WHAT IS A NFT?

• The rapidly evolving world of NFT has established a ubiquity for the works created by artists, particularly of the digital kind. This movement is quite groundbreaking as it appreciates and equalizes the genuineness of digital art (i.e. gifs, videos, computerized images) with its physical counterparts (i.e. paintings, sculptures), designating the same ownership over an original with a unique proof of authenticity.
• Here’s an overview on how it works:
• An artist creates their digitized art and uploads it on a website (i.e. SuperRare, NiftyGateway) that tokenizes the artwork with something known as the non-fungible token (NFT). Basically, it is the digital version of proof of authenticity. It’s what makes this non-tangible work just as one-of-a-kind as it would be with a concrete, real-world one.
• In fact, it can be said that art backed by NFTs are much more valuable since digital art is not subject to the typical wear and tear of existing in our volatile environment such as with damaging or fading seen in paintings
• The artist can choose to release a fixed number of editions or a singular edition, to denote its rareness. A price is set for the digital works and can be bid upon among buyers. Currently, the cryptocurrency that is being widely used to buy and sell crypto-art is Ethereum (1 Ether = $1,357.66 USD).
• A digital wallet is required to store Ethereum for transactions and tokenizing art with NFTs but can always be exchanged for real cash, referred to as fiat.
• A buyer who successfully purchases the art will then receive ownership of the edition. The transaction is hashed or uniquely encoded, into the blockchain of the cryptocurrency being utilized, in this case, Ethereum. What this means is that the buying/selling and list of owners is publicly embedded, accessible by all, into the Ethereum blockchain to prevent forging or altering of the NFTs’ authenticity linked to the artwork.
• Crypto art is emerging as a robust extension of possibilities for talented artists who are creating in this age of advanced technologies, imparting much-deserved value on art that lives through our most modern context.