All You Need To Know About NFT Art
Welcome to the world of digital art and if you have been keeping an eye on your favorite digital media then you must have heard about NFT Art. But, what is it exactly? Don’t worry, you’re about to know as we break it down for you, word by word!
What does NFT mean?
NFT stands for Non-Fungible Token - something that is digitally unique and cannot be exchanged for anything else. For example, take a bitcoin. You can always trade a bitcoin for another, it is not distinctive which makes it fungible in nature but a unique trading card cannot be exchanged for something else. The value is particular to it and hence, trading it with something else will give you a completely different product.
Still confused? Let’s give you a simpler example. Suppose, you have a hundred rupee note, when you exchange it for five twenty rupee notes, the value remains the same - you gave hundred rupees and you received hundred rupees. But imagine bumping into a Bollywood superstar and you don't have anything but that single hundred rupee note to get an autograph.
Once signed by that superstar, it becomes the most unique note and you never know, how much one would pay to buy that note. Such a factor makes its value a lot more than a hundred rupees, transforming it into a non-fungible token. NFT is also a digital file that is collected and validated through blockchain. A Blockchain is a type of database that combines data into tight blocks, which is then consolidated in a manner that allows greater and collective control.
What is NFT art then?
Coming to NFT art, it can be an image, a song, a video, digital art, and sometimes, even a unique tweet - basically any form of digital art. You cannot necessarily own it physically, but have the rights of ownership for the digital file all to yourself! Again, to make it easier for you to understand, let’s give you an example of NFT art. When you buy an NFT art, you buy the ownership of the art for yourself - technically you own the art. Many people could have copies of it but the ownership of the work stays with you, even though the artist can still keep the copyright and reproduction rights to themselves.
For example, many art lovers can have copies of a Picasso painting in their homes, but there will be only one person on the entire planet to have the original Picasso painting. In the same manner, when you buy an NFT art, the original file belongs to you even though the entire world could have a copy of it.
What is the point when the entire world can have a copy of the NFT Art I bought?’
Well, you might think, why would I want to spend thousands of rupees for something that I can get for free? It all depends on if you’re a buyer or the artist who is selling it.
For the artist: With the covid era, digital platforms for art and media have expanded tremendously, creating a boom for various artists. This way, it has become easier to sell art that otherwise would be difficult to sell in the actual market. Digital paintings, graphic posters, stickers, GIFs, music videos, memes, etc. can be monetized if allowed by the artists.
NFT has features that once sold, can still benefit you in the longer run. If in future, the NFT is sold again or becomes more popular, you will receive the royalty for it. But then again, it differs from platform to platform. The one important aspect is to remember that you can sell your work only by gaining formal recognition of it and this is tokenized on the cryptocurrency service, Blockchain. This assures the useful tracking of copyright ownership and maintaining a record of creation.
For the buyer: The whole talk around why should someone buy an NFT ultimately leads to the ‘fine-art-collection- debate. But mostly, it becomes an opportunity for you to support your favorite artists.
Since buying art online gives you the copyright ownership of it, it also allows you to invest in it - when and if you feel the art is doing well online, you can sell it for profits as well. More than anything, you become the sole owner of a unique piece of art and it completely belongs to you, giving you the power to use it anywhere and flaunt it anytime. Imagine a picture, music, or meme that you own suddenly goes viral, won’t you love to flaunt that you ‘own’ it?