NFT and its relevance to Digital Artworks
Have you recently seen #NFT, #NFTs#NFT #NFTart #cryptoart as hashtags on Twitter or other social networks? What is NFT art?
In February 2021 a hype started when US-American digital artist beeple’s work “Everydays. The first 5000 days” was the first NFT artwork to be listed in one of the major auction houses Christie’s. A few days before, the meme animation Nyan Cat had been sold on an internet marketplace for 600,000 USD.
What is NFT?
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable.
What is the application of NFT?
Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art, digital collectibles, and online gaming.
Why is NTF relevant to digital art?
Art was an early use case for NFTs, and blockchain in general, because of its ability to provide proof of authenticity and ownership of digital art that has otherwise had to contend with the potential for mass reproduction and unauthorized distribution of art through the internet.
When you buy an NFT, you are buying a token and the work of art linked to it. The transaction is registered on the blockchain, a decentralised database. The work can be unique, or in editions but each token is unique to that work. The purchase of the NFT, registered on the blockchain, provides a permanent record of that purchase and provides proof of ownership.
You can display it on your computer or TV, print it out, or resell it. While anyone can print out or display an image from the internet, that image does not belong to them and they cannot trade it, so NFTs protect the artist’s authorship and make a secondary market possible.
Payment is generally made in cryptocurrency; no doubt stimulated by the boom in cryptocurrencies, the market for NFTs is growing.
NFT art goes viral and Heads to Auction
NFTs are not new; they’ve been around for years now. It all started in late 2017, when the CryptoKitties project rocketed to popularity. CryptoKitties is a game on the ethereum blockchain that allows participants to buy, sell and breed cats or special NFT tokens on the ethereum blockchain. Each token represented a unique cat that was produced by a smart contract. The legacy of CryptoKitties is undeniable: the project raised huge awareness of the concept of non-fungible tokens. But Christie’s sale has decidedly catapulted them into the mainstream, with digital creators reaping the benefits of the crypto-collectibles craze in enormous ways.
Although those from a more traditional art background will be horrified by most of the “art” offered as NFTs. Garish, jaggedly drawn faces, cartoonish figures, cute kittens… the images are often derived from video games, comics or fantasy movies. Meanwhile, other players in the digital field are getting interested.