With so many tech terms out there, it’s easy to get caught in the proverbial virtual shuffle. One of the most trendy terms is NFT or NFT art. The letters NFT stand for Non-Fungible Token, which means that each piece of NFT art is unique and can never be replaced with something different. As an example, a gold coin is fungible which means you can trade it for another coin or exchange it for exactly the same gold coin. However, a rare antique or hand-painted work of art is non-fungible since it can never be replicated exactly the same way. Trading a rare work of art will never guarantee you get the same thing in return, and that’s what makes NFT art such a desirable commodity.
When you see the term NFT, know that it’s part of a cryptocurrency blockchain called Ethereum. This cryptocurrency is like bitcoin, except that Ethereum supports NFTs so that they store additional information that makes them unique. Other blockchains are able to implement their own version of NFTs, but they will be unique in their own way. You can find NFT art in the form of digital drawings, paintings, or music. Currently, art is the most popular and highest selling form of NFTs. Many people consider collecting NFT art the same as collecting fine art by famous artists. The chance to own something that no one else will ever have or ever be able to truly replicate is part of what’s driving the desire to find new NFT art and to pay crazy high prices.
Some people are paying top dollar for NFTs, like a recent video made by Grimes that sold for a whopping $390,000. Another NFT video by Beeple sold for a jaw-dropping $6.6 million after it was sold at an auction at Christie’s. The craziest part about NFT art is that normally, you can copy digital files as much as you want and distribute them to other people. However, NFT art cannot be copied, and the ownership of the work remains with the artist since they retain their copyright and reproduction rights. Anybody can find an awesome Van Gogh print, but only one person will ever own the original. Now that you know a little bit more about NFTs and NFT art, you can start to scour the web to find out what amazing pieces you can uncover. Just make sure you don’t pay too much for it!