Although Our Definition of Art May Differ, We All Love it. The Love of Art Has Given Birth to This Prodigious Platform, Check it Out!
The real mysteries of evolving world are still unknown. I mean yes, we do have proof of us being before Christ but who knows? While we battle these mysteries, a heap of marvellous inventions has been observed by mankind.
Everyone’s likings are subjective in nature, maybe you are influenced by the discovery of mobile phones that are currently in your hand or you may like that constant source of emitting light; bulb, one thing is for sure, technology has been the most prominent element of this evolution from decades.
While still, people debate about technology being a boon or a bane to humankind, there is evidence that proves that it is amongst the fastest growing sectors of the world. And today we are going to discuss a concept that has fused technology and art together, stay tuned because it’s going to be a sweet ride!
What is it?
Have you still not got that what we are here for? Well, we are here for NFTs. Every now and then people read about NFTs but still their zest for knowing exactly about it goes unravelled. Don’t worry, we’ll try our best to unravel that zest.
NFTs are Non-Fungible Tokens that are based on blockchain technology. Too much to take? To put it in short, anything fungible can be traded for something else. For example, there is Bitcoin and it can be traded for another bitcoin or some part of it. You are getting the exact same thing that you are giving. Now, when you trade let’s say, Pokmon cards, you will get something exactly different from what you gave, you might get an Onix for your Charizard.
These tokens work on the blockchain technology, more precisely, Ethereum Blockchain. Are they related to cryptocurrencies? Big time. They actually gained momentum from the Crypto communities.
NFTs are Non-Fungible Tokens that are based on blockchain technology.
What Can Be Considered as an NFT?
To answer your question in two words; anything digital. Anything digital could be sold as an NFT as long as you have proof of ownership. Twitters Ex-CEO, Jack Dorsey sold his very first tweet for $2 million USD.
Although this tweet was up for around 15 years, available for all to see, it still is but the ownership has been sold. What do you mean by that? You can tweet, screenshot it, do anything of it but just cannot use the same tweet on social media or you would be doing a copyright infringement.
It sounds complicated, right? Well, see it as blank paper. A blank paper is for everyone to use, unless and until you pay a price for it. Now, when you try to sell that paper, it won’t have any value unless you make something unique.
NFTs are those papers that are digitally stored on a ledger and are unique. Anything ranging from music, digital art, memes, tweets, videos etc. that verifies to be digital and owned by you can be an NFT.
What Is the Future of NFTs?Â
Talking about the future of NFTs, they can boom like tesla’s rocket in a blimp but there’s a catch. So, the future of NFTs can be very subjective. Some people still doubt the capabilities of cryptocurrencies and think they will fail miserably but some of those who believe in digital currencies think poles apart. We will try to understand the future of NFTs from everyones perspective.
NFTs have proven to be very beneficial for an artist who wanted someone to pay attention to their art.
Seller/Artist
Undoubtedly, NFTs have proven to be very beneficial for an artist who wanted someone to pay attention to their art. These may include small artists and art houses. It can give them the required platform and make them understand the real potential of technology and art.
For an artist, NFTs are the future. If everyone adapts to this method, there is no
limit to the potential that it can go on to.
Art Collector
Art collectors have also been the most prominent buyers of these non-fungible tokens. The real value of an art piece can be determined only by the right buyer. It may just be another JPEG image for you but the person who connected with that knows how unique it is.
For an art collector too, digital art is the future. It also spares them the opportunity to help small-time artists and make their art known to the whole world.
Investor
A big part of NFTs is where they are going to the traders and crypto enthusiasts. People have benefitted from cryptocurrencies and NFTs. Many crypto groups have said that they are not interested in NFTs but see them as potentially a good investment for the one who understands art.
Where Can You Buy NFTs?
As it involves digital art, many platforms like NFTically, Sandbox, Rarible, and Mintbox deal in NFTs. More recently, Binance has also started its NFT trading platform. The thing worth remembering is, as it is based on the Ethereum blockchain, most of them require Ethereum coin/token(ETH) for trading. ETH can be purchased on various crypto exchanges like Binance, Pancakeswap, and WazirX.
