If you have any questions about NFT art … we have answers
Chances are you’ve seen the headlines about NFTs making massive amounts of money for digital artists, the real people behind some of the biggest memes on the internet, and celebrities like Emily Ratajkowski and Eminem. But what is an NFT? Fortunately, we have answers all your questions about the bizarre new trend that includes models, rap artists, mid-00s memes, and millions of dollars …
What is an NFT?
Well, NFT stands for Non-Fungible Token. But let’s face it, knowing this probably isn’t that enlightening.
Basically, NFTs work in the same way as a certificate of authenticity. If you buy a well-known work of art, an antique, or a celebrity signature at auction, you will receive a certificate of authenticity to prove that what you hang on your wall is real. Unique.
It’s not that easy with digital artwork. Digital files can be reproduced in seconds – either by the artist saving another copy of their hard drive or by someone else who can access the file simply by duplicating it. In the world of digital art, how can you prove that you own the original?
Well, that’s where NFTs come in.
In economics, if something is a “expendable asset” then it can be easily interchangeable. Like money. If you exchange a £ 20 note for a £ 10 and two for £ 5, what you have in your hand changes, but the value remains the same.
If something is non-replaceable, it is impossible to change it with anything else and keep its value. Its value stems from the fact that it cannot be exchanged or changed.
So if you bought an NFT of your favorite digital artwork, then you own that unique file. It cannot be exchanged or exchanged. The value comes from the fact that you own the original, just as if you had an original John Constable painting in your collection.
NFT stands for Non-Fungible Token, but it’s a little more complicated than that
How do NFTs work?
NFTs use a similar technique to cryptocurrencies, such as Bitcoin. A record of who owns what is recorded in a general ledger, which is shared around the world. Thousands of computers keep the ledger, so it’s impossible to simply modify the records to claim ownership of something you don’t have – as there are thousands of witnesses to the contrary.
These machines maintain and update the ledger, as this is one of the few ways to “mine” cryptocurrencies. By verifying transactions with these digital coins and registering ownership of digital artworks through NFTs, these machines can slowly work towards earning a small piece of Bitcoin for free.
But while this was a fairly straightforward task anyone with a semi-capable desktop PC could do in the early years of cryptocurrency and Bitcoin, these coins are in so much demand – not to mention that there is a finite number of these coins is – means that serious computing power is now required to get any result out of this ledger maintenance.
Even if you don’t own the NFT, can you just copy a digital file?
Yes of course. If you see an image online, you can take a screenshot of it and set it as your desktop background. The fact that someone might have spent a small fortune on that image’s NFT won’t physically put anything on your machine.
However, you will never own that image as its rightful owner is captured in the millions of Bitcoin and cryptocurrency transactions that take place every day in the shared ledger.
How Much Do NFTs Cost?
Well, that’s what we’re discovering right now. In theory, anyone can tokenize their work to sell it as an NFT now. Do you have an old version of that novel you’ve been working on for the past decade? An old resume? The only limit is whether there is interest from bidders.
This year was huge for the sale of NFT. In February, an animated GIF of Nyan Cat – a popular 2011 meme of a flying cat with the body of a Pop-Tart shooting out a rainbow – sold for over $ 500,000.
A few weeks later, musician Grimes, who is married to SpaceX billionaire Elon Musk, sold some of her digital art for more than $ 6 million. Twitter founder Jack Dorsey has stepped in and sold an NFT of the very first tweet on the social media website, with bids of $ 2.5 million.
Digital artist Beeple set a new record of $ 69 million (£ 50 million) for his entire digital art collection, which he produces and shares every day on Instagram.
In addition to a leap of faith, Emily Ratajkowski and rapper Eminem have announced plans to auction off NFTs. The model confirmed the news on Twitter, writing, “In a step towards my ongoing effort to reclaim and control my image, I am delighted to announce my first conceptual artwork ever to hit the market, a NFT entitled Buying Myself Back: A Model for Redistribution.
“The digital realm should be a place where women can share their likeness as they please, control the use of their image and receive all possible capital. Instead, the internet has more often served as a space where others exploit images of women bodies without their consent and for the profit of another. Art has historically functioned in the same way: works by unnamed muses are sold for millions of dollars and build careers of traditionally male artists, while the subjects of these works are nothing. received.
“As a model, I am all too familiar with this story, as recorded in my 2020 essay @RTLNews, Repurchase myself. Using the newly introduced medium of NFTs, I hope to symbolically set a precedent for women and property online, one that allows women to have ongoing authority over their image and receive rightful compensation for its use and distribution.
“This work is up for auction @ChristiesInc Day sale post-war and contemporary art on May 14. “
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