Art Basel Puts NFTs And Tech In Focus

MIAMI (CBSMiami) – Not to be ignored, NFT art is growing a big presence at Art Basel.

"NFTs are changing the entire art world and the entire experience for artist to survive this system," Superchief Gallery NFT Director Ed Zipco said.

Non-fungible tokens are the latest cryptocurrency phenomenon.

So what is it? In simple terms, NFTs turn digital works of art and other products into digital assets.

"NFT is totally like investing they're a way for people to engage and collect and sell," Zipco explained.

His gallery has a section inside the Scope Art Show in Miami Beach.

"So this is a photograph by Devin Yalkin, a New York Times photographer, and New Yorker, and this one was purchased by Max Power," he showed CBS4 News.

It's currently worth an estimated $1,200 dollars if converted to cash. As an NFT, however, its ownership is verified using blockchain technology so a digital wallet is needed.

"This is the first time that Art Basel has taken on this digital footprint. I've been saying this going to be the largest sale of NFTs in the history of humanity," Miami Mayor Francis Suarez said.

Mayor Suarez sees this year's Art Basel as a vehicle to build a stronghold on the crypto network and recruit tech companies to the area.

"I'm meeting with companies non-stop, I mean every minute of this week is programmed to try to get the maximum amount out of this week," he said.

Alongside some of the biggest Art Basel events are conferences bringing tech leaders to Miami, such as NFT BZL and La Casa.

"NFTs are allowing there to be royalties for the first time, and I think that's the big story. NFTs allow for artist royalties so when an artwork sells; it continues to sell, an artist gets a little piece of that," Zipco added.

It's clear, NFTs have made a splashy debut at Art Basel, and this is only the beginning.