What in the world is a NFT?
This is an acronym for Non-Fungible Token. The term non-fungible means that it is unique and cannot be replaced with something else. The term token is applied to a specific asset that resides in a blockchain network. Blockchain is the underlying technology that permits cryptocurrencies like Bitcoin, Ethereum and many others to operate.
Okay, so what are NFTs used for?
Artists around the world are minting NFTs that are connected to their own artwork. An NFT is a specific blockchain signature (read: non-fungible token) assigned to a piece of art. This art can be anything from a photograph or digital drawing to video or music. Anything that can be stored digitally can potentially be minted as a unique NFT artwork.
Fine, what’s the big deal about NFTs?
A lot has been happening over the last year. In March 2021, the artist known as Beeple sold a single NFT for $69 million. Since then, the popularity of NFTs has soared and there are many platforms for sellers and collectors to trade NFTs.
Is this the future of art?
It’s debatable, but some people believe NFTs represent a radical new way of doing (and selling) art, because it bypasses the art establishments (museums, galleries, auction houses) that validate who is and isn’t an artist of note. This democratization of art can allow unknown artists to reach and sell to a greater audience.
Are NFTs a way to invest?
NFTs are speculative assets that are moved and sold based on the market’s demand. NFT collectors hope the value of their NFTs will continue to increase in the future, just like an early owner of a Picasso or Matisse, expected the artwork to be worth much more in the future.
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