The revolutionary rise of NFTs in the Digital Art world

Art takes many forms, and today we can say for sure that we live in the era of digital art. However, this progressive concept has faced many challenges and concerns. Protection of faith and uniqueness were probably the main ones. NFTs (Nonfungible Tokens) are aimed to solve those critical issues. Nonetheless, the concept of NFTs also raises questions.

In this article, we shall talk about Non-Fungible Token challenges and how the concept of NFT challenges the art market changing it forever.

The traditional animation in the new era of digitalization.

Non-Fungible Token challenges and solutions

The biggest NFT problem in art sales is the fact that NFTs constantly merit and demerit in the digital art world. In other words, investing in an NFT today, you can never be sure of its future value. 

It happens because the valuation of NFTs is mostly driven by speculation rather than objective criteria. For example, if the $1 bill will always be a $1 bill regardless of its serial number, issue date, etc., NFT challenges the art market does not have enough physical data behind it, except for the name of the artist and previous ownership, that would establish the price frame.

At the same time, this NFT problem in art sales is also the thing that makes it so attractive. NFTs are unique; they cannot be copied or replaced by another token, unlike most physical and digital art pieces.

At the same time, scams and frauds still remain among Non-Fungible Token challenges. Despite the Blockchain and its concept, NFTs can theoretically be hacked and stolen. It looks like the biggest NFT problem in art sales.

At the same time, Non-Fungible Token challenges also serve as the biggest stimulus for the establishment and development of the digital art trade. It encourages new solutions and approaches to digital security, which will instantly boost the cryptocurrency market and related concepts.

Why are NFTs so hyped in current trends?

Despite all the NFT challenges for the art market, it is an insanely hyped concept. First of all, that is because NFTs give the buyer the status of being an official owner of something truly unique, irreplaceable, and eternal. A kind of digital vanity, if you will.

Moreover, the NFT owner can program the token`s royalties in future data and receive a percentage from every future sale. 

In other words, NFTs revolutionize art sales, making them a wider form of investment, creating a new prosperous market.

Just like with any investment and art trade, NFTs have endless possibilities as well as certain pitfalls that may raise reasonable concerns. However, we should remember that NFT challenges the art market, helps it develop, attracts new investors, and introduces them to new lucrative perspectives. It is a new concept that is now growing from an underdog of art sales to one of its leaders.

Prayan Animation – the leading animation studio in India, is known worldwide for its readiness to work with the most innovative concepts to create trends instead of following them blindly. The NFT problem in art sales has inspired the studio to explore this cutting-edge idea and find new applications of Non-Fungible Tokens to help their clients get ahead of their competitors.

Contact Prayan Animation today and learn about the opportunities of NFTs in today`s world and how can you or your business benefit from this exciting opportunity.