The advancement of blochchain technology, has contributed the general public with transparency and decentralization. Although, this kind of modern documentation can be applied to both material and immaterial goods, this method of trading has impressed and taken over the world of digital art.
For easier track of online records, developers have created codes, using the same software as many cryptocurrencies. They primarily contain information about ownership and the history of their behavior on network. For creators, technology has reduced or even eliminated the cost of advertising, distribution and sales. Platforms have quickly been perfected for the purpose of
trading irreplaceable assets. Most of them have reached or even exceeded the sales number of classic galleries.
From collector’s perspective the value of NFT’s increases due to its rarity, uniqueness and unchangable metadata. High demand and growth in sales, forced platforms to create a simple online publication. The artwork is prepared and published on the chosen platform, by simply filling out a digital wallet form and creating a breif description of the product. The revolution of modern markets will finally allow digital artists monitor the use and sale of their work.
Due to user awareness of the environmental impacts, the NFT market has experienced declines in demand and purchases. On the other hand, the presence of leading brands brings new interested and wealthy individuals to the market. The availability of technology leads to a saturation of the market, which is not necessarily full of digital artwork from renowned authors
and influential brands. There are more and more products sold on the platforms that do not contain knowledge of technology, nor the basic guidelines of art. Connoisseurs can quickly distinguish successful products from products published only with the aim of quick sell.
Until decentralization and control over ownership, history of art markets were full of inevitable flaws. Although blockchain technology protects artists, guarantees buyers and improves the overall market experience, it causes negative impacts on the environment. High consumption of electricity causes carbon emissions. Although largest platforms are promising solutions in
upcoming years, the development of technology does not yet comply with the guidelines of sustainable design.