While digital art is not something new and has been around for a few decades, the intangible creations have seen a rebirth in the shape of Non Fungible Tokens (NFTs). With the art now tied down to a unique crypto token, artistic creations (including videos, music and even in-game items) have fundamentally shifted how people own it.
Today, the market is immense, with one report estimating Q1 2022 to be just shy of hitting $8 billion.
Yet, the rise of NFTs and digital art has led to a dilution in the quality of the art. Today, the biggest hits are pixelated digital images that have little to do with art. Even the biggest names in NFT art today, the likes of OpenSea and Binance NFT, are riddled with different digital images from artists, but carry none of the classical or traditional art.
What this creates is a very large market, since NFTs are extremely popular and have a tendency to significantly increase in value, but the large volume and different art styles mean that true artists are now struggling in the growing sea of NFTs. On the other side, buyers and investors are also facing a hard time in identifying what NFT and art are the best to invest in. This is resulting in a huge gap between the two and traditional art is now at the edge to reinvigorate itself.
