There are definitely some unprecedented opportunities for creators and vendors in this new realm. At its most basic level, there is the opportunity to present your creation to an audience, whether through a specific topic-specific channel like TopShot or other NFT marketplaces. This means artists have the unique ability to self-market their work without the traditional middle-man in the art dealership ecosphere. Artists can control the quantity and visibility of their pieces and can gain in popularity and value quicker than in conventional art launches. Artists in the past had no way of knowing after the original sale where their piece would end up, but with a digital trail, an artist can make sure that when their work makes money for an investor, it makes money for them too.
NFT is an abbreviation of Non-Fungible Token. But the meaning of that is not exactly intuitive either, so let’s explore what it means.The best way to understand this new phenomenon is to consider a monetary asset. A monetary asset is a fungible token in that it is an exchangeable asset that can be traded for another asset of the same value. So, for example, a $10 bill would be a fungible token, as it can be traded for ten $1 bills, and you’d still have the exact same value. So what is a Non-Fungible Token, then? Well, let’s say your $10 bill is somehow unique. Let’s say, for example, that it carries the autograph of a celebrity. Suddenly it’s not exchangeable with any other $10 bill. It has become a unique product. Now it’s a Non-Fungible Token (NFT) NFTs can’t be exchanged for an equivalent value, and like any investment, their value fluctuates in relation to increasing or decreasing demand. However, unlike your $10 bill, NFTs are not physical items; they’re entirely digital.
The first examples of digital Non-Fungible Tokens were created through a project called CRYPTOPUNKS. Here, users can sell, buy and store tens of thousands of unique collectible characters, and the proof of ownership is held on the Ethereum Blockchain. For digital artists, the NFT concept actually solves a critical problem. The value of art depends on many factors like authenticity, age, and the number of owners. Therefore, it makes excellent sense to store unique digital art as an NFT on Blockchain. Digital artists often struggle with proving the authenticity of their work, and the use of Blockchain and NFT’s can help solve this. With Blockchain and NFT’s, artists can upload their art to special websites that add proof of these details to the Blockchain.
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