NFTs or Non-Fungible Tokens is currently the headline of 2021. In this article, I am going to explain what NFT is and how it is revolutionizing the world.
NFTs are digital token and hence every digital token says this is the original of digital art, the image can be replicated but the token can't. The original can now be bought and sold and more importantly collected like fine art.
Like if you bought a Picasso’s painting you know what you're getting, a Canvas with some paint on it but what makes that painting special is the person who put the paint on there and the fact that there is only one canvas out there with paint on it in that particular way. That’s what makes the painting rare only one person can own it.
Over the last year, NFTs have dramatically changed the art world, and to be honest, they flooded with a lot of money. It has completely changed the art world and I know it sounds hyperbolic but there is some truth there, like if you're making digital art of any kind you should probably at least know what NFT is and what opportunities it can provide to your work. So I’m going to try my best to describe it.
So let's do this NFT or non-fungible token is the token that says “Hey, I’m the original the reason the token can't be duplicated” is because it lives on the blockchain. The idea is simple a Blockchain is a digital record of transactions. With NFTs involving in blockchain will help in tracking the ownership of any of these pieces, the person who owns it can then resell it or license the rights to a museum to display it or even control the conditions under which it's displayed.
So there arises a question that how do you take this digital piece of art that you created and turn it into something with a token on it that someone else would buy? Actually, there are websites and marketplaces that allow you to upload your art and then add it to the blockchain and then sell it.
Sites like Rarible and OpenSea are probably the most newbie-friendly sites. One thing that is clear is that the lower the bar is for entry for anybody to just get in the more people are just going to be jumping in and
Posting whatever they want to make some quick buck but and this is where it gets interesting. There are sites out there that are more curated sites like super rare and nifty gateway. And these act like more traditional art galleries or dealers curating artists and pieces that they show and those they sell and this is where established digital artists are making hundreds of thousands of dollars selling their work this way over the last few months.
So can any artist with a following just jump in and make money?
-First, you needed to buy some cryptocurrencies most of these work with ether.
-In order to use it on the site you needed to get a digital wallet.
-Then you needed to connect that digital wallet to the site.
An Interesting piece of news for Digital artists out there is the Royalty System. Whenever you create an NFT on a site you set a percentage as a Royalty for secondary sales. Like if you sold an NFT to a person for $1000 and that person further sold that NFT in the future for $10,000 you get $1000 in your pocket if you set a royalty of 10% and this chain goes on and on.
So that is a beginner guide from my side for all the people out there who don’t what the NFT is, I hope the article was as of your expectations and you really get to know about NFT or digital artwork. As of now, NFT is surely in its early stage and we should try to get as much information about this digital artwork as possible.
