What is an NFT Non-Fungible Token?
What is an NFT (Non-Fungible Token)? Digital art has become one of the most popular forms of art in the last decade. You can hang it on digital frames or even use as your computer desktop wallpaper, of just store it as a digital asset in your investment portfolio. This art is now considered non-fungible tokens, or NFTs, a new method for digitally buying and selling art and other media. These cryptoassets are the latest use of the blockchain and allow you to create art that can be digitally tracked as an “original” and “limited quantity” item making it have more values and impossible to steal or replicate without being deemed a false duplicate. Think of it as owning the Mona Lisa opposed to owning a poster of the Mona Lisa. Check out my first collection to get an idea of what we will be talking about using AI generated Art I created!
What is Non-Fungible Token?
Non-fungible token or NFTs are cryptocurrencies or blockchain-based assets that are not limited to one specific use, but that can be used in many different ways, such as a medium of exchange, a vehicle of exchange, a payment mechanism, a crowd-funding mechanism, or a digital ledger for data storage and security. Non-fungible assets have unique features that differentiate them from traditional currency or physical commodities. Bitcoin is the best known of these assets, but they are not limited to cryptocurrencies. NFTs exist as a form of digital currency or cryptoasset which can be used to obtain or transfer an asset in a variety of forms. These can be as simple as buying a song on iTunes or even a brand new NFT token. They can be used in almost every sense of the word.
What is Digital Art?
Art has always been something we look at in a museum and either wanted to own or paint ourselves and art has always been one of the most expensive forms of collecting. Physical Art has traditionally been come kind of medium (paint, pencils, charcoal, etc.) on a surface or canvas. Digital art on the other hand is now one of the most common from of art. Digital art is art created using a digital device such as a computer, table or some other digital medium. You can create digital art using photoshop, MS paint, Procreate, or 1000’s of other tools based on your style and preference.
Why NFTs are Important
What is digital art without a backing currency that is liquid and can be easily traded? That is where the NFTs come into play. NFTs allow you to own a piece of art, make it your asset, and sell or trade it on the blockchain. With so many different artists looking for ways to get their artwork in the hands of people all over the world, why not do it through the digital economy? This allows artist to track and trade their work and prevent it from being replicated without the certificate of authenticity that the crypto backend provides thus empowering artist to control the distribution of their work and actually make a living on the sales and auctions of their work.
How to Buy NFTs
There are many digital art platforms that allow you to buy these assets. Popular ones include OpenSea.io, or Nifty Gateway. You can easily trade these “art” tokens via exchanges using the Ethereum digital asset as the currency. A Note About the Cryptocurrency Community Cryptocurrency is quickly gaining popularity amongst everyday people. The older generations are starting to take notice, and the younger generations are warming up to it as well.
Conclusion
Today’s news regarding the market has made a lot of waves. NFT is the new Bitcoin and many fear this may be a bubble, but a world where artists are now protected from having their work stolen and creating a true scarcity you would find with a physical painting creates a world where digital art can reach a caliber and value of its physical counterpart which has been long overdue. Check out my first NFT to see how digital art looks and can be bought and sold online.
What is an NFT Non-Fungible Token?