NFTs are the new thing, and it is important we understand what it is and how it works before it pulls the rug from under our feet.
So, what exactly are they? NFTs, Non-Fungible Tokens, are digital assets that can represent objects such as art, music, videos and in-game items. Since they are assets, they can therefore be sold, the market for NFTs was worth a staggering $41 billion in 2021 alone, this amount almost surmounts that of the entirety of the global fine art market. But anyone can view this item online for free and can easily screenshot, download and print them free of charge, so why are people willingly spending miniature fortunes on them? Well, that is because by buying an NFT, the buyer will own the original item with built in authentication which shows as proof of ownership. Collectors value things like digital bragging rights and like a big collection of expensive items, physical or digital.
Nyan Cat, a GIF from 2011 of a cat with a body made of pop-tart flying across a starry sky sold for nearly $600,000 in February
If you’re interested in starting your own NFT collection you’ll first need to get yourself a digital wallet. These let you store NFTs and cryptocurrencies, you will most likely need to purchase some cryptocurrency, like “Ethereum”, depending on what your NFT provider will accept. You can purchase crypto from money platforms like Coinbase, PayPal, eToro and others. Be wary of fees as most exchanges charge a percentage of your transaction when you buy cryptocurrencies.
Popular Marketplaces for NFTs include:
If you’re looking to sell your own work on these platforms, they’ve made it quite accessible for artists. Some artists have fallen victim to impersonators who have listed and sold their work without their permission, and some platforms do not require owner verification for NFT listings. It is best if you do your own research before buying or selling anything.
Should you buy NFTs? Just because you are able to, doesn’t mean you should. The future of NFTs is uncertain, before investing into a NFT keep in mind that that NFT’s value is based solely on what someone else may be willing to pay for it. Meaning you may not be able to resell it for how much you paid for, or worse not being able to resell it at all.
My name is Uchenna, I am 17 years old and I am here at D31 Art Gallery as my placement for work experience. Art is something I've had the pleasure of experiencing throughout my life, and the place it occurs the most for me is within video games which could also be expressed as an art form in itself. In my spare time I play video games with my friends, and mess around with computers, programming and game development.