What are NFTs?
NFTs are non-fungible tokens, t is one of a kind or very rare. NFTs are usually part of the Ethereum blockchain (cryptocurrency) which supports the storage of extra information. This sets them apart from others, though other systems can have their own versions of NFTs.
Let’s put NFTs into context so that we can examine the potential value they hold. These are some of the most noteworthy NFT sales:
Top 10 Most Expensive NFTs
Artist Beeple’s “Everydays: the First 5000 Days” artwork sold for $69.3 million, with bidding having started at $100.
CryptoPunk #3100, one of the first NFTs on the market, sold for $7.58 million. CryptoPunk is a rare collection of characters belonging to the 9 Aliens group.
The founder of Twitter sold the first-ever Tweet for $2.9 million. It read “just setting up my twttr” and dates back to 2006.
How to Make, Buy and Sell NFTs?
Circling back to the digital art israel email list trade, we can make sense of the above as follows: For centuries, fine art has been collected and traded. In today’s world, this market is opening up to digital forms. While it is not yet established, there are many who are involved in this business online. People are even buying videos and tweets. Essentially, if you ever find yourself the center of a meme, you make bank on that image.
What sets these apart from traditional art sales are longevity, safety, and storage. One of the main separating factors between digital art, however, is the technology factor. A digital file can be copied. This contradicts the definition of an NFT, which is something unique. Hence NFTs give the purchaser ownership of the work (not necessarily copyright and reproduction rights). What this means is that you’ll have the original, though copies can be made. IN digital terms, there isn’t as great of a difference as there is when it comes to traditional artworks that have prints when we comparing in terms of value.
Artists can use NFTs to sell their work, which can result in a payment for your work, and potentially ongoing ‘royalties’ if it is sold or exchanged in the future. Buyers, on the other hand, will enjoy the right to use the creative work and a blockchain entry to boast. But NFTs are limitless in what they can be - they can be used to represent ownership of a physical object, for example.
NFTs are essentially speculative assets, where you hope they will increase in value for later re-sale. The market is full of hopefuls and opportunists. There are also those trying to link NFTs to real-world objects through authentication methods. Gaming has also caught on, with some selling virtual elements within the game as NFTs, allowing the players to have a unique feature.