Sorrel Sky has maintained itself as a leader in the art community for two decades by listening to what art lovers want and by adapting to a changing market. Its most recent enterprise, SorrelSkyNFT.com, an NFT marketplace, launched in February. Why an NFT marketplace? What does this mean for new or experienced NFT collectors?
WHY AN NFT MARKETPLACE?
Sorrel Sky has always taken a visionary approach to art, allowing art lovers and art collectors the opportunity to connect with artists and their art in new, exciting ways. That approach could mean opening a new location, making online acquisitions easier and more user-friendly, adopting popular currency trends by accepting cryptocurrency, as well as keeping up with buying trends that include NFTs (nonfungible tokens). After observing the NFT market for a few years, and seeing the entry of Sotheby’s and Christie’s, it became clear that the concept of in-demand digital art was here to stay. It was time for Sorrel Sky to enter the NFT market.
WHAT IS AN NFT?
For those new to NFTs, here’s a brief explanation of what a nonfungible token is. Let’s start with “nonfungible.” Something that is nonfungible, cannot be exchanged for another item that is of the same type. You could swap one 1980 Ford F150 for another 1980 Ford F150, but the trucks wouldn’t be exactly the same. Their differences make them nonfungible. Now for “tokens.” In the world of cryptocurrency, tokens are units of value. Bitcoin, Ether, among others, are tokens. They can be attached to tangible goods, like that 1980 Ford F150, or virtual goods, like digital artwork.
But what makes a piece of digital art an NFT? This is where it gets interesting! Some years ago, people began to realize that blockchains (the shared databases that power Bitcoin and other cryptocurrencies) could be used to create unique, uncopyable digital files. This makes it possible to track that unique, uncopyable, nonfungible file as it changes hand and also to verify who owns it at any given time. This was what prompted the creation of the first NFTs. A work of art that’s an NFT guarantees its owner can prove that they’re the owner. You could say that an NFT is similar to a certificate of authenticity that you receive when buying an original painting or sculpture. That certificate proves that you are the owner of the original. Whether copies are made or not, or even if someone tries to forge it, you can prove that YOU are the owner of the original work. It’s the same with an NFT. In addition, just as in the offline world, in the online world scarcity gives an object value. NFTs have allowed for scarcity in the online world. When you can prove that your digital artwork is unique, uncopyable, nonfungible, you’ve created scarcity, therefore increasing its value.
WHAT DOES THIS MEAN FOR YOU?
Whether you’re new to NFTs, or if you’ve been scooping them up for the past year, SorrelSkyNFT.com gives you the opportunity to acquire an NFT from a trusted source, created by known artists. As we closely collaborate with several of our established artists, we’ll continue to bring you a curated collection of contemporary Western digital art.
We’re excited that our first NFT offerings are from an artist we’ve been friends with for decades, Jim Rey. Jim is an 80-year-old cowboy living in southwestern Colorado. He was one of the first artists asked to test electronic pens on tablets to produce art and he’s been creating digital work ever since.
A FEW TIPS ABOUT BUYING NFTS
- Purchase from a known business with known artists
- Buy what you like, what gives you an emotional response
- Make NFTs a part of your overall fine art collection
- NFTs are a great way to invest your cryptocurrency
“A positive attitude and a willingness to adapt is vital to growth in an ever-changing world.“— Shanan Campbell, owner of Sorrel Sky Gallery