Will NFTs Eventually Eat Into the Physical Art’s Dominance?
Non-fungible tokens (NFTs) are set to disrupt the world, as multiple use cases for this technology will be developed in gaming, healthcare, sports leagues, and the new hot topic of metaverses. However, despite having immense potential in all of those industries, digital art is still the home of NFTs.
Crypto enthusiasts now value and treat digital art pieces, in the form of NFTs, as if they were actual physical artworks. NFT art pieces are being sold for astounding amounts of money, and new 3D art galleries for NFTs are becoming incredibly popular.
How can artists and collectors benefit from NFT technology?
NFTs can help reshape the art world by making every work unique and minimizing the risks of plagiarism. Compared to the traditional art world, NFTs offer valuable benefits to collectors such as scarcity, verifiable ownership, and provenance.
On the other hand, artists are rewarded with a fairer share of profits. By leveraging NFTs to cut out the middleman, artists can directly engage and monetize their work to fans and art lovers.
The advantages are numerous, but with so many new NFT marketplaces and projects surging, it may be hard to find one that indeed looks promising. A new project, by the name 3space, shows incredible potential within the crowded space of NFT marketplaces.
3space is an innovative platform that offers a holistic approach to NFTs. It has its own utility token, $PACE, and a marketplace where digital artists can showcase their creations to collectors and art enthusiasts in real-world events and exhibitions.
Each unique piece of art on 3space is represented by an NFT, which can be bought or sold on the marketplace using fiat or cryptocurrencies. By enabling fiat purchases, 3space facilitates the adoption of NFTs and helps bridge the gap between the crypto community and a more mainstream audience.
The Art Pool, one of the unique features of 3space, allows users to stake their NFTs to be displayed in galleries and exhibitions. Whenever users stake their NFTs, they lend their art’s exhibition and commercial rights to galleries and other mediums. In return, users are rewarded with $PACE tokens and other rewards without losing ownership of their NFTs.
What makes 3space stand out is the liberty, autonomy, and exposure it offers to artists. Upon creation of an NFT, artists have the freedom to decide where the proceedings of sales, distribution, and reproduction of their work will go. In this way, artists can decide to receive royalties on each subsequent sale of NFTs or even choose to share some of the profits with a charity organization of their choosing.
With the NFT market expanding considerably, more platforms like 3space are needed to mature the NFT industry and see adoption in the physical world. Although NFT art can not replace physical skill, most artistic creations in the future may have a digital representation on the blockchain as an NFT.