A step in right direction — How the tech industry is tackling rampant NFT theft
With its many benefits, Non-Fungible Tokens have been a game-changer ever since the advent of the technology in 2014. From gaming to healthcare, almost every industry has at least one use case for NFTs. However, before all of this, NFTs revolutionized the art world by creating a new meaning for art ownership and revenue generation for artists.
This artist-focused technology has now gained enough popularity to be endorsed by several big names such as Coca-Cola, Mcdonald’s, Nike, Louis Vuitton, and Samsung, all the more exacerbating the recent hype. Over $2.5 billion worth of NFTs were sold in the first half of 2021. The number increased to $11 billion in Q4 2021 alone.
Through NFTs, more artists are able to monetize their artwork whose value is determined by the masses rather than a small percentage of experts in the industry. Digital art, which has so far only generated attention through tech platforms like Instagram and Facebook, has now become a crucial revenue source for artists, musicians, and other creators.
On the other hand, to say that the NFT industry remains foolproof from the wider issues of the art industry would be untrue. Read our detailed blog on our website
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Originally published at https://bitscrunch.com on June 10, 2022.