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Making sense of the NFT gold rush

Creative Insight
But to dismiss all this as a get-rich-quick scheme, or as hysteria that will pass along with countless other technology fads, risks overlooking the core idea that has made NFTs such a fascinating proposition in the first place. The idea, and the underlying technology associated, will endure and outlast the current hype, and so raises a discussion about the wider issues at play.
Firstly, NFTs help to frame the issue of authenticity of digital materials at a time when more and more of our daily lives are played out online. What’s being traded in these high profile examples is not the work itself, but a digital certificate of provenance that is deemed valuable in its own right. Art buyers have always prized provenance; proof of the source of a purchase, or prior ownership, as evidence to reassure that an artwork or object is authentic.
NFTs have been all over the news, spreading a mix of confusion and excitement in equal measure. Here, James Britton, group managing director at Stink Studios, explores what opportunities they might open up for artists and designers
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Top illustration by Harry Haysom; Above: Artwork by Zeitguised