WTF IS NFT AND WHAT’S WITH THE HYPE?

by Becca Ahern 3 years ago

by Becca Ahern 3 years ago 3 min

art, crypto, nft, nftart — Beeples/Christie's ©

NFT Art is the buzzword of the moment. Some people are investing millions into the venture and the rest of us are trying to understand what the hell it is. Azealia Banks NFT’d her sex tape, Twitter CEO Jack Dorsey is selling his first-ever tweet (he’s had a staggering $2.5 million USD bid for it) and even Lindsay Lohan’s crypto art sold for $59,000 USD. With crypto allegedly set to replace the future of banking as we know it, it’s time we understood what NFT is.

NFT Art has been around since 2017, so why are most of us playing catch up on the info? NFT Art are digital creations linked to a unique kind of cryptocurrency; ‘Non-Fungible Tokens’. Each NFT signifies a particular digital artwork or any digital medium for that matter, that can only be coded to one specific owner. The code is permanently recorded on the blockchain and cannot be changed, stolen or duplicated. Unlike standardised currency, NFT has no equal value meaning it cannot be traded for a standardized value. It will always remain as a digital entity.

NFT Art isn’t specific to images, it can be whatever the creator deems it to be; Azealia Banks is living proof, having sold her 24-minute sex tape titled ‘I Fucked Ryder Ripps’, for $17,000 USD. With NFTs flying off the digital shelves, buyers are taking the plunge, putting millions of dollars into the venture. In February, musician and artist Grimes sold $6 million USD worth of her digital art. An image and video series of Lebron James titled ‘Dunk From The Top’, is on the market for a minimum of $213,000 USD and Chris Torres’ ‘Nyan Cat’ went for $590,000 USD. With the fashion and tech world often intertwined, artist Fewocious sold his collaborative NFT with sneaker brand RTFKT. The digital image went for a staggering $3.1million USD in just seven minutes. But what is the attraction of buying a picture of a shoe you’ll never be able to wear? RTFKT created a physical sneaker to send with the digital work, showcasing that some physical value can come with NFTs.

Anyone who purchases an NFT will never be able to touch it or display it within their home and all the works of art can be viewed online for free, by anyone, anytime. So why are buyers parting with large amounts of crypto for art that can be easily copied and accessed with no physical existence? Much like any collector’s item, everyone’s after the original. Just as a replica handbag is frowned upon within the luxury fashion industry, so is a copied NFT artwork. The buyer is essentially purchasing a code that proves they own the property rights to the art, rather than having a simple screenshot copy. Talking of luxury, it will be interesting to see whether fashion will jump on this venture too.

Want in? Anyone can sell crypto art. Just create your digital file or artwork, upload to an NFT marketplace like Nifty Gateway or OpenSea and watch the bids roll in. So is this full-blown tech clout or are we on the verge of a New-Gen art world?

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