Therefore, the Korea Korean NFT Art Association will hold the NFT ART contest where domestic and foreign artists can participate,and publish and sell the winning works as NFT. It will be the foundation of industrial development.
NFT (Non-funsible Token)
The World NFT Art
The way to record copyrights and ownership of digital assets in a blockchain-based distributed network.
Since it was adopted in 2017 as a way to certify copyright and ownership of game items, it has been rapidly attracting attention as it has been widely recognized as an efficient way to prove copyright and ownership for digital assets such as images, memes, videos, and programs. In March 2021, the NFT auction was introduced at Christie's auction and Sotheby's, and it was introduced in an official manner in the sale of artworks.
Blockchain technology is characterized by the fact that information is continuously blocked and stored in a time series based on a decentralized distributed network without a notarized transaction broker, and that it is impossible to change and operate stored information after wards. NFT uses this blockchain technology to implement the token of ownership of digital contents in the form of cryptocurrency that can not be replaced with other tokens, implemented on Ethereum networkERC-721 token is a typical NFT.
The irreplaceable tokens are tokens with unique values, which are used to manage the value of unique assets on the blockchain, and have a completely different characteristic from cryptocurrency with alternative potential in that they have unique values. As a result, it has been recognized as a technology that can prove the ownership of digital assets such as game items, images created by individuals, memes, and digital artworks that have not been clearly demonstrated in terms of ownership.
The Appointment of the NFT Digital Art Age
Resolving the barriers to entry into the art market
For new artists, the art market, which has a strong hierarchy, was difficult to enter; it had to pay for the rent to display in a standardized space, such as a gallery or art fair. However, the flow of the art market has moved online and it has become possible to freely display and sell works online.
Fair work evaluation
Unlike the past, where valuation was mainstream by a small number of experts, an environment was created that can be evaluated by the standards of appreciators by publicly showing works online.
Unequal distribution structure improvement
The real art works were delivered to the artist during the transaction, and the resale could not be generated after that. Even if the price of the works rose high, there was an unfairness that had no profit for the artist. However, NFT Art provides royalties to the artist whenever the work is re-traded through smart connectivity, a blockchain technology. The royalty reduction rate is usually 10%.
* Smart Contract : A method of setting a transaction establishment condition in a block chain system and automatically contracting and storing it in a block chain when the transaction condition is met.
The online-based art market has established a market where various art members such as programmers and video producers who have been regarded as minors can participate. As various artists participated in the market, it became possible for viewers to appreciate and select a wide range of works.
Diversification of Communication Channels
In the past, the communication method with the artist was unilateral; it was all about simple exhibition introductions and
appreciation of works on the wall. However, the NFT based on digital culture made it possible to communicate with the artist. In
addition, the additional information of the work is more easily accessed through the photographs and images containing the
artist's SNS and the production process.
As such, NFT has developed in a transparent and equal direction, and artists and collectors who are dissatisfied with the opaque
art market are enthusiastic. The NFT is shaking the entire art world, including the art market and artists and collectors.