A prominent luxury auction house has announced it will accept either Bitcoin or Ether in exchange for a piece of art by anonymous artist Banksy, set to go on auction in London next week. Multinational corporation Sotheby’s is one of the largest brokers of art and collectables globally. How Do NFTs Work?
Whereas a physical piece of artwork or even a digital piece of artwork can be duplicated or replicated, an NFT provides a safe haven for digital works of art. These digital pieces are then tokenised, creating a digital certificate of ownership.
This pertains to cryptocurrency, as the same technology, Blockchain, is used for NFTs, thus securing ownership, and prohibiting forged recreation. The use of NFTs in art, in particular, has caught traction recently, with several artists selling NFTs to deep-pocketed fans.