Are NFTs the future of art? | The Stream

Al Jazeera English published this video item, entitled “Are NFTs the future of art? | The Stream” – below is their description.

Associated with rainbow cat gifs and images of bored monkeys, NFT artwork is now being sold for millions at high-end auction houses including Sotheby’s and Christie’s. The multimillion-dollar market for NFTs has generated new sources of income for creative professionals and vast opportunities for art collectors, while attracting questions about whether the crypto-fueled ecosystem is a bubble waiting to burst.

NFTs, or non-fungible tokens, are a certificate of ownership for a digital asset. At times criticised as an over-hyped digital status symbol for the crypto rich, NFTs are changing how art is bought and sold and giving digital artists the ability to monetise and authenticate their work. The technology could become more significant with the development of the metaverse and other Web3 spaces.

But with the recent cryptocurrency market downturn, values of most digital assets have plummeted. According to the data website NonFungible, NFT sales fell to a daily average of about 19,000 in May, a 92% decline from a peak of about 225,000 in September.

In this episode of The Stream, we’ll look at the future of the NFT market and its impact on the art world.

Join the conversation:

TWITTER: https://twitter.com/AJStream

FACEBOOK: http://www.facebook.com/AJStream

Subscribe to our channel http://bit.ly/AJSubscribe

#aljazeeraenglish

#ajstream

#NFT

Al Jazeera English YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


About This Source - Al Jazeera English

The video item below is a piece of English language content from Al Jazeera. Al Jazeera is a Qatari state-funded broadcaster based in Doha, Qatar, owned by the Al Jazeera Media Network.

Recent from Al Jazeera English:

Can international justice stop israel? | inside story 1

Can international justice stop Israel? | Inside Story

A prolonged dry spell across the Indian-administered Kashmir

US march for life: Abortion rights likely issue in Nov election

In This Story: metaverse

A metaverse is a network of 3D virtual worlds focused on social connection.

In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.

The metaverse is something which many in the early 2020s are actively engaged in developing: an entirely online, virtual and alternative reality, in which people will be able to conduct many forms of business and social interaction – virtually.

The movement towards a metaverse gathered significant pace and attention when Facebook’s parent company rebranded itself to “meta” in 2021.

5 Recent Items: metaverse

Meta exec details election advertising guidelines: ‘We’ve got our playbook’ #shorts

Stay Tuned NOW with Gadi Schwartz – Jan. 2 | NBC News NOW

Police investigating first case of ‘RAPE’ in a VIRTUAL REALITY space – ‘The world’s gone mad!’

Apple’s Vision Pro release: What it means for metaverse competition

Market outlook 2024: Experts weigh in on housing, inflation, stocks, elections, the Fed, and more

Leave a Comment

We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please describe where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.