Most artists don't actually earn much from NFT sales

The NFT revolution doesn't yet seem to be synonymous with the democratisation of wealth in the art world. Photo: AFP

Rarely has an acronym got the art world in such a frenzy. NFTs, or non-fungible tokens, have quickly gained ground among artists hoping to monetize their digital creations. But while many are now trying their hand in this new market, only few will find success, a new report concludes.

Three months ago, only the tech-savvy of this world had really heard about these unique digital tokens that can be used to attach a certificate of authenticity to any virtual object. Now, NFTs are part of the vocabulary for any digital artist hoping to follow in the footsteps of the American artist, Beeple, whose NFT digital collage sold for US$69.3mil (RM285mil) at Christie's.