California is one of the central places for street art in the world and the major artworks that appear around the state are pieces of art. It is considered new and urban, and many trends appear from street art works. However, there is a new kind of art that is starting to dominate the art scene: NFTs. An NFT is non-fungible-tokens that are digital pieces of art that can only be stored digitally. In California, it is also appearing. Let’s see how it may change the whole scene.
What is an NFT?
NFT stands for non-fungible-token and is a unique and non-changeable digital art that can be stored on a ledger. Like cryptocurrencies it is stored using the blockchain-technology. How it differs is that there are multiple coins of a cryptocurrency such as bitcoin, but the NFT is unique. This means that you are the owner of the art piece, just as you were, if it was a painting. Furthermore, an NFT comes in many different formats and can be virtually anything. It can be digital art, games, music, films, and memes. It can even be a house.
If you want to find out more about NFTs and how to buy them, you can get much more information on https://buynft.com/. You can read about the concept, its history and investment opportunities before you decide if you want to get in on the action.
Selling a House Digitally
This year a real estate broker in California tried to auction off a house as an NFT. A digital painting of the house was made and was put on auction on sale along with the house itself on OpenSea. The broker tried to capitalize on the new phenomenon NFTs, but the house was never sold. The reason why it was never sold may come down to the fact that there is no legalization when buying NFTs for cryptocurrency. This means that you might get a tax bill from the IRS later, if you don’t pay tax from the gains. You can read more on the subject right here.
NFT Art Gallery at Venice Beach
The real estate broker is not the only one who has been drawn in by the new art form. Down at Venice Beach where some of the best street art exists, a new art gallery has opened its doors for the public. For the first time in Californian history, it is an art gallery that only features NFTs. Throughout the art gallery there are tv-screens that showcase the NFTs that they own.
For now, it is a pop-up to test the waters at Venice beach. If it is a success, the plan is to expand the gallery form into a worldwide business. With a rich culture of artists strolling around the neighborhood, there is no better place to find out if the new art form works.
Maybe the future is NFT, maybe it isn’t, but for right now, California is a part of the new movement and the new art.