I’m a little late to the party, but I felt the need to talk about NFT art since I’m an “artist” myself and use the digital medium really often. The truth is: I’m no good with finances, the stock market, and bidding, but I do create drawings, paintings, and overall visual art digitally, so allow me to introduce you to a pretty strange topic, from my point of view.
What is NFT art?
The term NFT is an abbreviation of non-fungible tokens that are similar to other cryptocurrencies, such as bitcoin. But at the same time, are different from these cryptocurrencies because they are “fungible”, or better said, they all are worth the same. One Ethereum has the exact same value as any other Ethereum.
The price of these non-fungible tokes can greatly vary since their value is decided by bidding. You can buy it, sell it or trade it all over the internet, and it’s been a “hot deal” since the beginning of 2021. NFT art consists of original pieces, usually digital ones or traditional ones that are later transformed into digital ones, that an artist can sell or trade and collectors can…well, buy and collect.
Now, the strange thing is: why would you buy a digital piece, that maybe was earlier a public, well-known piece (such as the Nyan Cat GIF, which was sold for $580.000) have any valued as a bought item if anyone can see it, download it and even print it? Well, the answer is a pretty symbolic one. You have the ownership of that concept, of that piece beyond the physical and even digital medium.
Is as if the artist and a bunch of other people and documents, tell you that the owner of that piece is you and no one else. You bought that idea. Pretty crazy, right?
What is happening with these NFT art pieces?
The NFT marked exploded! Collectors, sellers, creators, or even just spectators have grown an immense interest in these pieces. You can basically sell everything that has a bit of originality: from intricate art pieces to photos and GIFs to even memes. Yes, memes. You can make a pretty big amount of bucks by selling original memes.
It can be a great way of making money out of something you like, or something you find easy and this can help you boost your business and invest. Cryptocurrencies are cool, but NFTs can be even cooler, right?
What will happen from now on?
Eh, it’s kinda hard to predict, but from my point of view, this whole craze over non-fungible tokens won’t last too long. Why? It’s easy to explain: it because of the main reason why they are so different from other cryptocurrencies. It is a matter of subjectivity and how the bidder, collector, or buyer sees its value, beyond the physical and even digital. If you have a bitcoin, unless the value of all bitcoin goes down, you’d still have 55k bucks, but with NFT? It’s much harder to predict how one single non-fungible token can change its value.
It may also be the curiosity of those who have mountains of money, or the luck of bidders and sellers that brought so much attention to this matter. It could be just a trend, and it could fade away as quickly as it became popular. There are also many cases of theft, of copying a piece and then selling it even though it is not original. This matter is kind of tricky, and personally, I wouldn’t try it. I don’t find it safe, I don’t think it has a steady base, at least for now. We will have to wait and see what the future will bring us!