Innovation online continues to expand at a faster rate than many of us are able to keep up with. If you’re still struggling to figure out what TikTok is, then you’ll definitely feel lost at the latest online buzzword: NFT. But, what are NTFs?
what are NTFs, also known as a non-fungible token? There is a lot of controversy surrounding these digital assets, with some being valued at over one million dollars.
There’s a lot to understand, so read on and we’ll walk you through the basics.
What are NTFs?
As we mentioned, NFT stands for non-fungible token. But you likely don’t know exactly what that means either. Fungible refers to assets that can be switched out for something of equal value, in the same way, that a $20 bill might be traded for two $10 bills.
Non-fungible, then, means that the item can not be traded for anything. It is one of a kind and there is no real replacement or equal for it. Art of all kinds has been considered non-fungible assets for all of history.
There’s only one Mona Lisa after all, and a photo or replication of the Mona Lisa is not the same thing as the original thing.
What Is NFT Art?
What are NTFs in art? When someone makes something digitally, there is an original version of that file as well. The NFT is considered a certificate of ownership meaning that you have the original version of a digital piece of art.
It would be like owning the Mona Lisa if the Mona Lisa were to be conceived originally online as opposed to in the physical world. If you’re looking for more information, there’s a lot of intel out there on the specifics of NFTs.
How Does It All Work?
It’s simpler than it sounds. What are NTFs? There’s a token that can be bought from the artist via cryptocurrency that proves that the purchaser is the original owner of the digital art.
The fact that the NFT is purchased via crypto is key because it demonstrates a digital ‘paper trail’ that can not be forged. Blockchain is a ledger stored on thousands of computers around the world, making it very difficult to avoid or forge.
Now, the images or art themselves can still be shared, duplicated, printed, and so forth, which might make the idea of paying for a token seem silly. However, people have printed and copied the Mona Lisa millions of times and the original still retains its value.
Beeple, an online artist, recently sold an NFT for a shocking $69 million dollars, which gives you an idea of what the market for NFTs might look like in the future.
There many online outlets that provide this certification, which is where to buy NFTs if you are interested.
It’s all quite shocking with a lot of strong opinions from people both in and outside of the arts community. Time will only tell if this all sticks around or is a passing trend in the world of the internet.
If you’ve been reading the news lately, the question might have presented itself to you: what are NFTs? The above information should provide the basics of what you need to know about this change in the art world.
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