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“Art NFTs Will Bring Billions into Web3,” Claims NFT Experts

According to NFT experts, art NFTs will bring billions into Web3. This claim is supported by the increasing popularity of NFTs and the high prices they can fetch.

NFTs, or non-fungible tokens, are unique digital assets that are stored on a blockchain.

They can represent anything from art to music to virtual real estate.

The value of an NFT is determined by its scarcity and the demand for it.

In Twitter Space’s recently conducted by Huobi with Altcoin Buzz,

NFT experts and enthusiasts expressed their views on how art could transform the NFT space and vice versa.

“Blockchain truly revolutionizes the Art business,” said Shash Gupta, the CEO of Altcoin Buzz.

Gupta believes that Web2 transformed art-based industries in ways that were previously unimaginable.

Musicians, he argues, got everything from Napter to Spotify,

found new avenues to collaborate with other musicians, and fans got to buy tickets online.

Writers and authors gained access to self-publishing and global distribution.

And, theatre artists got YouTube and TikTok. All of these areas hugely benefitted from the internet.

Visual art, he says, did not reap the same level of benefits.

For visual art, Gupta explains, even with Instagram, Deviant Art, and Pinterest, the way to make or sell art was not simplified.

There were still no proper retail channels. The top brands in the world of art,

such as Christies, were companies that were set up in the 1700s,

and no monumental changes in production or distribution were made in the Web2 era.

“However, a seismic shift will come soon. NFT will usher in a new era for ART,” said Gupta.

With the visual art side of things, blockchain truly revolutionizes the business, which has been archaic for years.

What is Web3 and how does it relate to NFTs

Web3 is the third evolution of web technologies and refers to the decentralized applications that run on blockchain,

including non-fungible tokens (NFTs) and cryptocurrencies.

It is a decentralized version of the internet that allows users to own their own data and is designed to be permissionless, trustless, and open to all.

Web3 is characterized by internet services and mobile apps rebuilt on decentralized blockchain technology,

and it often includes a broad spectrum of emerging technology like cryptocurrency, DAOs, and digital assets like NFTs.

NFTs are unique digital assets that allow for digital ownership through blockchain technology.

They are non-fungible, meaning they cannot be replicated or replaced,

and can represent anything from art to music to virtual real estate.

NFTs are useful and integrable with Web3 because they allow you to transparently provide proof of ownership for things such as digital art, music, data, in-game assets, personal records, and more.

The increasingly deep intertwinement between NFTs and Web3 is expanding what is possible on the internet through the promises of decentralization.

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