NFT art: what it is and why it is talked about – Lately, there is a topic on everyone’s lips:NFT art. What is that? How does it work? Why has it become the subject of discussion?
If you are here, chances are you are asking yourself these (and many other) questions.
You are in the right place: in this article I will try to dispel any doubts aboutnon-fungible tokens. I’d say start if you like, so get comfortable and get ready to find out all about this world.
Table of Contents
Index
- What does NFT stand for
- Applications of NFTs
- NFTs in art
- Famous examples
- NFT and metaverse
- Is it worth investing in NFTs?
What does NFT stand for
NFT is an acronym that stands for non-fungible tokens ortoken does not fungible. If not even this has helped to clarify your ideas, allow me to deepen the explanation:
NFTs are cryptographic tokens that are not interchangeable with each other, which, precisely because of this characteristic, are distinguished from cryptocurrencies, which are instead fungible.
Let’s take Bitcoin as an example: trade one for another, and you will end up with the exact same result.
Or, to give an even more concrete example, think about money: what happens if you exchange a € 10 banknote for two € 5, or for five € 2 coins? That’s right, you’ll always have the same amount.
On the contrary, NFTs art are unique digital assets, which can be bought and sold like any other piece of property, with the only difference being that they do not have a tangible form.
Applications of NFTs
Non-fungible tokens can have applications of any kind. I’ll give you some examples: Nike has secured a patent to produce blockchain-based sneakers in a digital format called “CryptoKicks”,
While the musical group Kings of Leon was released, in March 2021, the first musical album was also sold through NFT.
Despite the infinite potential, NFTs are mostly used in thedigital artindustry, at least for the moment. Why? Read on to find out.
NFT in art
Digital art has a big problem that, before NFT art, seemed impossible to solve: it is easilyreproducible.
To put it another way, digital works of art can be mass replicated and illegally distributed over the internet.
With NFTs, this situation has been solved, because digital works of art are transformed into tokens and accompanied by a realcertificate of ownership and authenticity, which can be sold and purchased.
If you are wonderinghow muchNFTsare worth, the answer is: it depends.
Theoretically, anyone – even you! – you could take your own piece of art, make it a non-fungible token and see if anyone is interested in buying it.
However, there are some very well-known cases of NFT that have been sold at truly unbelievable prices. Are you curious to discover some examples?
Famous examples
The first NFT to have caused a sensation is the animation of the famous memeNyan Cat(an 8-bit gif of a cat flying leaving behind a rainbow), which was sold on February 19, 2021, for over$ 500,000..
If that sounds like a lot to you, wait until you hear the next story: A few weeks after the Nyan Cat was sold , musicianGrimessold some of her digital art at auction for a totalof $ 6 million.
Another very curious case involves the sale of thefirst tweetever published, sold as an NFT by Twitter founder Jack Dorsey. Earnings made?2.5 million dollars.
Finally, the artistBeeple, whose real name is Mike Winkelman, has made a real record, taking home about69 million dollars.
Beeple is a graphic designer who, since 2007, has been making one digital work of art a day; through the NFTs, he sold the first 13 years of his work, or 5 thousand pieces.
NFT art and metaverse
A few days ago, Facebook CEO Mark Zuckerberg announced the birth of the metaverse, a sort of digital universe in which real and virtual merge. What does this have to do with NFTs? It has something to do with it!
Meta – this is the new name of Facebook Inc. –will in fact support NFTs. More details on this will be released in the coming months when the project begins to take shape (ie to be developed).
Is it worth investing in NFTs?
Is it worth investing in this form of digital art? It is ahigh-risk investment(only use the funds you can afford to lose),
which only in very rare cases translates into substantial profits; however, if you are curious,
Try to throw yourself (with caution, I recommend). Create your digital wallet and delve into the fantastic OpenSea.
Read Also : How to explain what a blockchain game is to your grandmother
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