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Since an artist garnered $69 million earlier this year for digital artwork tied to blockchain technology, artists and fans have taken an increasing interest in so-called nonfungible tokens. Tina Trinh explores the technology that’s disrupting the art world.
Content TypePackage
LanguageEnglish
Transcript/Script(PLAYBOOK SLUG: LogOn Crypto Art (TV R)
HEADLINE: How Blockchain Technology Is Changing the Art World
TEASER: Art lovers are forgoing physical works for digital collectibles
PUBLISHED AT: 12/28/21, 11:58a
BYLINE: Tina Trinh
CONTRIBUTOR:
DATELINE: New York
VIDEOGRAPHER: Tina Trinh
VIDEO EDITOR: Tina Trinh
SCRIPT EDITORS: Michelle Quinn, Reifenrath
VIDEO SOURCE (S): VOA original, Storyblocks, Neil White
PLATFORMS (mark with X): WEB __ TV _X_ RADIO _X_
TRT: 2:00
VID APPROVED BY: Reifenrath
TYPE:
EDITOR NOTES: ))
((INTRO))
[[Since an artist garnered $69 million earlier this year for digital artwork tied to blockchain technology, artists and fans have taken an increasing interest in so-called nonfungible tokens. Tina Trinh explores the technology that’s disrupting the art world.]]
((NARRATOR)) ((BROLL digital art on wall, signage, crowds))
The worlds of art and technology were on display at a recent show in New York City.
((Liz Yang, Dfinity Foundation))
“I think the best and most talented artists have always looked to technology, to new formats,
((BROLL digital artwork))
… to be able to take their art to the next level.”
((NARRATOR)) ((BROLL crowds, various artwork))
That includes turning digital art into non-fungible tokens, or NFTs (“en-eff-tees”), digital collectibles linked to
((BROLL digital network animation)) ((Source: Storyblocks))
blockchains — encrypted, distributed ledgers that validate their origins and authenticity.
((BROLL Liz Yang))
Liz Yang works at Dfinity (“duh-FIN-uh-dee”), a nonprofit with its own blockchain network called the Internet Computer.
((BROLL TBD))
Dfinity helps artists turn their works into NFTs, which are minted, traded and sold on the platform.
((Liz Yang, Dfinity Foundation))
“From a provenance perspective, you would know exactly where the art originated from and where it’s been sold, like, into perpetuity, essentially.”
((NARRATOR)) ((BROLL various artworks))
That’s important for digital art, which is typically easy to copy. Owners of NFTs hold the authorized original art in a digital wallet.
In addition to giving digital artists more exposure, NFTs allow them to make money in different ways.
((Liz Yang, Dfinity Foundation))
“There are a lot of cases where artists sell art at a time where they’re not that famous, and then later on down the line in the secondary markets, the art sells for many, many multiples more, but they don’t reap any of the rewards.”
((NARRATOR))
Blockchain platforms use “smart” contracts that are programmed to execute transactions based on certain conditions.
((Liz Yang, Dfinity Foundation))
“Because it’s code, you can stipulate in the code that artists receive a percentage cut of every secondary market transaction thereafter.”
((NARRATOR)) ((BROLL NFT digital art)) ((Mandatory CG: Neil White))
Critics say that the buzz around NFTs makes it a highly speculative market and it remains to be seen whether the current movement is a bubble that will eventually burst.
((NARRATOR)) ((BROLL Neil with friends, artwork))
Still, artists like Neil White are excited for the new medium.
((Neil White, Artist))
“It’s pretty fun to kind of feel like I’m sort of making art in, like, a more like futuristic form.”
((NARRATOR)) ((BROLL NFT digital art)) ((Mandatory CG: Neil White))
And that future may well be filled with NFTs.
Tina Trinh, VOA News, New York.
NewsML Media TopicsEconomy, Business and Finance
Topic TagsCrypto
NetworkVOA
Embargo DateDecember 28, 2021 15:02 EST
Brand / Language ServiceUS Agency for Global Media
