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The metaverse, a persistent digital universe that mirrors our world, is becoming increasingly diverse and awe-inspiring. In this virtual world, it is now possible to do everything that can be done in the real world, and more. One area where this is particularly evident is in the creation and sale of digital art.

While digital art may seem like an obscure niche on the internet, the recent sale of a purely digital artwork by artist Beeple for $69 million in cryptocurrency at Christie’s auction house has shown that it can be a lucrative market. This auction, which used NFTs to prove ownership and authenticity, marked a turning point in the world of content creation and its financial rewards.

An NFT is a non-fungible token, a permanent tracking device that proves ownership of a digital file. It is connected to a digital asset to preserve ownership rights in the metaverse. The underlying technology behind NFTs is blockchain, which prevents digital assets from being duplicated or hacked, and removes the need for a centralized authority to validate transactions.

The record of ownership of an NFT is kept in a public database on the internet that is maintained by millions of computers that keep track, via consensus, of all content origination and transactions. This technology has the potential to revolutionize how value is created online and how digital labor is monetized.

According to Dr. Cheshier, NFTs are allowing everyone to own their own data, starting with art. He envisions a future where digital artists are able to make a living by creating new visions and new worlds in the metaverse. This new automated tool will allow freelance creators to monetize their work and receive royalties for their creations, without intermediaries taking a larger cut than the creators.

In conclusion, the use of NFTs and blockchain technology is transforming the world of digital art and content creation. As the metaverse continues to grow and evolve, it is likely that we will see even more innovative uses for this technology.

The post NFTs, the Metaverse and the Future of Digital Art| Elizabeth Strickler | TED appeared first on cryptoarty.