NFTs Provide Digital Scarcity Among Digital Abundance

The internet brought digital abundanceā€”content and media can be freely consumed at massive scale. The blockchain provides digital scarcity using mathematics to prove uniqueness. NFTs built on top of blockchain can be applied to digital art to transfer ownership as a token (in whole, non-fungible) to another party. By proving ownership and that there is only one owner, digital art can be valued higher with these guarantees.

While the application is novel, it’s unclear that the technology led to a digital art boom or merely the centralization of digital artists into marketplaces like SuperRare.