NFTs can be based on the same technology used in Bitcoin and other cryptocurrencies. Many artists are excited to embrace the opportunity to adapt to the changing times.
A digital token is used to prove ownership when an artist sells an original piece of art. Artists get a percentage of each future sale when they sell their work.
As a consequence, Tezos Foundation, a Swiss non-profit organization, has announced that it has pledged $1.23 million (£1 million) to a fund that will be used to collect non-fungible tokens (NFTs) from emerging artists in Africa and Asia.
Misan Harriman, a prominent photographer and one of the pioneers in the creation and gathering of NFTs, will organize the artists’ work.
According to a report in The Art publication, Harriman, the chair of London’s Southbank Center complex of creative venues, would also concentrate on getting works by artists from locations with little representation in the NFT group.
Harriman added that as the inaugural curator of Tezos Foundation’s so-called permanent art collection, he wants to make sure that the world sees the different voices that are doing truly exceptional work[s]Art.
The Tezos Foundation Permanent Collection is designed to honor and assist artists who choose to be themselves through smart contracts.
Some NFT opponents have expressed concerns about cryptocurrency volatility. However, NFT supporters believe that NFTs will remove long-standing barriers in the art sector.
Even though obstacles remain, according to Tezos Foundation (which is also an arm the Tezos Blockchain), they won’t be able stop the growing adoption of NFTs.
Arthur Breitman, co-founder and original architect of Tezos just commented on how the collection raises awareness for Web3 artists.
According to him, this project enables them to establish a unique destination with the express objective of elevating digital artists who turn to Tezos for a sustainable manner of sharing their work with the globe, in partnership with Misan Harriman’s ability and expertise.