NFTs; What they really are...

Just when you thought cryptos couldn’t get much more spectacular than the Bitcoin bull run, NFTs (non-fungible tokens) swooped in and took the world by storm.?

NFT art, in particular, is gaining popularity on a global scale. All due to renowned artists who experimented with this novel fusion of art and cutting-edge technology.

In October, a Miami-based art collector paid almost $86,000 for a 10-second video artwork sold as an NFT. And then, in February’s final week, he sold that digital art NFT for a stunning 6.6 million dollars.

As if that weren’t enough, a group of users took things a step further by setting fire to a $100,000 work of art by renowned street artist Banksy to produce a non-fungible token of it.?

They then sold the NFT of that artwork on the prominent NFT marketplace OpenSea for a whopping 390,000 dollars.

Doesn’t that all sound insane? Let us assist you in making sense of it. And who knows, perhaps by the end of this piece, you, too, will be inspired to develop your own NFT. Not to worry; it’s simpler than you might believe.

See also: Bxmi Nft Has Now Integrated Mobile Minting.

?ONCE AGAIN,WHAT IS AN NFT?

Source: Unsplash.com

The term “fungible” refers to something that is not self-contained. Banknotes, a company’s shares, a piece of candy in a Halloween candy gift box, and so forth. You can exchange one for another at no cost.

On the other side, non-fungible objects are the polar opposite. They are one-of-a-kind or extremely rare and cannot be replaced with similar things. Consider an old pocket watch that was a gift from your grandfather. It is entirely unique and represents data or emotion that cannot be completely replaced by anything else. It is incombustible.

The same is true for works of art such as Leonardo da Vinci’s Mona Lisa or Vincent van Gogh’s Starry Nights. Each work of art can have numerous copies, but there is only one original. Additionally, it is non-fungible.

If you represent any of these assets on a blockchain with unique crypto tokens, you have non-fungible tokens or NFTs. These NFTs are kept on a blockchain and serve as a means of establishing ownership of any physical or virtual asset.?

See also: Exclusive WBC Nft Launches Today With the Legend Boxing Star in Boxing History; Floyd Mayweather!

Additionally, because NFTs are based on the blockchain, they are safe and unchangeable, preventing data from being altered.

NFTs’ capacity to represent the uniqueness of goods in a provably secure manner is expected to assist a wide variety of sectors.?

In gaming, NFTs can be used to represent unique in-game objects, purchase and sell unique artwork, possess the copyright to music records, and represent property rights, among other things.

WHAT IS THE CAUSE OF THE NFT ART HYPE?

Going digital is occasionally exhilarating, occasionally amusing, and occasionally a combination of the two. Additionally, breeding digital cats sounds both amusing and fascinating. Indeed, that is where the hype surrounding NFTs began.

In 2017, a Canadian company released the Ethereum-based NFT game CryptoKitties, which enabled users to breed rare and adorable digital cats. On the distributed ledger.

Due to our inherent affinity for cats, the game gained popularity and the NFT space made its first significant breakthrough.

While innovation persisted, enthusiasm for NFTs waned before it could spread outside the crypto community.

See also: How to avoid an NFT scam.

2020 changed all of that when the COVID19 lockdown mandated that everything be digital. The lockout compelled residents to adopt a more digital way of life.

Offices established work-from-home policies, schools and students adapted to e-learning, movies began to stream on Netflix and Amazon Prime, shopping got less tedious with online shopping being the only choice, and artists turned to digital art to express their creativity.?

That’s where NFTs came in, demonstrating an innovative method for these artists to make and sell digital art online.

And here we are, in the midst of a brand-new era of artwork acquisition and sale.

WHY SHOULD I SPEND MONEY ON INTANGIBLE NFT ART?

Source:(bxminft.com)

With all the digitization happening around us, there is no way we are not already spending money on intangible goods. Even if objects are intangible, gamers continue to purchase new skins and in-game items for their favorite games. This does not prevent music fans or movie fanatics from subscribing to Spotify or Netflix.

Thus, there is no reason why art collectors should be prevented from purchasing legitimate artwork by digital artists such as Beeple and Lushsux who have embraced NFTs. Art collectors are compelled to spend their money where they discover the best artists’ work.?

Even Twitter’s founder, Jack Dorsey, offered his first tweet for sale as an NFT. Dorsey’s tweet, “just setting up my twttr,” drew offers of up to two million dollars.

However, you may wonder why anyone should pay attention to NFTs when the art they represent may easily be replicated and tied to a new NFT, or when the artworks represented by NFTs are excessively pricey. And, most importantly, why would anyone pay for an intangible work of art?

Sure, they can be replicated and matched to a new NFT… just as Louis Vuitton bags are copied elsewhere. However, this does not detract from the value of the original product.?

Furthermore, because of the nature of blockchain technology, no two NFTs will ever represent the same data, and you can always tell the original from the duplicated version by comparing the two NFTs’ timestamps.

See also: How to connect your Metamask wallet to the BXMI NFT platform.

ARE YOU READY TO CREATE NFT ARTWORK?

You undoubtedly have reservations about whether or not NFTs are truly worth a shot. However, consider the conventional art world for a moment. You see art galleries and individuals paying hundreds of thousands or even millions of dollars for artwork… and suddenly you are confronted with reality.?

Only a select few can make a living from it under the correct circumstances. Even then, they must split the revenue generated by the sale with multiple parties participating in the transaction.

The world of NFTs is somewhat distinct. It gives you, the artist, complete control over the strings that comprise your artwork. NFT marketplaces are worldwide in scope, exposing your artwork to a global audience. You are not required to sell your art through a gallery or an agency.?

You are not required to split your revenue with intermediaries. Indeed, NFT markets keep you constantly informed of the sale of your artwork. Each time your artwork’s NFT is traded, you can earn a reasonable commission.?

Additionally, you can at any moment establish the validity of your work and establish that only one individual is the genuine owner of your artwork at any one time.

Overall, the entire NFT artwork ecosystem fosters a more democratic environment for buying and selling artwork.

If this sounds like something you’re interested in, it’s worthwhile to learn how to create NFT art — you could be the next Beeple!

See also: Step by step guide on how to buy NFTs on the BXMI NFT Platform.