In 2016, people were calling NFT's, a scam and now everyone is desperate to own one of them. The digital revolution enabled a majority of us to transact digitally, invest digitally and in digital assets - be it digital gold, stocks or anything similar. The onset of Blockchain had brought disruption in the digital space, with cryptocurrencies being the first and followed by NFT. NFT stands for Non-Fungible Token, a digital work that can be traded for real money, can't be altered, and the ownership is intact with a particular identity at any given point in time.
Digital art can be converted into NFT using a marketplace such as the opensea and can be listed for sale/auction. It doesn't mean that physical art is getting obsolete - anyone can buy physical art and showcase it in a physical environment like home, office etc..., which is not possible in the case of NFTs. However, the demand and the price of digital art, in the form of NFT, is growing exponentially. Trends are giving a clear indication that NFTs will be more popular and promising than it is today.
NFTs are gaining a lot of traction in the industry because of their intrinsic value, applications, use cases and the fact that no one can claim their own except the present owner. Accessories in the games are also becoming NFT, and they carry a value in the form of digital tokens (which can be exchanged for real money - aka fiat currency).
In summary, Physical arts will coexist with digital arts, but digital arts (aka NFT) will have more value, volume, and varieties in the future.