The NFT Phenomenon: Big Potential for Digital Art
Non-fungible tokens (NFT) are the hottest new digital phenomenon. By the end of 2020, the market for NFTs, or unique digital objects, had risen 825% from 2018. The market is still young, though, and the world is just beginning to discover all the ways that NFTs – or nifties as they are known colloquially – can be used. One of them is collecting. Just as you would buy a Picasso, you can now purchase an original digital token. As an investor, you have three opportunities to turn an NFT investment in your favour: purchase an NFT directly, take part in its creation, or combine the two previous options. The Slovak company Artzenal focuses on the digitisation of physical objects, including their use for NFT markets. Crowdberry investors can now seize the opportunity to co-own this young, dynamic company and watch from the front row as the perception we have about digital art changes beyond all recognition.
What exactly are NFTs
A nifty can be anything created digitally: there are multiple formats: from pictures and videos, to collectible cards to digitised physical objects. The important difference from cryptocurrencies is that NFTs are unique, with tokens being created, in most cases, in one single copy and their uniqueness having to be registered on the blockchain. For example, Rome’s Colosseum has recently announced its journey towards NFTs.
Among the first NFTs were CryptoKitties and CryptoPunks – animated images of kittens and characters, respectively. However, collecting virtual art is the area that has been attracting the most attention recently. The digital artist Beeple and graffiti artist Banksy recently sold work within the NFT market, with the latter’s collage selling for a record $69 million. And there are also cars that can be collected virtually.
“Sport is full of interesting moments that pass by so quickly,” says one of Arzenal’s founders Slavo Hazucha. He and his colleagues at Artzenal recently digitised the Manthey-Racing team’s “Grello” Porsche 911 GT3 R that won the last Nürburgring 24 Hours. The new owner can enjoy the hyper-detailed image of the car with all its scratches, team signatures and celebratory drops of champagne still falling. This represents the ideal use of NFTs, since Grello was then washed, pasted over and prepared for the next race. This moment, captured in an instant, exists now and forever only in digital form.
Artzenal is now a step closer to the global NFT market, thanks to object digitisation and its growing competences in this area. Considering the market potential, the NFT segment could become an interesting application of the Slovak startup’s focus – the digitisation of physical objects with absolute precision. Crowdberry investors can now support Artzenal in its beginnings and experience the changes in how the world perceives digital art from the front row. To indicate your interest to invest, head to the Artzenal opportunity detail page.
Non-fungible Tokens Yearly Report 2020, NonFungible.com