Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
So like art. No tangible assets, but the value is derived by the highest bidder.
No, because with art, there’s still a literal piece of art.
With NFTs, it’s just a shitty jpeg some tech bro photoshopped up in five minutes.
With NFTs there aren’t even any art. The NFT is a receipt for the art, not the art itself. You didn’t buy the copyright for the actual art with an NFT, you bought a link to a specific copy of the art.
I mean, there are ways to tie them together, though the point still stands that NFTs add nothing to art. Copyright works fine without an overly complicated digital receipt.
Not even photoshopped, that would be too much effort. Nah, the most infamous NFTs are a few different elements (different mouths, eyes, accessories, etc) and then a whole bunch of permutations generated from those elements. For a technology with a supposed selling point of scarcity, you’d think they’d try to make the art special instead of procedurally-generated trash, but of course the real purposes were scams and money laundering.
What about regular digital art?
It is art and doesn’t need NFTs to give it value. People comission digital pieces all the time and don’t need NFTs to get it done.
…is not an NFT
The thing with art is that even if the art itself is completely worthless, the materials used are not.
You can sell a “worthless” painting to be used as firewood.
Same with digital assets, they can be sold to be used as templates or even to train an AI.
But a location in some useless database (which is essentially what an NFT is) does not.