NFTs are essentially unique digital assets that are stored on a blockchain, which means that they cannot be replicated or duplicated. They provide a way for artists to sell their digital work as one-of-a-kind pieces and to profit from royalties, when an artwork is sold on the secondary market.
In recent years, NFTs have grown in utility and exploded in value. Despite the drastic decrease in value of non-art projects, in 2022, the demand for high-quality and art NFTs kept rising.
In recent times, first major institutions have started accepting NFTs into their museum collections, recognizing their significance in the art world. The potential of NFTs in the art world remains enormous, despite the slower adoption of technology.