Exploring Digital Artwork as NFT in Multimedia

Abstract

Non-fungible tokens or NFTs as popularly known have disrupted art as we know it. Thanks to blockchain technology, artists have been able to certify the authenticity of their works and take control of how they distribute their artwork. The same can be said with buyers and collectors of NFT art as they can now sell and resell their art for a fair sum of money. In order to break through to this new concept, one must first understand how cryptocurrencies and blockchain work, which are key parts of the NFT economy.

Incorporating my personal experience, this study aimed to determine the viability of NFTs as an art medium. I went through the full process of creating NFT art, from the actual artwork to the listing of digital artworks on OpenSea, one of the most popular NFT marketplaces. The study also observed the risks and benefits associated with selling NFT art and identified the issues and challenges that I have experienced in creating and listing NFT art.

The current model of creating, minting, and selling NFTs is still a work in progress. Hopefully, in the near future, the process would be more streamlined to entice more people to be engaged in the world of NFTs which according to famous NFT artist Gary Vaynerchuk a.k.a. GaryVee is here to stay.