“Art NFTs Will Bring Billions into Web3,” Claims NFT Experts

  • NFT experts and enthusiasts expressed their views on the NFT market and recent trends.
  • “With the visual art side of things, blockchain truly revolutionizes the business, which has been archaic for years,” said Shash Gupta, the CEO of Altcoin Buzz.
  • The NFT market has been in a slump with the floor price of major collections dropping over 60%.

In Twitter Space’s recently conducted by Huobi with Altcoin Buzz, NFT experts and enthusiasts expressed their views on how art could transform the NFT space and vice versa. “Blockchain truly revolutionizes the Art business,” said Shash Gupta, the CEO of Altcoin Buzz.

Gupta believes that Web2 transformed art-based industries in ways that were previously unimaginable. Musicians, he argues, got everything from Napter to Spotify, found new avenues to collaborate with other musicians, and fans got to buy tickets online. Writers and authors gained access to self-publishing and global distribution. And, theatre artists got YouTube and TikTok. All of these areas hugely benefitted from the internet. Visual art, he says, did not reap the same level of benefits.

For visual art, Gupta explains, even with Instagram, Deviant Art, and Pinterest, the way to make or sell art was not simplified. There were still no proper retail channels. The top brands in the world of art, such as Christies, were companies that were set up in the 1700s, and no monumental changes in production or distribution were made in the Web2 era. “However, a seismic shift will come soon. NFT will usher in a new era for ART,” said Gupta.

With the visual art side of things, blockchain truly revolutionizes the business, which has been archaic for years.

Gupta asserts that this is the first time there is accessibility in the art space. “Blockchain provides global accessibility for arts.” He also explains that artists can also get money from secondary sales which was previously not possible. Blockchain also enables editions and fractionalization instantly, which was a tedious and painstaking process before blockchain.

The other attendees in the Twitter Spaces, along with the host from Huobi, agreed with these observations. They collectively assert that Art NFTs could drive the space to new heights. Recently, the entire NFT market has been in a crippling slump. Floor prices of prominent collections plummeted and dropped as much as 62% in the past month. However, the NFT community is anticipating a potential comeback soon.

Comments

Post a Comment

Popular posts from this blog

Inquiry on Binance headquarters and audit left unanswered by new CEO Richard Teng

The new CEO of the Binance exchange, Richard Teng, dodged answering a question about the location of the company’s headquarters and its audit or. His statement was made as part of the Crypto and Digital Assets Summit organized by the Financial Times. During his speech, the new CEO of the exchange once again emphasized Binance’s “shortcomings” with respect to the company’s regulatory requirements. At the same time, Teng avoided questions related to the organization’s activities and structure. You might also like: Richard Teng takes the helm at Binance promising a shift away from outlawed behaviour When about Binance’s global headquarters , and whether the company will be audit ed, or if it plans to apply for a license in the UK, Binance’s new CEO said that he had already answered each of the questions asked “previously.” When asked again about the headquarters , Teng again brushed it off, emphasizing that it was “under consideration.” “...
Read more

Polygon 2.0 Aims to Become the Value Layer of Internet

Image
Thus, Polygon 2.0 will serve as a fundamental layer to create, exchange, as well as program value. The team claims that Polygon 2.0 will help democratize the global economy just as the internet helped in democratizing information access. Polygon 2.0 brings decentralized finance, digital ownership, and innovative coordination methods to the forefront. It fills the gap in creating an Internet that prioritizes users rather than gatekeepers, rent-seekers, or intermediaries. The new and upgraded Polygon version will serve as the blueprint for building the Value Layer. It Features a set of proposed upgrades bringing a major shift in the protocol’s architecture, tokenomics, and governance. The team shall reveal more details regarding Polygon 2.0 in the coming weeks. They will detail the future of the Polygon PoS chain, as well as the utility and the evolution of the MATIC token. Recommended Articles ...
Read more

Australian regulator ASIC to ramp up focus on digital scam

ASIC, Australia’s financial watchdog, has announced a new four-year plan prioritizing consumer protection against digital scams, including cryptocurrency-related frauds. ASIC, the Australian Securities and Investments Commission, has unveiled a new four-year strategy aimed at shielding consumers and businesses from digital scams, including those involving cryptocurrencies. Chair Joe Longo indicated that while ASIC has made strides since outlining its priorities last year, there’s ongoing work. The regulator is adapting to shifts in sustainable finance, the digital economy, and the challenges an aging population poses. You might also like: ASIC releases the top 10 ways to spot a crypto scam Longo also mentioned that ASIC closely monitors how emerging technologies like AI could impact businesses and consumers. Australia has been generally favorable toward digital currencies. The country has both embraced and regulated cryptocurrencies, most notably by exempt...
Read more