If Pablo Picasso, the modern Spanish painter, was alive and we were explaining that he could buy and sell his artwork digitally, or if we presented to Michael Jackson that there was no need to struggle with Record Labels anymore, they would think we had lost our minds or were out of the picture. Nevertheless, the speed of digital transformation has accelerated in recent years as far as the mindset and the intelligence of the former cannot even reach it.
If formerly, the artworks were created with the actual material and exhibited in museums and exhibitions, or music played in the concert halls to attract countless audiences or were published through a streaming platform; with the benefit of NFT, virtual artworks are sold digitally to individuals by cryptocurrency.
So, what is NFT, and how can it transform our world?
NFT, or Non-Fungible Tokens, is one of the digital technologies that can change the art concept and our life. NFT is a unique digital identifier that cannot be copied, substituted, or subdivided, recorded in a blockchain, and used to certify ownership and authenticity.
Blockchain enables fast and secure digital data transmissions, such as financial transactions or Exclusive content, and allows different community members’ specific work to be recognized and valued.
The technology of Blockchain was introduced in 1991 to encode digital documents but was neglected until 2009 when Satoshi Nakamoto unveiled the Bitcoin cryptocurrency. One of the most important developments of Blockchain in business is the elimination of intermediaries.
People, organizations, and even machines can trade and exchange value with each other using this technology with the highest transparency.
In this way, many technical, legal, and even social business restrictions will remove, and new doors will open to all aspects of life. Although many people thought that the art of NFT was nothing more than a bubble that would disappear soon, its increasing development shows that people behave more innovatively than before and are interested in these unique tokens.
So, today we notice thriving NFT artists whose artworks are worth millions of dollars; Artists like Beeple, whose artwork “Every Day” sold more than 69 million dollars, or Pak with the NFT artwork “The Merge” that sold for the outrageous sum of $ 91.8 Million.
Still, despite all the virtual aspects of NFT, the artists have to be known in reality to form a vast community and create a different experience with the utilities they provide through marketing methods, so it directly relates to the growth of the network and social networking. NFT artists depend on the community they form and convey to us Marshal McLuhan’s expression, “The medium is the message.” Whether this medium is virtual or physical, artists must make their community up in the era that Consumers’ behavior has shifted.
Now, people are looking for experiences and recommendations in a transparent virtual space, allowing them to be honest about their experiences and express themselves more comfortable. Entrepreneurs, artists, and content creators should know this NFT feature. They need to have enough active members; every interaction within that group can become a form of targeted engagement.
In this field, creating a customer experience is a significant factor in driving sales and building loyalty. Engaging with others and learning about their ideas enhances their experience and allows artists to customize their art better.
On the other hand, People want to hear directly from their favorite artists, which is also vital for them to hear about other people with the same interests as them. Creating a community takes time, but starting as soon as possible is best. It does not matter what business we are in, what kinds of products we offer, or how long we have been operating. There is a community out there waiting to hear from us!