By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
  • Products

    About Product

    What is Digital Asset Management

    What is Digital Asset Management

    Organize, centralize, secure and manage your digital assets in one place

    Features List

    Features List

    Learn More About Daminion Digital Asset Management Features

    Cloud VS On-Prem?

    Cloud VS On-Prem?

    At Daminion we don’t believe that ‘the cloud’ is meant for every technology platform or for every creative team

    Integrations

    Integrations

    Illustrator, Photoshop, Microsoft Office, API and other

  • Solutions

    Solutions by Team

    • Marketing Teams
    • Video Production
    • Design Teams
    • Sales Teams
    • GIS Specialists

    Solutions by Industry

    Production Teams

    Production Teams

    DAM tool Game Studios, Media Production, Creative Agencies, and TV Channels

    Educational
    Educational

    DAM solution for Educational Institutions, Universities, and Schools

    AEC

    AEC

    DAM platform for Architecture, Construction, Real Estate and Engineering

    Marketing

    Agencies

    DAM for Marketing, Design and Photo agencies

    Government

    Government

    Self Hosted DAM for Government Organizations, CMAs, and Councils

    Environmental

    Environmental

    DAM software for Water Management, Funds, and Not for profit organizations

  • Resources

    Resources

    • About Us
    • Whats New
    • Supported Formats
    • Tutorial
    • Technical Support
    • System Requirements
    • Partners

    System Requirements

    Daminion White Paper

    Daminion White Paper

    Core information about Daminion, its benefits, and more

    Documentation

    Documentation

    This online documentation describes the commands and menus of the Daminion interface

    Do you really need a DAM?

    Do you really need a DAM?

    This checklist will help to answer yourself about the necessary DAM solution for your team. Simple questions to make the right decision.

    Blog

    Blog

    Articles, Tips and Stories

  • Case Studies
  • Pricing
    ROI Calculator

    Pricing Page

    Learn more about Daminion DAM Pricing

    ROI Calculator

    ROI Calculator

    Calculate Your Digital Asset Management ROI

  • Book a Demo
Daminion BlogDaminion Blog
Aa
Search
Follow US
High Quality Design Resources for Free.
Exciting

Are Non-Fungible Tokens (NFT) a new reality for arts?

Alex King
Last updated: 2023/01/26 at 6:18 PM
Alex King
Share
3 Min Read

What are Non-Fungible Tokens (NFT), why are they worth millions, and how can this trend affect digital asset management? 

Contents
What are non-fungible tokens? What’s next for modern art?

Over the past few months there has been a lot of news around NFT (Non-Fungible Tokens) on blockchain and crypto markets. 

Canadian singer Grimes sold her digital art for nearly $ 6 million in just 20 minutes; according to theverge.com, an undisclosed percentage of Grimes’ sales will be donated to a charity. 

“Everydays: The First 5000 Days”

Later, a JPG file “Everydays: The First 5000 Days” made by Mike Winkelmann, the digital artist known as Beeple, was sold by Christie’s in an online auction for over $69 million. The price was a new high for an artwork that exists only digitally, beating auction records for physical paintings. As reported by New York Times “Everydays: The First 5000 Days” is the first NFT work sold by Christie’s in its 255-year history. 

What are non-fungible tokens? 

“Non-fungible tokens are digital assets that contain identifying information recorded in smart contracts.

It’s this information that makes each NFT unique, and as such, they cannot be directly replaced by another token. They cannot be swapped like for like, as no two NFTs are alike. Banknotes, in contrast, can be simply exchanged one for another; if they hold the same value, there is no difference to the holder between, say, one dollar bill and another.

Bitcoin is a fungible token. You can send someone one Bitcoin and they can send one back, and you still have one Bitcoin. (Of course, the value of Bitcoin might change during the time of exchange.) You can also send or receive smaller amounts of one Bitcoin, measured in satoshis (think of satoshis as cents of a Bitcoin), since fungible tokens are divisible.”

Dycrypt.co

“Morons (White)”

What’s next for modern art?

Recently, a blockchain company Injective Protocol, bought a $95,000 Banksy artwork “Morons (White)”, burned it and broadcast it live on their social media channels — all part of a process of turning the work into NFT. According to various sources, including CBS News the company is going to put the artwork up for trading. 

Perhaps very soon we will see a complete transition of modern art to NFT tokens, and the need for secure digital asset management systems will become even higher.

What are your thoughts on this new trend? Let us know in the comments below.

 

 

TAGGED: digital assets, jpg, NFT
Alex King January 26, 2023 March 19, 2021
Share This Article
Facebook Twitter LinkedIn Reddit Copy Link Print
By Alex King
Follow:
CMO at Daminion Software. Talks about #daminion, #marketing, and #digitalassetmanagement.
Previous Article Daminion 8.1 Released Daminion 6.8 Release
Next Article Daminion 8.1 Released Daminion 7.0 Release

You Might Also Like

Cloud DAM vs On-Premise DAM

DAM: On-Premise or Cloud? Who is the best?

March 16, 2022

Google Vision and Daminion – Auto tag your images

June 18, 2019

How to improve productivity in your design department

December 2, 2016

Daminion ranks as the most popular DAM solution for SMB

August 19, 2016

Join the Daminion Community

Get the latest tips and tricks, expert advices, insightful interviews delivered monthly

Sign Up
Daminion BlogDaminion Blog
Follow US
© Daminion Corp. All Rights Reserved. Daminion Articles
Welcome Back!

Sign in to your account

Lost your password?