● UNXD ● The Fabricant ● Carlings ● Rtfkt ● Happy99 ● Republiqe These digital fashion marketplaces function by using real-time Augmented Reality. Consumers can use their camera phones to try digital fashion products for free. Not just that, consumers will have the choice of transactions when purchasing digital fashion. They can either use “on-chain” or “off-chain” transactions. The former requires users to own a cryptocurrency wallet or open one inside the digital fashion platform, allowing them to turn clothing into a digital asset. The latter involves payment through regular credit cards. Dont miss out on our digital fashion auction taking place between the 26- 29 Jan 2023. Click here and get ready to bid on exclusive items for your digital collectibles. It’s your opportunity to build a spectacular digital wardrobe and collect digital fashion art to show off online! Final thoughts! “Digital Fashion” is still an emerging trend that has the potential to make digital wearables and fashion NFTs more accessible — especially since it is powered by exciting innovations. However, brands need to make more and more consumers aware of the attractive features of digital fashion, more importantly, its affordability. We believe that the meta-closet or digital closet is the way of the future and people will give attention to building a digital wardrobe parallel to building a physical one. Did you find this post helpful? Let us know in the comments. Also, don’t forget to check out other informative posts in the blog!
ART AND TECHNOLOGY
NFTs Come to Instagram
After many months of anticipation, Instagram’s CEO Adam Mosseri revealed a new Instagram update that will integrate sharing of NFTs into its platform. Users, collectors and creators will be able to view, share and engage with the NFTs on their feed, stories, and in messages. This will be a great way to display the digital assets they own on their profiles and view the tokens of their favoured artists, politicians or other friends they follow. Clicking on the tag will display the name of the creator and owner. The company is starting small with selected key athletes, models, and other influencers in order to test waters before building further on it. They want to learn from the community in the process and make Web3 technology accessible to a broader audience. An eventual full rollout will be available as Instagram expands this feature across the rest of their property including Facebook and their popular virtual reality Oculus programs. Adam Mosseri made a video explaining the entire NFT integration saying “I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power.” Mosseri also emphasised that support for NFTs on Instagram could help introduce the technology to a much broader range of people. In January this year, Twitter introduced NFTs on the platform as hexagon-shaped profile pictures. An icon in the corner of Instagram posts of NFTs also appears as a hexagon. The complete video be viewed here: https://twitter.com/mosseri/status/1523655590672695296 Artists will be able to connect their digital wallets to their profiles and instantly keep their followers involved with any work that has been done as well as sell to their fans. The company is acquiring and aggregating public data from open blockchains such as Ethereum and Polygon, which helps to highlight who owns what. The Solana and Flow blockchains will be integrated next. Creators can link digital wallets such as MetaMask, Rainbow, and Trust Wallet, and will soon be able to connect their Coinbase Wallet, Dapper, and Phantom. Instagram’s integration of non-fungible tokens could lead to mainstream adoption of NFTs and support creators’ ability to make a living.
ART AND TECHNOLOGY
Protecting Your Digital Assets and NFTs
With the rising popularity of NFTs and blockchain technology, it has become extremely important for NFT owners to protect their digital assets from theft or hackers. Below are a few tips you can follow to protect your NFT collection: Never disclose the private key or seed phrase of your wallets When you buy an NFT it resides in your wallet. Wallets like Metamask have a seed phrase and each account in it has a private key. Both of them should be kept secret and should not be shared with anyone. Sharing these will give the control of your wallet to the other and they can easily transfer your digital assets/NFTs to their wallets. Keep your digital assets/NFTs in multiple wallets In case you hold a large number of NFTs, another way to protect them is to keep them in different wallets. You can use a wallet to purchase the NFTs from different marketplaces and after that you can transfer them to another wallet which you haven't connected with any marketplace. By spreading your NFTs across different wallets, you can minimise the chance of losing all your NFTs as there is less chance of all your wallets getting hacked together. But this comes at a cost, you will have to bear the transaction charges for the wallet to wallet transfers. Use hardware wallets Hardware wallets are another excellent option to protect your Digital Assets. Although it comes at a cost but is one of the safest options to secure your assets. Ledger and Trezor are two most popular options for hardware wallets. These wallets keep the private key offline and thus provide an extra layer of security. Beware of Scammers With NFT marketplaces becoming more popular with the rise in crypto trading, there is also an increase in the number of scammers on these platforms. The most common way of scamming is through Discord DMs saying you have won an NFT from a popular NFT project. Before clicking on any such links you should double check with the NFT Project’s site or with any other community members. It's better not to trust any links which you receive in Twitter, Discord etc from people you don't actually know. Increase your knowledge about NFTs and Marketplaces Whenever you buy an NFT, spend some time to gain knowledge about that NFT project and its future roadmap. You should increase your knowledge about the NFT marketplaces so that you don't fall into the trap of scammers. For example, Opensea shows a blue checkmark next to verified projects. Likewise each platform will have its own way to show authentic NFTs. Self educating is the best way to identify scammers and to be safe from them. Follow the guidelines above to ensure you are able to robustly safeguard your NFTs. Your digital assets are as important and valuable as your physical ones and need an equal level of protection.