NFTs. Crypto art. Blockchain. All these buzzwords are now on everyone’s lips. Nowadays, the news is spreading so fast that even the most ardent Internet users can barely keep up with the hectic pace. NFT art has suddenly become another fast-growing virtual trend extending its influence on the real world. As a matter of fact, the world-known auction house Christie’s has recently sold a collage of digital images titled “Everydays: the First 5000 Days” by Beeple (Mike Winkelmann) for a mouth-watering $69 million.
Surprised? To clear up your confusion, here are five key points that you should know about NFTs and crypto art right now.
Understanding NFT art: 5 key points you should know
1. NFT is a type of cryptocurrency. In a nutshell, NFTs are part of blockchain technology. They are non-fungible tokens, a set of data stored in a virtual form. Unlike other cryptocurrencies, they are unique and not interchangeable.
2. NFT is not only painting. In fact, it may take any shape — music files, videos, and even something in-between. In other words, it is everything that can be stored digitally and has some value.
3. The value of NFT art is not yet defined. There is no much difference between an original piece of art and a copy of a file. That is why there is still a lot of confusion when it comes to value.
4. You need to have a crypto wallet to buy such art. Though some artists have started selling their art for real money, the majority of platforms are tied to cryptocurrencies.
5. Major artists and celebrities have already started selling NFT artworks. Grimes, Jack Dorsey, Blake Jamieson, Lindsay Lohan, and many other famous people and brands are now on-trend.
NFT art has yet to stand the test of time before we can call it a full-fledged movement or a separate branch of digital art. For now, all we can do is wait and see where it goes. Stay tuned!