Blockchain-based non-fungible token (NFT) technology is expected to drive the development and popularity of digital arts in the domestic art market.
NFT is a unit of data stored on a blockchain that certifies a digital asset as unique and therefore not interchangeable.
NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.
âMusic, movies, sports memorabilia, fan economy and eSports equipment should become digital works of art encrypted with NFT technology,â said Gu Zhenqing, a renowned art curator and critic, at a forum this weekend.
Guided by the Shanghai Cultural Innovation Leadership Team Office and Hongkou District Government Advertising Department, the forum invited leading Chinese artists and experts to discuss the development of art based on the NFT.
Leading national artists and experts share their opinions on NFT-based art.
In March, Christie’s became the first major auction house to sell an NFT artwork – “The First 5,000 Days” by American digital artist Beeple – which sold for valuable cryptocurrencies. of $ 69 million.
âDigital and blockchain technologies will mainly attract young consumers, the main consumer force in the future digital art market,â said Liu Boying, deputy director of the cultural innovation office.
NFT-based art became popular earlier this year amid the COVID-19 pandemic.
âHome quarantine makes people more dependent on the digital world,â said Fei Jun, a professor at the Central Academy of Fine Arts. “More artists are expected to show their creativity with blockchain technology.”