Blockchain has become exponentially popular across the globe due to a number of reasons and literally every big and small business is trying to use it for its own advantage. We see Blockchain technology being used everywhere, be it for paymentpurposes on sites, buying and selling items to people around the world without the hassle of dealing with any middleman, using it to make the payments more secure and trade crypto currency.
And while it might seem like that’s all that blockchain is good for, there is A LOT going on that most of the people are not even aware of. Yes, I am talking about NFTs, the BIG THING in the world. I am quite sure even if you are not aware of what an NFT is, you must have heard about it. Literally everyone is talking about NFTs, from game developers to artists to singers. But the question is what is an NFT?
What Does NFT Mean?
It is very important that we know what an NFT is before we dive into the deep ocean of NFTs. So, let me try and break down what it is in the most humane way possible.
An NFT is a Non-Fungible token, which can be anything that has a digital footprint, it can be a music clip, a simple image, a video clip or literally a tweet from someone. Just like we buy or sell something in real life that is physically available to us, we can use crypto currency to buy something on the internet and it can literally be anything digital.
The way NFT technology works is that artists, traders or sellers just put something out on a NFT marketplace, mostly a trusted site where your digital asset is then registered on the internet as an NFT with a number of copies. For example, If I am a somewhat decent graphic artist, I can create a fan art of Messi that is unique and has the potential to attract Messi’s fans. I can then submit that art onto one of the trusted marketplaces, which will then register that art as an NFT which people will be able to buy using a cryptocurrency.
But it doesn’t need to be a marketplace, game developers are trying to use this technology to make trading easy for their players. Think of it like you are playing a CSGO steam game and of course the most popular thing that you can buy are Gun Skins in CSGO, but instead of that skin being available to everyone, the developers can sell it as an NFT and to make it super rare, create only 3 copies of it in the entire game. The CSGO players already love to throw their cash away, might as well do that using cryptocurrency.
Cryptocurrency and Digital Art
Now that we have a pretty solid idea of what an NFT is, let’s talk about how it affects the world of Digital Art. Apparently, Digital Art is the field that is most impacted by this new technology and for the BEST! Digital Art, be it fan art for some popular celebrity or a funny GIF that makes no sense at all, can be and actually are being sold for MILLIONS of dollars.
Digital Artists are making the most of NFT technology, so much so that the internet is getting flooded with new digital art NFT marketplaces coming out every single day. One of the most popular marketplaces is OpenSea that has become home to hundreds of thousands of NFTs that are being sold for millions of dollars in cryptocurrency.
NFT has given a new life to the digital artists, they can now create their favorite art and turn it into an NFT for a fairly low price considering how much profit they can get. Artists can even put their art for auction where people can place their bids on their NFT to buy. Which is exactly how many of the digital artists are becoming millionaires in such a short time.
However, many think that art-derived NFTs constitute a bubble that will ultimately collapse, critics say they point to the enormous potential of digital artefacts that survive online, offering an alternative to our present economic structures surrounding art. We are living in a time when the physical world needs to keep up with the digital sphere. This is a hybrid universe, where art and technology, music and animation are all connected by a single token.
Can you NFTs be copied?
This is where things begin to get very interesting, because you can ACTUALLY just copy the content of someone else’s NFT and make as many copies of the digital file as you wish. However that doesn’t mean that you HAVE the NFT that the person spent a million dollars on. Because NFTs, on the other hand, are meant to give you something you can’t get anywhere else: ownership of the work.
It’s becoming just like buying the original art for millions of dollars, which the other artists can also copy but there would only be one original art, that belongs to you and no one else.
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