For some digital artists, NFTs, otherwise known as nonfungible tokens, represent a new way to get their work into the hands of willing buyers. And a Houston-based company called Art Blocks is creating a marketplace for their work.
Tech expert Omar Gallaga recently wrote about Art Blocks for Texas Monthly. He told Texas Standard that the way Art Blocks’ NFT-based art market works, creators make money when they sell their work and when it’s resold later.
Highlights from this segment:
– Even though digital items like images or videos can be duplicated, an NFT provides a unique identifier – like an autograph – that authenticates it.
– Generative art, of the kind some NFT creators make, consists of computer code that draws one-of-a-kind images, based on instructions from the artist.
– Austin artist Tyler Hobbs created a series of 999 NFTs that are among the “crown jewels” of this kind of digital creation. Some individual works are now selling for as much as $300,000.