NFT token holds information of ownership thereby testifying the proof-of-originality. Now, imagine what happens if artists can attest to the ownership of their artwork content?
They would earn royalties without chasing the intermediaries (music companies, art galleries, brokers, etc.) during their lifetime. After their demise, the royalty goes to their declared nominee. This has inspired budding or experimental artists who, once posting their work for free sale or selling it for an affordable price, realize the potential inherent with NFTs that they can now use through blockchain technology and the use of NFTs.
NFTs create opportunities for new business models that did not exist before. Recently, art-backed NFTs have been selling for millions of dollars at major auction houses and other art houses. For example, an artwork by digital artist Beeple Digital was auctioned for US$69.3 million, making it the third-largest sale by any artist to date.
