With the development of technology, conditions become favorable in every profession, trying to adapt quickly to new things and having to constantly update ourselves. Pandemics do not cause changes, they accelerate changes that have already begun. Then, when we get rid of the known, we free our minds and direct them to experience and adopt new things. For instance, if we mention about NFT, which has been followed with interest lately and known as crypto art; The artworks sold here can find buyers for millions of dollars, even though they do not have a physical presence such as a painting or sculpture. We feel that the How and Why Questions are confusing you. Let us enlighten you with the information obtained from the sources.
NFTs, which can be defined as the digital certificate of the authenticity of a work, use blockchain technology, just like Bitcoin and other cryptocurrencies, and purchases are recorded through this technology. Thanks to this system, the artist can reach the buyers directly by eliminating the auction companies, and can also receive a commission in case the sold digital work changes hands.
For centuries, artworks are bought and sold by collectors at fancy prices. However, the originality of the works can only be proven in these times with different techniques. These techniques include going through documents such as the list of past buyers of the work, sales letters that came with the work, or looking at factors such as the age of the canvas, the type of paints, brush strokes, and the remains on the work.
However, these techniques are sometimes insufficient to prove the originality of the work. It is very common to be scammed in the market where millions of dollars are mentioned. So much so that the world’s most important museums such as the Louvre and the Mets can buy counterfeit works. it has become so widespread that anyone can suffer from art forgery. How the Knoedler gallery in the US was scammed was even the subject of a Netflix documentary. One of New York’s most established galleries, Knoedler bought over 60 counterfeit artworks in the late 1990s. These paintings were sold by Knoedler for a total of $80 million.
It is also useful to mention profit margins here. Knoedler bought a Pollock imitation for $750,000 from art forger Glafira Rosales and sold it for $5.5 million.
The value of the works of artists can be appreciated after they die. Many artists sell their work cheap to make a living, or in some cases use it to pay off debts to local shopkeepers. In this case, people who own original works double their profit margin by 5 or 10 times.
NFT, on the other hand, offers artists a way out. Blockchain, with its decentralized structure, ensures that the works are accessible to everyone, while NFT preserves the originality of the works. Because it removes the elements that exploit the designers and because every collectible item carries a unique serial number that guarantees its rarity; The one who sells the work, owns the work… In this scenario, everyone seems to be profitable.