Non-Fungible Tokens (NFTs) are the craze right now, and a significant reason for that is the stellar prices that some NFTs are sold for. However, while it’s primarily NFT’s use case for art that tends to attract all the attention, this revolutionizing use of blockchain technology has much more to offer. Many believe that NFTs can also help enhance diversity, equity, and inclusion in the art and crypto worlds. NFTs bring blockchain to the masses, making cryptocurrency and blockchain technology more accessible to minorities.
Traditionally, the art industry has been restricted to a select group of artists. For instance, according to a study, artists in 18 major US museums are 85% white and 87%, male. These stats are not flattering when we talk about diversity in the traditional art space. In contrast, as there are low barriers to entry when it comes to the NFT space, any artist from anywhere in the world can easily gain exposure to the hype around these collectible assets.
As the NFT space does not have any conventional gatekeepers, it can cater to a more diverse range of artists. By showcasing artwork in a manner that previously did not exist, NFTs are empowering artists, especially those that belong to minorities and creators from developing nations who earlier could not access the traditional art world. Moreover, by doing so, NFTs are allowing a wide range of artists to make a living from their work. However, for NFTs to truly make art accessible to the masses, education, technology and appreciation are vital. There will be even more diversity in this space as more artists are aware of the opportunities available in NFTs, are included in the tech space, and more people have the opportunity to appreciate their work.
In addition to offering minorities a platform to exhibit their art, the NFT world also provides artists with a sense of belonging and a way to connect with the community. Historically, minorities have lacked representation in the art space. When you combine that with the general lack of connection due to the pandemic, it’s understandable for minorities to not feel a strong sense of belonging in the art environment. However, with a closely-knit community built around a strong intersection of culture and assets, NFTs can offer more inclusion to those who enter the fast-growing space.
Furthermore, through NFTs, minorities have an opportunity to create more equitable access to wealth. This is because NFTs open the door to the art world for people who haven't been able to invest in or sell their art in traditional venues. Thus, powered by blockchain, the NFT space enables investors and artists from all cultures and backgrounds to close the wealth gap through ownership and collection of NFTs.
In a world with socio-economic gaps where historically marginalized communities tend to lose out on the benefits, NFTs have the potential to create more equitable outcomes in the art space. NFTs offer tremendous benefits for both creators and collectors, and at Loot NFT, we’re focused on making NFTs easy and accessible for everyone. Anyone can participate in the community and world-building activities now underway in Loot NFT’s ecosystem. Our world is like your world. Come visit anytime!
About Loot NFT
Loot NFT, is a gamified auction platform, where members are able to bid in a “Battle Bidding” auction environment for NFTs. All participating members in the arena mine Loot Tickets (LTT) using bid units (BUN), a token that has a limited supply of 500 million. Each NFT embodies a one-of-one unique creation (digital or digital and physical), and grants ownership to the member that wins it at auction. Loot NFT also aims to turn the NFT space more inclusive and diverse, giving access to creators and members to original NFT collectibles and an amazing world designed to leverage the metaverse to an enhanced alternative reality.
Loot NFT’s adventure-themed world has 4,880 plots and allows plot owners to tell the story of their land by minting up to 4 NFTs on each plot, while also sharing in the revenue from the entire ecosystem. Owners may purchase from this metaverse using their LTT in Loot NFT’s auction environment called Satoshi’s Lounge. Loot NFT uses a bi-directional bridge between its permissioned-blockchain and public blockchains to decentralize the modules of its ecosystem towards a decentralized autonomous organization. For more information, visit the website: lootnft.io
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice