What will NFTs mean for the cultural sector?
NFTs (non-fungible tokens) are everywhere these days – from music and art to food – and shrewd traders can seemingly make millions from them. An NFT is a digital item that represents objects from the real world such as art, digital objects like weapons from video games, and even tweets. They are bought and sold online, often with cryptocurrency, and they are generally encrypted with the same underlying software as many cryptocurrencies. So what will they mean for the cultural sector?
NFTs are especially popular in the art world because they allow artists to profit from their work in new ways. For example, they are no longer dependent on galleries or auction houses for buying or selling their art. Thanks to NFTs, artists can now sell their creations directly to consumers instead.
So do NFTs signal a revolution in the art world? What does the digital art landscape look like today, and in which direction is it heading? In this broadcast on De Nieuwe Wereld’s YouTube channel, Martijn van der Linden discusses the impact of NFTs on the cultural sector with Gustaaf Dekking (an innovation strategist for the art world) and Dennis IJlst (a researcher in new finance).
This talk show is part of a series organised by De Nieuwe Wereld and INNOPAY on the topic of digital sustainability.