Art lovers and digital media enthusiasts alike have been intrigued with the rise of the NFT over the past year. This new phenomenon is equal parts exciting and confusing. You may have read about pictures of apes and memes selling for millions of dollars, proving that the NFT is an impressive way to raise funds for artists. But what exactly is an NFT, and why should you consider investing in one? We’ve outlined the reasons in our introductory guide to understanding NFTsArt below!
What Is An NFT?
An NFT is a non-fungible token, a term that likely sounds as vague as its acronym.
Essentially, an NFT is a unique digital asset in the form of media. It can be a video, an audio clip, a GIF, or, more commonly, an image.
What sets NFTs apart from other types of digital media files is that they are always linked to a cryptocurrency coin’s blockchain. The most popular NFT chain is linked to Ethereum (ETH), the second largest cryptocurrency after Bitcoin. They can also be found with Solana (SOL), Polygon (MATIC), Klaytn (KLAY), and Avalanche (AVAX).
NFTsArt: More Than Just A Jpeg
One of the biggest misconceptions about NFTs is that they are simply expensive jpegs. Although they are digital pieces of artwork, they’re also investments and excellent ways to support the art community.
Many artists are using NFTsArt as a digital platform to sell their work. Others are treated like stocks; consumers can buy NFTs to invest in artists and their companies. If you love an artist but are unable to visit their exhibition because you live on the other side of the world, or you don’t have space in your home for a physical painting, you can always support the artist by buying their NFT!
What Makes NFTs Unique?
NFTs in the art sphere are all one-of-a-kind. They are non-transferrable and cannot be duplicated, so every NFT can be considered a limited edition piece of artwork. This explains their high value - to date, the most expensive NFT was sold for an astounding 91.8 million dollars!
Before you head to an official cryptocurrency or NFT website, be sure to brush up on the terminology so that you understand what you’re signing up for.
- Blockchain: A system that holds a record of cryptocurrency transactions, maintained across several computers in a peer-to-peer network.
- Web3: The goal behind the blockchain movement. It refers to decentralizing the internet by creating a token-based economic system.
- Fellow holders: The community of people who own NFTs.
- Metaverse: A virtual reality that pertains to the NFT project. It can be in the form of a game or a virtual “world” that investors can visit.
NFTsArt by Ane Howard
Ane is now offering digital versions of some of her most popular pieces of artwork, such as Charles the Koi, Weeping Gaia, Disruptive Tech, and Love in the City of Angels. Will you be the next owner of a one-of-a-kind Ane Howard NFT?
See all of Ane’s NFTsArt pieces here!