Lately it seems that non fungible tokens (NFT) are the talk of the town. I’ve been seeing a lot of TikTok videos talking about NFTs. Some of this digital art are being sold for millions of US dollars. And no, I don’t do TikTok videos but I do love consuming the creative videos there.
In March 2021, The prestigious British auction house Christie’s successfully sold Beeple’s NFT called the “The First 5000 Days” for $69.4 million. So it might be worth your time to take out the old and dusty drawing pad and start to draft your own NFT.
So what is a non fungible token?
An NFT is data that is stored on a decentralized digital ledger which is commonly known nowadays as a blockchain. It certifies that the digital asset to be unique and therefore is not interchangeable. NFT’s is not unique to only images, you also represent it on audio, video and many more types of digital files.
NFT’s are unique and cannot be exchanged for a “like item” because there is nothing else like it. The blockchain records and verifies the authenticity and ownership of the non fungible token. Its like owning an original and verified version of a Mona Lisa painting and nobody else can claim that their version is the original painting anymore.
On the other hand, an easy example of a “fungible” item that is built on a blockchain is Bitcoin. It is exchangeable with another Bitcoin.
NFT’ provide indisputable ownership of a digital object that you’ve purchased despite the fact that digital items can be easily reproduced and most times it only takes a press of keys “Ctrl + C” and “Ctrl + V” to achieve it. In order to verify whether the person claiming that he is holding the original art, it is as easy to refer back to the blockchain to check the person’s claim.
Do non fungible tokens really have value?
Some people opine that the rising value of digital art that is combined with blockchain technology is evidence of an economy that has gone mental. On the other side of the bank, people are seeing it as a flourishing investment opportunity that is representing the next evolution of art.
I think it’s similar whether it is physical or digital art. Both can be reproduced but having the original is where the value is at. Imagine Van Gogh waking up from the dead and creating an NFT and then going back to sleep again, I’d say his original digital art would fetch millions too.
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I want to create my own non fungible token art
So you want to jump in on the NFT hype train do ya? I fully support that. If lady luck is smiling widely, you might just be the next person looking at $69 and a lot of zeroes training behind in your bank account.
Creating an NFT is the simple part but first and foremost you need to decide on which blockchain do you want to issue your crypto art on. The most popular selection would be on the Ethereum blockchain which is currently the leading service for non fungible token issuance. This means that your NFT would potentially have a wider pool of buyers.
Other blockchains that are becoming increasingly popular with NFT issuance are
- Binance Smart Chain
- Flow by Dapper Labs
Each of the above listed blockchain has their own NFT standards, wallet services and marketplaces. For instance, if you issue your NFT using the Polkadot blockchain, you will only be able to sell them on marketplaces that support Polkadot. You might lose out on the huge pool of buyers who are on Ethereum but then again you might just be able to carve out a niche and make a killing from buyers on the Polkadot blockchain.
Once you’ve got that figured out, time to squeeze those creative juices and start to create your own unique digital art on your computer or tablet.
Where can I buy or sell these non fungible token artwork?
The largest Ethereum based NFT marketplace currently is OpenSea. Currently it does not cost you any ‘Gas‘ fee to list your NFTs there.
If you’re looking to buy, there are a lot of beautiful and creative NFTs. If you would like to start a hobby of collecting digital artworks, you can’t go wrong by browsing OpenSea first.
Conclusion: Non fungible tokens are here to stay
Sincerely, I think that NFTs are in for a long run. By end of 2021 it is expected that the NFT market will exceed $1.3 billion as artist, personalities and popular brand begin to flock the NFT space.
With that being the case, if art is your ‘thing’, now is the best time to get into the game!