Non-fungible tokens (NFT) have become more popular than you’d imagine since the days of CryptoKitties. Interestingly, Dai is playing a crucial role in the adoption of blockchain in the arts as seen from a number of platforms using the cryptocurrency as a means of transferring value in arts.
This is happening as more artists realize they could also sell digital versions of their art while tokenizing them on the blockchain. This marriage between the arts and blockchain has Dai as an active participant.
In a recent comment, Rune Chrstensen, the CEO of Maker Foundation and co-founder of MakerDAO said:
“The trustless, transparent, and secure nature of Dai gives artists and patrons from across the globe space to focus on the art, rather than the logistical realities of moving money from account to account.”
He said that Dai has actively been used in the purchase of non-fungible tokens in the past, adding that the digital currency is a best fit for museums, artists and art auctions to adopt in trades.
Several art platforms are already in collaboration with the Dai Foundation in art tokenization. Some prominent ones are OpenSea, Olive Allen, Async.art and Museum of Contemporary Digital Arts (MoCDA).
According to the CEO of MoCDA, Serena Tabacchi,
“With the advent of cryptocurrencies and the increased interest around digital art collecting, we witnessed a shift towards collectors wanting to diversify their portfolio without compromising on the way most are used to acquiring new assets. With the NFT market booming and the constant highs and lows of the crypto market, we see Dai as a breakthrough solution for the art market, providing everyone with a fast and accessible way to access the crypto art market while having an enjoyable and safe experience throughout.”