That NFTs, Non-fungible tokenhas been in the active crypto market since 2017. It is during the year 2021 that we know better about non-fungible tokens with the auction of the digital work, Everyday: the first 5,000 daysmade by Beeple. This crypto art has reached millions of dollars.
Since NFT is an opportunity for an owner to make millions with a digital masterpiece. Crypto art is thus exciting in the opportunities it offers in the digital art market. To see more clearly, find out what NFT and the assets of crypto-art.
NFT makes digital art unique
For several months have NFT is the new phenomenon of cryptocurrencies, especially in the digital art world.
- Although the name, non-fungible tokens, still contains a lot of mystery to the public, you should know that the principle of NFT is as simple as any sale. This consists of selling or buying a digital work under certain deed conditions.
- In fact, today NFT makes it possible to acquire digital art entitled non-reproducibility, hence the term non-fungible. In the digital artistic universe, this type of purchase was impossible before, but with NFT we can provide a unique code for each digital work. In this case, each token is paid in Bitcoin or Ethereum to obtain the tamper-proof number of a digital work.
- With this new cryptographic platform, the Internet user can become the proud owner of a digital art in its original version, even though there are already millions of copies online.
- In a nutshell, NFT thus guarantees the authenticity of the work and gives the owner the license to use it. This gives him the rights to reproduce, resell and exploit digital art.
A blessing for the world of art
From another point of view is NFT is a real opportunity for the art world in general. It is a gift for artistic democratization, such a platform will give a wider audience the opportunity to purchase a digital work.
With NFT, the large family of collectors and big enthusiasts have the opportunity to make money on digital art with cryptocurrencies. So anyone can become a buyer, collector and trader of non-fungible tokens with just a few clicks.
On the other hand, the artist can also sell his digital work via NFT without losing the legitimacy of its unique character. Since tokens are not reproducible, digital artists can take advantage of the artwork by forgetting the free broadcasts before. By placing their work on this type of platform, they benefit from a simple, secure and fast transaction.
It should also be noted that NFT does not leave room for intermediaries and allows the artist to sell his digital work with immediate and long-term added value. In fact, the 10% royalty system is an added benefit for the artist with each new resale of the work.
The disadvantage of crypto art
Know that the sale and acquisition of crypto art is fully secured by the platform. The owner of a digital work will place his tokens in a digital wallet, of which he is the only one who has the code. If there is a hack of this code, you risk losing all your tokens on your wallet. It is therefore recommended to place it in a safe place, inaccessible to hackers.
Apart from these unwanted guests NFT is also avoided by ecologists because of its energy-intensive side. Since the blockchain system is highly polluting, artists on the side of the environment do not want to associate their art with a platform that does not respect the environment.
Do not forget that the cryptocurrency market is very volatile and the risk of losing all your cryptocurrency is all the greater as NFT just started taking wings.