NFT stands for Non-Fungible Token. In Economics, a fungible asset is anything like money that has units that can be easily exchanged. In the digital world, NFTs are "one-of-a-kind" assets that may be purchased and sold like any other piece of property, but they have no physical presence. The digital tokens might be compared to ownership certificates for virtual or actual assets.
While buying an art piece is unique, even these NFTs are unique as they each come with digital authenticity.
They are also called Crypto art because anyone in the world can just buy artworks using an active internet connection. For example, if an artist has made an animation piece it would be linked with a fraction of cryptocurrencies for digital authenticity and if I sell it then in the resell the artist would receive a part of the resell, while in real life he/she wouldn't.
NFT artists use softwares to make art which showcase characters, political views, cartoons, sportsmen, abstract etc. Many people showcase their NFTs on digital art frames and many artists collaborate with notable celebrities such as Elon Musk, Shawn Mendes, Snoop Dogg, Eminem, Paris Hilton, etc. Several musicians also add music to those animations.
NFTs have been recognised by countless people around the world as the next big step for the art world. The World-renowned auction house ‘Christies’ has also auctioned NFTs for millions of dollars. An artist called Beeple sold his artwork for 70 million dollars.
You must be thinking about what to do with an animated gif made by someone, well, let us answer that with another question. What would you do if you bought the Mona Lisa painting as an NFT? What value would it hold? One can be seen as some paint on a canvas while the other can be seen as just a GIF. The value lies in the expression by the artist. Many people have bought digital artworks and made virtual museums to display them so everyone can see them in an immersive experience. I urge you to go and check out this whole intriguing world, you will definitely be fascinated!
“Nobody ever changed the world by doing what everyone else was doing”- Mark Cuban
Digital depiction of NFTS
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