NFTs in the art world: A revolution or ripoff? – The Conversation

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NFTs (Non-Fungible Tokens) have been generating a lot of buzz in the art world, with some claiming they are a revolution in the art world while others argue they are a mere ripoff. As the demand for NFTs has grown, so have the questions about their impact on the economy, the art market, and the environment. According to experts, NFTs have the potential to revolutionize the art market by creating new opportunities for artists, collectors, and even museums. Artists could use NFTs to create new works of art that are unique, authenticated, and tradable in a way that physical art can’t be. Collectors could use NFTs to purchase works of art that they can then resell in the secondary market. And museums could use NFTs to curate and collect digital art for their permanent collections. However, some experts caution that NFTs could also create an unsustainable bubble in the art market or even lead to environmental issues due to the energy required to produce them. Ultimately, only time will tell if NFTs are a revolution in the art world or simply a passing fad.