We are moving digital.
Typically, creators (or, if you prefer, artists) will mint their work on an NFT marketplace. Minting is the act of creating an NFT, which means creating a smart contract that will be stored on the blockchain. The smart contract contains a lot of important information: it lists the creator of the work and ensures that the creator, or other parties, receive royalties each time the NFT is sold.
The ability for artists to collect returns on resale value automatically is part of NFTs’ draw for artists (all platforms make their money by receiving a small percentage of royalties through the smart contract).
Digital art, new media art, software, and blockchain art all represent genres that take advantage of varying specific digital mediums. Work created through any digital medium, or even traditional mediums, can become an NFT. However, there are cases when an artist will use blockchain and smart contracts to create the artwork itself, and it is in these cases only that NFTs represent a medium. Notably, it is only under these circumstances that the rift between smart contract and artwork are healed, because they are one and the same.
Artistic values in the NFT community have shifted, expanded, contracted, and evolved again over the past year as collectors, mainly outside the art world, develop their tastes in tandem with the changing market. Collectors are not just building private collections for their own enjoyment. The majority of collectors are more analogous to stock traders, betting on particular collections to rise in value, thus making them perfect for flipping, or as stable stores of value of their cryptocurrency.
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