On the net, virtual works of art are snapped up at exorbitant prices. Sold for millions of dollars, NFTs are revolutionizing the art market.
In March 2021, artist Beeple sold a digital work for $69.3 million at Christie’s. Entitled “Everyday: the First 5,000 days”, it is an assemblage of drawings and animations produced daily for 5,000 days by the artist.
Today, Beeple is among the three most expensive artists in the world during their lifetime. How could a digital file achieve such value?
To learn all about NFTs and understand their usefulness, Sidonie Bonnec receives Sophie Lanoe, art expert and NFT specialist. She co-wrote with Olivier Lerner the book NFT, gold mine. The actors of crypto-art, season 1 published by emispheres.
A revolution in the digital world
An NFT (“Non-Fungible Token” or “Non-Fungible Token”) is a digital file to which is attached a digital certificate of authenticity, making it unique and non-interchangeable. By obtaining an NFT, a buyer becomes the sole owner of a digital asset. “It is the title deed that connects you to your work”, explains Sophie Lanoë. ” The difference and the great revolution is that it allows you or someone else to say: “I own, I am the person who owns this image, this jpeg, this digital work, this music or this tweet “. It didn’t exist, that’s the revolution. Everything on the Internet belonged to you, to me, to everyone. Today, you can own something digital.”
March 11, 2021 marked a turning point in the history of NFTs, with the auction of the work of the artist Beeple. “Christie’s did not understand what was happening that day”, says Sophie Lanoë. While this tidal wave was triggered by multiple factors, it proved that NFTs can allow artists to sell their works directly to the public by freeing themselves from intermediaries while being better paid.