NFT going Boom with the help to Women Artist’s too….

Ms. Nanthini M, Assistant Professor, SIMS

NFTs (non-fungible tokens) are becoming increasingly common. These digital assets, which include everything from art and music to tacos and toilet paper, are being sold like 17th-century Dutch exotic tulips for millions of dollars. Real-world objects, such as artwork, music, videogame items, and videos, are represented digitally by NFTs. They are traded online, often using cryptocurrency, and they are encoded with the same software as many cryptos.

Despite the fact that NFTs have been around since 2014, they are now becoming more well-known as a means of purchasing and selling digital art. In 2021, the market for NFTs was valued at $41 billion, which is close to the total value of the global fine art market.

NFTs are also generally one-of-a-kind or limited-run, with unique identifying codes. NFTs create digital scarcity, says Arry Yu, chair of the Washington Technology Industry Association’s Cascadia Blockchain Council and CEO of Yellow Umbrella Ventures. Stark comparison this with most digital creations, which are almost always limitless. If an asset is in demand, restricting supply should increase its value.

How its differ from Crypto?

A monetary system is “fungible” when it can be tried to trade or exchanged with another currency. Additionally, they’re both worth the same amount, with one Bitcoin being equivalent to exactly one dollar.

NFTs, on the other hand, represent a departure from the norm. Because each NFT bears a digital signature, they cannot be exchanged or compared with itself (hence, non-fungible). It’s possible to store NFTs on a blockchain (a decentralised public ledger) to keep track of all transactions. If you’ve ever used a cryptocurrency, you’ve probably heard of the term “blockchain.”

Digitized objects that represent both tangible and intangible items are used to “minted” an NFT:

• Grafic art
• GIFs
• Videos and sports highlights
• Collectibles
• Virtual avatars and video game skins
• Designer sneakers
• Music

NFTs are digital versions of physical collectibles. Instead of receiving a physical piece of art, the buyer receives a digital file. Unique ownership rights are indeed given to them. As a result of the use of blockchain technology, it is simple to verify who owns what NFTs and to transfer tokens between them.

NFT is employed to accomplish the following tasks: NFTs can be used to generate revenue in other ways as well. To raise money for charity, Charmin and Taco Bell have auctioned off NFT art themed around their brands’ logos. This isn’t the first time that celebrities like Snoop Dogg and Lindsay Lohan have jumped on board the NFT bandwagon.

Women artists have only recently begun to participate in NFT. A L’Oreal Paris team led the investigation. In the NFT market, they had a significant impact on female artists.

When you buy an NFT, you become the sole owner of a piece of digital art, as was the case with the L’Oréal Paris USA auction. Only 5% of NFT art sales went to confirmed female artists, according to a recent study. Considering the size of the market—$2.5 billion in NFTs were sold in the first half of 2021—it’s important that women break into it.

With this latest effort, it’s L’Oréal Paris USA’s tendency to change that. As a part of this initiative, we hope to draw attention to gender disparity in the NFT industry, while also encouraging more women artists and buyers to fight for change,” Brunschwig said. The artists will receive all of the profits from the initial sales. Some of the secondary sales revenue derived by these NFT artworks, which would be tracked via blockchain, is also slated for this fund.

Finally, the NFT demand has only been around for a few years, but it’s already booming. In general, NFTs are a new tool that satisfies some of the needs of creators, users, and collectors of a wide variety of digital and non-digital objects. This makes them here to stay, or at the very least, a first major milestone towards new power to deal with possessions and the provenance of such assets, to some extent. A wide range of realms, which would include economic concepts, law, evolutionary divergence, creative arts, combinatorial sociology, and computer science are expected to propel from our research. Results will also contribute to future in sense – making of a rapidly changing market and informing the aesthetic of more efficient markets and the associated regulation that stretches through as well.