NFT Art: Explained Simply

NFT blockchain

Many of you must be wondering what all this NFT hype is about, what is NFT and how did it become so popular? Let me explain what NFT is in a simple way.

So, What is NFT?

NFT stands for Non-Fungible Token, its a unit of data on a digital ledger (for example, a blockchain) that can represent a unique digital item and provide proof of ownership of the NFT.

While anyone can see, download, print and hang a digital artwork, only a select few can own just that piece. This is like a property or the “starry night” by Da Vinci, it’s one of a kind. you can always take photographs of it and own posters, but there will only ever be one original painting.

Look at it as a “one-of-a-kind” asset in the digital world, it can be bought and sold like any other piece of property, but they have no tangible form of its own. Some people see it as buying air.

The digital tokens can be thought of as certificates of ownership for virtual assets.

I’m an Artist, Can I Make an NFT?

The simple answer is yes, anyone can sell NFT art. You can create art, turn it into an NFT on the Blockchain (in a process called ‘minting’) and put it up for sale on a marketplace of your choice – Imagine Instagram but with purchasing capabilities. To create an NFT from your art, it can be anything digital such as a photograph of your artwork or digital created art (if you are a digital artist), 

Digital art

What Platform Can I Use?

A popular platform you can use is OpenSea, it’s a marketplace for digital goods, including collectables, gaming items, digital art, and other digital assets that are backed by a blockchain like Ethereum. On OpenSea, you can buy, sell, and trade any of these items with anyone in the world. There are other marketplaces you can use other than OpenSea, such as Rarible. Do your research and decide which one would be best for your NFT.

drawing on ipad

What are the Pros and Cons? 

Pros

Even though there are many advantages like allowing you to financially support artists you like, the transactions being highly transparent, improving authentication processes and reducing the need for third-party actors like agents and a platform for digital artists to earn money from their work, there are still a few things to look out for.

Cons

There are a few disadvantages. There is some controversy surrounding its impact on the climate. According to CryptoArt.wtf, a site that was created to track NFTs carbon footprint, calculated that a GIF called ‘Coronavirus’ consumed 192kWh in its creation. That’s equivalent to one European Union resident’s entire energy consumption for two weeks. Due to this carbon footprint concern, some artists have decided to not create NFTs.

Another con is the legal consequences, for example, if you have an NFT and a virus attacks it, who would be held accountable? The seller or the buyer?

Examples of Successful NFT Sales 

  • Logan Paul (a famous YouTuber) sold video clips, that you can already watch on YouTube for up to $20,000. He also sold NFTs of a Logan Paul Pokémon card, making 1 million in 30 minutes.
  • Beeple who had never previously sold any artwork for more than $100 recently sold an NFT of his work for $69 million. Recently, people have begun to notice that this work includes very offensive sexist and racist content.
  • Elon Musk is currently aiming to sell his tweet as an NFT for $1.1 million

All in all, NFTs are becoming extremely popular amongst everyone, artist or not, as there is a way of making money through NFTs. Just find the right piece to sell your NFT, create a digital wallet such as MetaMask and begin to upload you work to NFT marketplaces like OpenSea.

If you would like to gain in-depth knowledge and improve your art skills in a specific medium, I have created art courses for you that I have reduced in price by 50% for you all to enjoy during this difficult time.

online art courses

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