NFTs Will Transform How We Do Business

On March 11th, 2021, a relatively unrecognized artist made history by selling a digital art piece at US$69 million. This artwork, a digital collage of images called “Everyday — The First 5000 Days,” became the highest-selling NFT to date. In this digital art piece, Mike Winkelmann (known as the Beeple) chronicles seven years of daily sketches done by the artist, but what’s most remarkable is how it is shaking the art world.

Beeple’s historic achievement leveraged NFTs to certify true ownership of this digital asset. In that sense, Beeple transferred his artwork to the buyer, and even if it’s in digital format, Beeple is no longer the owner of his work. The transfer was registered on the blockchain, immutably to certifying its new ownership.

What Beeple did is the same as in the physical world. A painter would sell the original artwork to a buyer and have no other means to claim ownership. The painter might keep the jars of paint and brushes, but the piece belongs now to the buyer. It’s complicated thinking of this in the digital world. That’s when NFTs and blockchain technology appeared to solve a very known problem in the digital art world.

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