IAGB Youth Corner

Crypto, NFTs, and their influence on digital art

Cryptocurrencies and NFTs have become increasingly popular as technology evolves. But what are these new concepts, and how are they changing the creative world?

A cryptocurrency is a form of digital money that is traded on the blockchain system. It works by putting a few transactions into a list called a block, then linking the hash, the unique identifier, of each block to other blocks. This means if someone changed the content of a block, the hash would change and no longer match the next blocks, signaling that it had been hacked. This strategy renders the blockchain impervious to fraud and ensures that everyone is safe.

We can grasp NFTs now that you know what cryptocurrencies are. NFTs (Non-Fungible Tokens) are data elements kept on the blockchain. They can be traded for a variety of cryptocurrencies and their value changes over time. The blockchain contributes to this by confirming the authenticity of an NFT.

The world of digital art has always had problems with piracy and plagiarism. The problems can now be solved thanks to NFTs. Art theft or unauthorized reproduction is based on the fact that no one possesses a permanent record of the art’s owners. When artists sell their work as NFTs, the blockchain keeps track of each owner as well as the original creator. This offers digital artists the recognition they deserve while also encouraging them to create more work and not to forget, avenues to make money from their creations.

NFTs are simple, enabling artists across the world to build a digital gallery in a matter of days; all that’s required is access to the internet! It gives those who don’t have lots of resources the opportunity to bring out their creativity, have it recognized and appreciated. The Amazons of the NFT marketplace such as opensea.io and sandbox.game make it easy for artists to create their own digital world with a simple interface, and access to “crypto customers”.

NFTs are the future of digital art, revolutionizing fraud prevention and helping everyone to get the recognition they deserve.

~ Pritha Anand, IAGB Youth Team Member

* Art credits to Pritha Anand