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“NFTs empower artists and creators by democratizing the luxury economy“– Paul Ebeling
NFTs are non-fungible blockchain assets. By contrast, when you exchange 1 Bitcoin for another, you are essentially retaining the same asset just as you would if you exchanged $1.00 for another Buck. Since these assets are fungible, they can be traded 1-1 without losing any value or changing the nature of the asset.
NFTs are different
NFTs are unique works that are codified on a blockchain and cannot be modified or replicated. Since no 2 NFTs are the same, they cannot be traded on a 1-1 basis like fungible tokens or bank notes. Authors of artwork or other digital documents mint NFTs, which become the only verifiably original version of the work, with all other copies being just that: copies.
What started as a fringe hobby among blockchain enthusiasts is now a full-fledged industry powered mostly by speculative art buyers looking to turn a profit on their investments.
Knightsbridge is bringing NFTs to market in original and very lucrative ways, as this technology paves the way for decentralized, peer-to-peer transactions without the intervention of an intermediary. It is a revolution that goes far beyond the art market.
The blockchain is not just a solution at the consumer’s end. It is a solution to fine art’s great verification problem.
The Big Q: Once an artist has passed away, how can one differentiate between an original and a very sophisticated fake?
The Big A: Fully digitizing the works, and keeping a ledger, is an option for an industry which estimates that up to 50% of artwork in circulation could be forged.
With very fine art traditionally a pursuit of the ultra-wealthy, the ability to purchase fractions of artwork brings the market to a broader consumer base, plus there are significant benefits to those who trade fine art as an asset class, with competitive brokerage fees.
Have a healthy, prosperous week, Keep the Faith!