In recent times, NFT talk and its hype has undoubtedly broken the internet!
From platforms like Twitter, TikTok to CNN News, this topic has grabbed everyone’s eyeballs and left millions of people wondering what it exactly is?
The recent rise of NFTs has revolutionised the creative industry too. From graphic designers to rising artists, the digital illustrations of NFT art is preferred by all.
So, whether you are a budding artist or a novelist in the NFT universe, you cannot undervalue or ignore the power of NFTs.
Dig deep about the NFTs and their ever-growing importance in the world of art!
About NFTs
NFTs are today’s token of success in the digital landscape!
NFTs or Non-fungible token is defined as a digital asset. These digital assets have become a viable solution for the artists to create a financial value from the artwork they are producing on the digital platform.
Since each of the NFT has its own identifiable code and the metadata, it can’t be replaced. The NFT market is significant for all the investors and collectors who are interested in buying or selling of both the physical and the digital art.
These digital files can’t be touched; they are just a fungible token. Think of it in terms of money; A bill of 100 dollars can easily be swapped for five bills of 20 dollars, but they still hold the same value. Thus, it means that a 100 dollar bill is regarded as a fungible token.
The success of any digital artist in the ever-growing NFT world is centred around the NFT project he is undertaking.
About NFT Art
Have you heard of it?
A meme called “Disaster Girl” original photo was sold for 500k$ this year!
This is not the only example. From the past few months, non-fungible tokens have created quite a buzz in the art and technical industry. What started as a new technology once, is now joined by major brands and celebrities.
The emergence of the NFT concept has brought an artistic revolution for artists to sell their art. Investors often rely on the art galleries or on the auction houses to buy and sell new and exciting art.
NFT art is defined as collectible digital assets which are highly tradable in the digital world. Every NFT in its digital form is unique and cannot be duplicated. Thus, making them rare.
NFT gets their values because the transactions too proves ownership of art. When you own any NFT, you can keep it or wait for its value to appreciate and then you can sell it or trade it.
How to buy or sell an NFT art?
To buy or sell an NFT, a buyer or a seller should first identify the blockchain to be used for the transaction. After that, a digital wallet should be secured which is holding the blockchain.
metaMasks, Coinbase Wallet or Trust Wallet all use digital currencies to buy NFTs digital art . There are multiple NFT marketplaces which allow buyers or sellers to connect the digital wallets to buy NFTs like OpenSea and Minetable.
Some digital artists also post their artwork on social media platforms like facebook, instagram so as to attract buyers.
What is the technology used for NFT artwork?
Blockchain technology is the backbone behind the NFT artwork!
The unique and decentralised nature of blockchain technology helps in creating new ways to produce or acquire digital paintings. The use of blockchain encourages big collectors and dealers in the artworld to buy them.
This move has eliminated the mediators who may seek to cut down the profit on art sales. For any art investor, a model over a blockchain would give more incentives to back and encourage new and promising talent in the growth of their artist journey.
How do artists price their NFTs?
Any artist can make any token and sell its creation as NFT. though, its interest has garnered through million-dollar sales.
Well, while valuing the price, one thing is sure. The specific value of any of the objects is not defined by resources put into it and the time spent on it. Though, any object’s value is determined by the individual buying or selling that object.
For instance; one of the highly popular animated GIFs “Nyan Cat” is sold for 5 Lakh dollars.
Only after a few weeks, the well-known musician Grimes also sold her tokenized artwork for 6 million dollars.
Jack Dorsey, the founder of well-known Twitter, sold Twitter’s first tweet for 2.5 million dollars by making its NFT.
These examples show that the price of any artwork is basically dependent on how the community is producing it.
Reasons behind NFT Artwork’s Momentum
There would be several reasons that support the answer of why NFT artwork is gaining so much popularity.
Freedom of Expression
The NFT system boasts incredible ability for artists to express themselves. As digital art has no limitations as artists are not only confined to canvas. In NFT world, artists can put their creativity in the most amazing form while thriving in the online marketplace.
With the usage of NFTs, you can express your opinions while showcasing your talent.
No Mediator
You can sell your digital art without the involvement of any middlemen. The artists who produce NFT also form online groups where they can help each other or communicate on the new NFTs.
Proofs
The FT movement is evidence that technological developments like cryptocurrency or blockchain have the power to change the world.
Advocates of blockchain too ensure that it can help companies while ensuring their transparency with streamlining processes and reducing businesses. The artists can sell their artwork without the need of anyone’s involvement or interference.
Winding Up
NFTs are undoubtedly an ever-growing or ever-evolving process. In the artwork and technical industry, NFTs are holding great importance.
Get to know more about them by taking part in digital illustration courses and find your irreplaceable place in the popular NFT world.
