How about if you own a work of art but don’t have it on your wall? Well, those of you who have heard of digital assets in vogue called Non-Fungible Tokens (NFT) know how unique they are and how their value increases over time. And for those new to the term, get used to it quickly because it is no longer a foreign word. Since July, Delhi has seen at least two art exhibitions of works with registered NFTs that could be purchased on the blockchain.

Even personalities from the world of entertainment are now capitalized at NFTs. After Vishal Malhotra sold one (NFT) for $ 5,500 earlier that year, for the first time for any Indian actor, many Indian celebs, including actors Amitabh Bachchan and Sunny Leone, had warm to the concept of NFT drops. Actor Salman Khan has also announced an NFT collection. It’s not just celebrities, however, who are benefiting from this new way of buying and selling art and collectibles. Even young digital artists are dipping their hands in this virtual gold!

An NFT art by Yashika Kalra.

First, what are NFTs? “People can have a picture of Da Vinci’s Monalisa in their phones, or they can go to the Louvre (France) and click on a picture, but the original Monalisa is priceless and the rest of the pictures of the same art are worthless.” Just because the original has been certified by the museum. NFTs are analogous to attestation; a digital certificate from the artist stating that this is a work I created together with the artwork, ”explains artist Laya Mathikshara, who recently exhibited work in a Delhi-based Terrain.art group exhibition and uses herself as an“ example of this exemplary move “, added that their latest” Amerkle series sold for $ 400,000 (3 crore INR) and is increasing day by day “.

Put it in simple terms, artist Laya Mathikshara explains, “From the random scribble at the back of the science textbook to thinking about scaling, NFTs are revolutionizing the way artists look at things.” And artist Srishti Rana Menon adds that NFTs “just are a unique, tamper-proof identification system that is digital ”. She continues: “Each of my works of art is assigned an NFT that makes it tamper-proof so that it can be purchased on blockchain-based networks such as Ethereum. Once my painting has digital ownership via an NFT, it secures its provenance or long-term proof of ownership that could go through many owners. The NFT will forever prove its authenticity, unlike physical documents that could be lost or compromised over time. “

Artist and illustrator Amrit Pal Singh believes that the NFT space “is heavily dominated by digital artists and creators as the medium is a screen and much of the art today is created digitally”. Singh, who says that NFTs are “the biggest thing that has happened to digital artists since Photoshop was invented,” has paid for 15 ETH (approx 40 laughs). Another NFT creator, Entangled Others Studio, says that collectors can collect their work with ease and this “makes the experience of making a living as an artist more rewarding.” According to the studio, it doesn’t matter which pieces performed best because personal value to artists is most important to them.

Daft Punk Toy Face II artwork by Amrit Buddy Singh.
Daft Punk Toy Face II artwork by Amrit Buddy Singh.

Artist Yashika Kalra mentions that NFTs are also beneficial for beginners, says: “With NFTs, artists no longer have to pay expensive commissions to galleries to present their works of art! Our works of art can be embossed as NFTs and should be kept forever via the blockchain. And artists have the opportunity, in contrast to traditional media, to earn licenses for their works of art via the secondary market. “

But regarding the environmental impact of imprinting NFTs on power hungry servers that consume tons of energy per minute, creators say that over time, all technology will be updated and made more energy efficient. The artist Amrit Pal Singh explains: “Blockchain technology enables us to generate (or mint) a unique digital token. It cannot be replicated, so it is not fungible. This token can be transferred from person to person like a physical object. Unlike normal digital files, the token cannot be copied or belong to more than one person. You can link this token to a normal digital file (picture, video, MP3 or anything) and this token makes it unique in combination with the file. “

Author tweets @siddhijainn

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