I gave myself a crash course on NFT (Non-Fungible Tokens) over the past month and have since launched my Crypto Art Collection.
The first couple NFT’s I released have already sold and I’ll be releasing more soon.
A month ago most of us had never heard of NFT’s.
If nothing else you might have heard rumblings about an artist known as “Beeple” who sold a JPG of his art for $69 Million. (Yes, I think this is insane. From interviews I’ve heard with him, I think the artist does too.)
WTF is an NFT?
If you’ve still no idea what an NFT is (it’s a bit too much to explain here), it’s worth your time to get lost in a YouTube rabbit hole.
NFT stands for Non-Fungible Token which refers to the uniqueness of the art/music/whatever being sold. (As opposed to cash or even bitcoin which is identical. Example: You wouldn’t care if I traded you a $10 bill for ten $1 bills). NFT’s are one of a kind.
For now, let’s just try to wrap our heads around the fact that thanks to blockchain technology there’s finally a way for Artists to finally be able to sell Digital Art to Collectors. This is potentially great news for both creative people and for investors and collectors alike.
Your ownership of the art is verified on the Blockchain. Think of this as your Certificate of Authenticity
Why would you want to own a digital file of art?
There’s lots of reasons. Here’s a few:
- In many cases, you’ll have exclusive access to the high-resolution files of art. In my case, I normally hold on to my hi-res files like Gold. Most artists do. So this is a change of protocol for me.
- Street cred and prominence. Why do we care about Blue Check Marks on Twitter and Instagram? Why do likes and followers matter? We live in a world influenced by the virtual and this will be no different.
- Investment – If you believe in an artist (like me) and believe their/my career is on a long upward trajectory, so too will the demand for their/my work. More demand equals higher prices for resale and new sales.
- Scarcity – Once it’s sold, it’s sold. This also drives up value.
- Decor – Art will be more and more displayed digitally and NFT’s will empower that.
Anyway, this is also cool for me, because I’ve been using Photoshop and other apps to make art literally since the 90’s. I have not only a lot of digital art that I’m very proud of which I never before had a way to sell the originals of, but this is also exciting because I can bundle tangible prints with digital assets as well.
Ok, enough nerd talk. Check it out here: https://jayalders.com/nft
I think NFT technology is the future. NFT is not only very expensive eight-bit pictures, it is something more. This technology allows you to prove ownership, removes unnecessary intermediaries from the transaction and the history of all transactions is open and transparent. But creating an NFT and selling it are two different things. Undoubtedly, the sale of your NFT will involve difficulties for which you must be prepared.