Why NFT is trending in the art world

Every now and then, a buzzword starts to trend in the art world and brings with it a storm of ideas, some fail, while a few do change the artscape. Rewind to a few months, many of us didn’t know what NFT stood for, and today, we’re all talking ethereum wallets. Just last month, the debate ruling the social media channels was who became the first UAE artist to sell an artwork as a NFT? Leaving the debate aside, let’s jump straight into understanding the world of non-fungible-tokens and its future.

At World Art Dubai, October 2020, artist Amrita Sethi had launched her NFT portfolio on a platform called Terra Virtua. “About three years ago, I created a conceptual art, which I called Voice Note Art(c). As a multimedia and tech artist, I bring words and sounds to life, injecting meaning, visuals and audio and technology into my art in order to tell a story,” says the ex-banker, who recently sold her latest NFT for $10,000. She recalls how when she started out, she had to produce prints to sell but now the buyers can purchase the art with exciting possibilities with augmented and virtual reality, “NFTs come with the attributes of originality and scarcity, making them as attractive and valuable — just like a physical artwork.”

purva@khaleejtimes.com