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New Digital Art: Non-Fungible Tokens (NFT)

Said by John Stuart Mill years ago, "All good things that exist are the fruits of authenticity." word finds full correspondence today. Growing trends in the global world with each passing day lead people to mediocrity while adapting them to stereotype. NFT, which has been talked about a lot in the art world, comes across exactly at this point! Because in an ecosystem where authenticity is rare; defined as a completely unique digital asset, NFT offers its buyers a unique asset.  Also, it brings millions to its vendors.

 

What are Non-Fungible Tokens (NFT)?

 

Crypto coins, which attracted global attention, entered our lives with Blockchain technology. NFT is the most popular crypto asset of recent times! NFT (Non Fungible Token) simply represents the non-substitutable, the digital asset that is unique. It contains a picture, sound file, video or digital equivalent of a physical asset. In this way, it allows people to have completely unique digital artwork. It is seen as the digital equivalent of pieces that have collectible value in real life. In addition, while it is very easy to copy a work in the digital world; NFT solves this problem by registering who owns the copyrights.

If it is Van Gogh's famous painting Starry Night is unique, digital assets named NFT also serve the same function. Although you can access the visual of Starry Night painting in all digital media, being the real owner of the painting is a unique situation! Digital assets purchased through NFTs also add a unique signature to digital products with blockchain technology. Digital works, videos, photos, even tweets that we see on the Internet become NFT and can be bought and sold for millions at auctions.

 

What is Non-Fungible Tokens (NFT) Provides? 

 

Let’s examine closely NFT which are wondered by everyone, and break search records on Google.

At the beginning of our article, we talked about NFT's being personal and original. But why has NFT become more popular than other crypto assets? The answer is simple! Cryptocurrencies such as Bitcoin and Etherium are exchangeable between users and are indistinguishable from each other. However, NFTs cannot be exchanged mutually. It is personal and unique. Also, for example, while you can use a Bitcoin by cashing it, this is not the case for NFTs. When you want to sell NFT, you have to sell it in its entirety.
Generally NFTs are used to buy and sell digital artworks. NFT types are very diverse; however, they can take the form of digital images, music files, videos, GIFs, tweets, virtual trading cards, images of physical objects, interactive game items, sports collectibles, and more. These created digital assets are verified and authenticated by recording in a digital ledger known as Blockchain. So this popular technology is kind of registered thanks to Blockchain.


NFT Examples That Will Surprise You Once Again

 

The NFT, which first emerged in 2017 and became a trend in 2020, began to storm with the record sales recorded at the Christie’s Auction. "Everyday", a JPG painting by Beeple, sold for $ 69 million. This work was created from 5,000 different parts, one produced every day for exactly 13 years.


Digital painting sold by Beeple for $ 69 million

 

Jack Dorsey's first tweet in 2006 sold for $2.9 million

 

 Nyan Cat sold for about $580,000

https://twitter.com/elonmusk/status/1371549960030842893?s=20

Elon Musk made a song about NFTs as an NFT, then he decided not to sell that

Logan Paul sold Pokemon Cards total of $1.4 million

How to Buy NFT?

 

There are various platforms where NFTs are offered and purchased. Thanks to these platforms, you can buy any digital asset. You can have NFTs through auction or direct purchase options. When the purchase is complete, your digital asset NFT is transferred from the seller's wallet to your wallet. If you want, you can resell the purchased NFTs through marketplace applications.

However, the key points are which market to buy, what kind of digital wallet is required, and what type of cryptocurrency you will need to buy. Some of the most common NFT markets are OpenSea, SuperRare, Mintable, Nifty Gateway, and Rarible. Different markets are also available for more specific NFT types.

 

 

How to Sell NFT?

 

NFTs are sold in virtual marketplaces, and functioning can vary according to marketplace specifications. After uploading your content, you follow the instructions to convert it to an NFT. You can set details such as description and pricing. You can even get a commission from the sale of the next owner.

As a result, does this intense interest in NFTs start a new era or does it take place in our memories as a temporary trend? It is too early to answer this. There is a long process ahead for NFT, which is a new technology and needs time to develop. However, it is believed that it will continue to grow with popular use in the coming years. These digital assets, which are used in many different areas, can be inevitable for our lives or they may disappear completely by being changed. Time will tell which of these possibilities will come true and the end of the tunnel for NFT.  

We hope we have provided you with enough information about this digital asset that has been on our agenda lately. Don't forget to follow us to stay informed about technological developments, new trends, and digital news!
 

songul@saruhanweb.com

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