You may still be trying to understand what an NFT is and what its impact is within the world of art. Discover here what you need to know about NFT art. We explain everything below and show you a series of inspiring examples.
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Crypto art arrived
The development of blockchain technology or blockchains was the determining factor for the boom in the world of non-fungible tokens or NFTs, according to their initials in English.
Although they are still in an early stage, NFTs have an interesting potential over various sectors such as marketing, finance and even education. However, it has been in art where they have had the greatest impact, giving rise to NFT art.
NFT art or NFT art comprises the universe of digital works, which like any other property, can be bought and sold, regardless of whether they are not something tangible, such as a video or a digital photograph.
While it is true that there are infinite applications for non-fungible tokens, the reality is that it will take some time for large-scale projects to develop that are not related to art in one way or another.
Do you want to understand what NFT art is? Here we present all the details, as well as a guide so that you can buy NFT art and some examples.
But what does NFT mean?
NFT means non fungible token, which translates from English as non fungible token. Before going into NFT art in depth, it is convenient to understand what we are referring to when we talk about an NFT.
A photo, a gif, some sound, even a song, a video, any file can be turned into a token, thanks to blockchain technology, which allows it to be assigned a unique identity and turned into a digital asset that can be traded.
The NFT landscape is broad, with a significant variety of collectible digital assets that can be bought using cryptocurrencies. Lastly, it is closely related to the metaverse. As everything is digitized, the world as we know it is also moving towards virtuality.
Currently, within the metaverse, land is bought, houses are built and pieces of art are acquired: NFT art.
What is NFT art?
NFT art refers to artistic pieces that can be traded in the digital world with the assurance that they are unique and authentic works.
With the advancement of the digital age, many artists found the opportunity to navigate the ocean of NFTs. Until a few years ago, digital supports posed an almost impossible challenge in terms of certification of authenticity and serialization.
Thanks to blockchain, it is possible to give each NFT a unique character and with it you can distinguish an authentic work from a copy. All the information about the token is registered within the encrypted code, which is also invulnerable.
An illustration, a video or a digital photograph becomes an NFT when it is certified through the blockchains. With this it acquires a unique character, but it also becomes a digital, collectible and tradable asset.
In the case of NFT art, they are pieces made by artists, which can be bought and sold, regardless of the fact that they are not something tangible.
This is a trend that has been advancing strongly since 2017. As the years have gone by, seven and even eight-figure million-dollar auctions have been appearing in the news more frequently, much more after the boom of early 2021.
Perhaps the feat of Injective Protocol, a well-known blockchain technology company, best illustrates the beginning of that explosion.
They bought “Morons (White)” by the well-known artist Banksy for $95,000. Then, they ceremoniously set it on fire and broadcast it live on Twitter.
Then, they put the exclusive digital video on sale that was sold as NFT art for 228.69 ETH, an amount that amounted to around $380,000. The math is simple: the NFT art of the fire sale was sold for four times the value of the original work.
Since then, many have wondered if the NFT and NFT art universe is a bubble, or if, on the contrary, it is something that has come to stay.
The reality is that, at least in the short term, the world of art is revolutionized by the possibilities offered by technology to generate cryptocurrencies and commercialize them.
How to buy NFT Art?
In order to buy NFT art, you need to have cryptocurrencies, which are the bridge to the world of digital art. To acquire an NFT piece of art, dollars, euros, or any other currency from the physical world cannot be used.
NFT art tokens and the concept itself are still relatively new; therefore, there are few opportunities to directly access the tokens.
However, there is a significant variety of platforms where you can enter to buy an NFT piece of art or participate in an auction. Ethernity, Rarible, and enter.art are some of the best known portals.
The works are offered in BNB, ETH, and other cryptocurrencies, some with fixed prices, while others are auctioned and sold to the highest bidder. If you are thinking of buying NFT art, you must take the following steps:
- Buy cryptocurrencies
- Set up your virtual wallet
- Buy the NFT art
Buy cryptocurrencies
This is the initial step that will then allow you to acquire an NFT. You must select a reliable broker. You can research these options: eToro, Crypto.com, and Binance, among others.
Set up your virtual wallet
Within this wallet you will be able to deposit the cryptocurrencies and store your NFTs safely. We recommend these alternatives: MetaMask, Trust Wallet, and SafePal.
Buy the NFT art
In order to do this, it is necessary to link your virtual wallet with the marketplace you have selected. You can check these options: Launchpad, OpenSea, and SuperRare, among others.
Do not forget that one of the most important characteristics of NFT art is the recognition of the original creator. In this sense, each sale usually has a commission that ranges from 10% on the earnings that the artist receives.
If you have already decided or if you are still thinking about it, take a look at some examples of NFT art below to get inspired.
Examples of NFT art
Celebrities like Grimes, a singer and artist from Canada, or Lindsay Lohan, the Hollywood actress, are some of the personalities who frequently participate in NFT art auctions.
The popularity of NFT art has been growing, although it is still too early to conclude whether it is a passing trend or something permanent. In any case, we bring you some examples of cryptoart.
“Everydays: The First 5000 Days”
It is one of the most important works of Beeple, the artistic name of Mike Winkelmann. It became a milestone when it was offered at Christie’s, the world’s most prestigious auction house. At the beginning of 2021, Beeple saw his creation sold for almost $70 million, after many of his printed works hardly reached $100.
NFT Generative Art
Generative art consists of the realization of a work with the intervention of a computer that makes certain decisions autonomously based on pre-established rules. This form of art is experiencing its renaissance in the NFT market.
Projects such as Braindrops, Art Blocks, or Autoglyphs, just to mention a few, are expanding the limits of art within the universe of non-fungible tokens.
NFT Phothography
Photographers such as Justin Aversano, J.N. Silva or Julie Pacino are successfully developing within the world of NFT art. Surely other references will soon be added that integrate photography with other disciplines to extend creative possibilities.
NFT Music
Another artistic genre that is transforming from the advantages offered by NFT art is that of music. Until recently, making a living as a musician was much more complicated.
An NFT musical is a song, an album, and even a music video that becomes a token and allows artists to make money, in addition to having complete control of their creative project, using platforms like Royal, Oneof or Sound.xyz.
Indeed, the universe of NFTs is very wide and interesting, although it is still too early to be able to affirm whether it will be something transitory. In any case, the digital revolution and its impact on art, thanks to NFT art, is indisputable.
If you are considering buying a digital work of art, like any other investment in cryptocurrencies, research is essential, as well as trying to be very alert to prevent any fraud.