According to Alexandre Pintiaux, lawyer at the Brussels Bar, the concept of authenticity is intrinsically linked to that of information. he authenticity of a work, or its lack of authenticity, is information that is of the utmost interest to the public that is confronted with the work, and in particular the potential buyer. he mentions relative to the attribution of the work inform the public of its origin (the hand of the artist, the artist’s workshop, a specific school or movement, etc.). Would one dare to speak of an “indication of origin” of the work?
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The art market, even the contemporary one, rarely uses the traditional tools used by economic actors active in other markets. It is rare to see an artist having his own trademark or registering drawings or designs.
In other words, it is through the signature or the issuance of the certificate of authenticity, or even an expert report, that the public is supposed to be informed of the origin of the work of art.
The NFT proposes a non-fungible token with a specific cryptographic layer based on an ERC blockchain (Etherum Request for Comment). Thanks to this unique encryption and the included metadata, the token can then serve as an identification certificate for any digital object (a work of art, a tweet, a video game object, etc.).
Read: NFT : Non-fungible tokens, the new fad of the blockchain.
And to ask THE question: Why is everyone talking about it? The short answer is: because there is a way to make money.
The digital art market sees the use of these non-fungible tokens as a way to solve the thorny issue of art in the digital age, by automatically replacing the precious certificate of authenticity of an artwork.
The art market is boosted by NFTs because BLOCKCHAIN technology eliminates the buyer’s risk: if the work of art is not authentic, its value is automatically reduced, often significantly or totally.
