What is an NFT?
NFTs are a blockchain technology. Each NFT created and each sale or transfer is documented on a distributed ledger, ensuring an airtight record of a piece’s transaction history. Further, NFTs provide a Royalty mechanism to allow artists to collect a fair percentage when their work is resold at a profit. Western Gallery NFT royalties are set at ten percent for secondary market sales.
How are NFTs applicable to real-world art?
Works that are paired with an NFT by Western Gallery have a phone-scannable QR code securely attached to the real-world work’s verso or base, permanently connecting it to its corresponding NFT digital certificate of authenticity.
What if I don’t care about NFTs?
Western Gallery can hold and manage your WG NFT(s) for you at no cost until you request a transfer, or you may elect to have the accompanying WG NFT deleted.
Why would I want an NFT to accompany a real-world art acquisition?
Associating a Non-Fungible Token (NFT) with a unique work of art provides to its owner:
- An unforgeable digital certificate of authenticity
- Crystal-clear provenance
- A mechanism to include a royalty to the artist with all future sales, and
- A digital representation of the work that can be kept and viewed on all devices
What’s the downside of having an NFT?
NFTs are part of the cryptocurrency ecosystem, which consumes massive computing resources. As such, they play a role in a system with a significant carbon footprint. Western Gallery pledges to offset impact on that footprint by planting a tree in a US national forest for each NFT created.