A few weeks ago I have been seeing in different media the term NFT, its relationship with digital art and how it can revolutionize this area of art. The last news I found about it was Artstation’s refusal to include this system in its platform.
That’s why I think it can be very useful to explain in this article what NFTs are and how digital artists can take advantage of this technology.
What NFTs are?
NFTs (Non-Fungible Tokens) is a term used in the world of cryptocurrencies. They are the digital version of stamps, art or any other tangible or intangible product to which a number of users end up conferring a value. A digital Pokémon card is a good example of this new collectible stamp format.
NFT’s features
Unlike cryptocurrencies, NFTs cannot be exchanged with each other, as no two NFT tokens are the same. Most of these tokens (which can be coins, stamps or artwork, for example) are based on the standards of the Ethereum network and its blockchain.
- Unique. The owner of an NFT can certify that he or she is the sole and actual owner of the original work, thanks to the blockchain. It keeps a history of who has bought or sold an NFT and who is its current (absolute) owner, including the original creator from whom that digital asset was bought in the first place.
- Non-interoperable. You cannot use a token created under one platform and use it in another.
- Indivisible. Unlike cryptocurrencies, which you can divide into smaller amounts to trade with, NFTs have full value as a complete entity or token.
- Indestructible. It is stored in the blockchain as a smart contract which makes it impossible to destroy, delete or replicate.
- A only one owner. When you acquire the NFT token, you are the sole owner, no one else can verify that you have it, since you are not acquiring a license, like when you go to the movies or buy music. You acquire a digital asset that is unique in the world.
Market places about NFT
This is how the new generation of NFTs works: works by the most sought-after artists in crypto-space whose price will be whatever the market is willing to pay for them in the different market places. There will always be a desire to own art and NFTs are being well received by collectors and the general public.
Finally I leave you the 3 best known NFT market places where you can acquire these unique works or upload your own and try in this emerging market: Cryptoart, Opensea and Rarible. Of course, you will have to have cryptocurrencies to operate in these networks.
It may seem strange to find this kind of articles in a blog about graphic design and digital art, focusing on the world of blockchain and smart contracts, but having a direct relationship with digital art and being a market with possibilities that currently we can not even imagine, with a very powerful evolution capabilities that I think it is necessary to mention it and be attentive to its progress in the coming years.