Opinions expressed by Entrepreneur contributors are their own.
It has never been a secret that artwork is expensive to store, sometimes costing as much as $100,000 per year for large and valuable art collections. The reality is that valuable artwork is often purchased to sit in a box where no eyes will appreciate its grandeur.
The NFT space has changed the way we approach artwork and storage solutions. The advantages of NFTs are substantial for avid art collectors, who no longer need to pay for physical space to store their valuable assets, nor need to deal with the logistical difficulties of finding a place for them. Instead, using marketplaces and blockchain technology, they can collect NFTs and store them digitally.
These benefits dissipate when faced with a crushing reality: NFTs can go missing. The disappearance of NFTs is not an isolated incident — rug pulls and NFT losses have become…