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How NFTs And Blockchain Are Transforming The Art World

non-fungible tokens (NFTs) have taken the art world by storm, transforming how art is bought, sold and distributed. While traditional galleries remain important,blockchain and cryptocurrency have opened up new opportunitiesfor digital art to reach a global audience.

Mass Ownership and New Functions

NFTs allow multiple parties to own the same piece of digital art. By issuing NFTs that represent ownership,artists can expand the audience for their work. This mass ownership model has also enabled new functions beyond just artwork. NFTs have been used as membership cards, utility tokens and more.

Beyond Speculation

As the “crypto winter” ends,artists and creators are moving beyond theinitial speculative mania surrounding NFTs.They are adding tangible value and utility to complement aesthetic value.

Democratizing Creation and Distribution

Andras Kristof,CEO of Galaxis, aims to allow anyone to deployNFTs without technical expertise. Theplatform aims to democratize the creation and distribution of NFTs.

“NFTs will become the norm for ownership rights and utility, moving beyond speculative value,” says Kristof.

Reducing Intermediaries

Kristof’s long-term vision is for Galaxis totransform global business practices by using NFTs to provide value and sustainbusiness-customer relations without the need for intermediaries.

Addressing Privacy Concerns

Galaxis addresses privacy concerns by allowing users to holdNFT membership cards in their own wallets,reducing the amountof personal data Galaxis itself collects.

“The interview does not represent the editorial content of Cryptonews.com.”

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