What is an NFT? An NFT, or non-fungible token, is a unique digital asset that represents something else, such as a photo, song, video, artwork, or other digital collectible. Unlike cryptocurrencies like bitcoin (BTC) and ether (ETH), which are fungible and can be exchanged for other assets depending on value, NFTs represent rare items that cannot be exchanged for others.
Let’s imagine that you transform your work of art into NFT, you will get a digital certificate which contains all the information. Who owns it, how much was it bought, sold for…
You can compare this certificate to a key, only the key holder can access the NFT.
All transactions carried out on the blockchain are searchable, this system allows traceability and infallible authenticity. Everything is extremely secure by the very complex algorithms used by the blockchain.
NFTs are essentially a way for artists to establish the value of their work on the blockchain. Fractional ownership is also possible, which could have profound implications for the futures art market. As a result, NFTs have transformed digital art into an asset class that investors and collectors cannot ignore.
A survey of 1,500 collectors found that 70% plan to buy more NFTs in 2022. Investors invested $230 million in NFTs last week.
The frenzy surrounding NFTs has also been fueled by celebrities like Elon Musk, and Lindsay Lohan’s brother, Cody Lohan, who recently became a millionaire after spending $100 on an NFT related to a meme he created called ” How It Started / How It Happens.”
Many collectors have been reluctant to enter this market due to lack of understanding. If the terms, smart contract, block chain… scare you, Network Art helps you to digitize your works of art.
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