The virtual art market is gaining momentum

Non-convertible tokens (NFT) have a chance to revolutionize industries such as art, entertainment, and even real estate. They are already used today to sell digital works of art. An example is an American artist Mike Winkelmann, known as Beeple, who auctions NFTs equivalent to the ownership rights of his works. Victor Davies, a painter and musician, believes that tokens heavily linked to blockchain and cryptocurrencies can be an alternative to traditional art investments. They are also a chance for independent, less known artists.

"NFT is the beginning of a new era where art doesn't have to be physical, but it can take digital form and people can pay for it with cryptocurrency. It's a big change that brings freedom to small-scale independent artists," Victor Davies said.

The world media took notice of the NFT phenomenon when Christie's auction house sold a digital art collection of the artist known under the pseudonym Beeple for over $69 million. Non-exchangeable tokens have countless potential applications wherever ownership certification is important. Victor Davies admits that for many people this is still a peculiar phenomenon, and paying millions of dollars for a digital image seems absurd to them. However, it turns out that an investment in virtual art can revolutionize the entire market. 

(Newseria)