What are NFTs?
Simply put, NFTs (Non-Fungible Tokens) are a way to prove digital ownership. Here are the top 3 things we think you should know about them, so you can use them safely and easily as an artist or art collector.

An NFT is a unique digital object with its own traceable history and each object would have a record on the blockchain. Going back to the poster example, you can see who were the past owners for each copy, and that it was originally created by Madonna.

In some cases, there is an NFT that was previously owned by another artist, or another star, and you’re like, “Hey, this NFT is unique. There’s a traceable history. I can see that it has been owned by someone else famous as well.” So it brings more value to it. Some people like that sort of appeal.
They are built on blockchains. These are distributed public ledgers that record transactions. Each NFT is stored on the blockchain with an identification code and metadata that makes it as unique as a fingerprint. In this context, “metadata” means “data about data” and is simply a bit of extra information that describes the NFT and is stored alongside it.
They’re an excellent way to mark digital assets and control their supply. Whether you’ve created a piece of music, a digital artwork or video, “minting” it as an NFT means that you can prove ownership over it (as each NFT is distinct and traceable).

Previously, digital assets were fairly easy to steal. This is huge as it means artists can’t be cheated out of royalties anymore and collectors don’t have to worry about investing in something that’s a fake or a forgery.

This is also an excellent way to control supply of digital content, which is key to driving up its price. Because it attributes one owner to one piece of content, even if others can see the NFT, only one person can own it.
Think of them as digital receipts or signatures. If you’re a collector, NFTs can be considered the digital equivalent of the kind of receipt you’d get after you’ve bought something physical (like clothing or food) from your favourite store. As an artist, turning your work into an NFT is a way of adding a digital signature that can never be forged or removed.

When an artist chooses to mint their work and turn it into an NFT, they turn it into a digital collector’s item.

So whether you’re minting a one-of-a-kind piece of content or sharing a limited edition of 25 prints, you’re able to create digital scarcity — allowing your work to gain in value. So, if you’ve minted a digital artwork, someone who has a copy of it they’ve pulled from a Google Image search may enjoy it privately but they won’t be able to sell it and cut you out of the royalty chain (or claim the work as their own). Unless their copy is an NFT, it’s immediately identifiable as a fake — NFTs can only have one owner at a time, and each one is unique.

NFTs explained: Why pay $170,000 for digital art?

Intro to cryptoart and non-fungible tokens (NFTS)

A non-fungible token (NFT) of digital kitten art sold for 170,000 US dollars. These tokens could change how we buy, sell and own digital media. What are they, and could they build a new creative economy? To start, check out the video above from CNBC!

Is this the art of true ownership in the digital age?
Most of us can make a GIF, take a picture or record a clip, but what if you could sell those and other digital media for hundreds of thousands of dollars? With the rise of non-fungible tokens (NFTs), pictures, short clips of comedians, GIFs and every other form of digital art is now being tokenized and sold just like a physical painting.

Non-fungible tokens (NFTs) are a digital certificate of ownership of a piece of digital information that can be bought and sold. It works the same way as cryptocurrency: Secure transactions made between two parties recorded permanently through blockchain. The difference is, with bitcoin – a popular cryptocurrency using blockchain – you can trade one coin for the other and it has the same value, but NFTs are one-of-a-kind. Each NFT is unique and can have a different value.

You can make NFTs of almost anything digital, but the big news is they’re starting to be used to buy and sell digital art, known as cryptoart.

Why NFTs can benefit digital artists and art buyers
Uniqueness has always been central to the art market. Digital art is hard to sell, and for buyers, hard to ‘own’ because of the potential for an infinite number of copies. NFTs could solve that problem.

For creators, NFTs are super trendy and therefore add to your enigmatic status, and they have a handy sell-on feature. If you sell a GIF using NFTs, you get a percentage every time the NFT is sold to a new buyer. Imagine Van Gogh selling a painting, then getting a slice of every resale, forever.

And if you’re a buyer, you have a concrete claim of owning a piece of digital art. And speaking of buying, you might want to see this.

The foremost advantage of non-fungible tokens is evident in the proof of ownership. Since NFTs are on a blockchain network, they can help in associating ownership to a single account. Most important of all, NFTs are indivisible and could not be distributed among multiple owners. At the same time, the ownership advantages of NFTs ensure that buyers are safe from the concerns of fake NFTs.

NFT critics have openly stated that people could just take pictures of NFTs and sell them or even offer them for free. Well, you can have an image of the NFT. However, it is important to ask whether you own the asset. For example, downloading a picture of the Mona Lisa from the internet does not make you its owner.

NFTs are interesting, there’s no doubt about it. But there are some serious drawbacks to sinking your money into them. Some of the most significant drawbacks include:

1. Physical Art Can’t Be Digitized
The reasons to own physical art and the reasons to own digital art are often different. You can’t digitize physical art. There’s an allure to seeing a one-of-a-kind painting with your own eyes that these tokens simply can’t provide.

2. Uncertain Value
Even for experts, NFTs are confusing assets. When you purchase one of these non-fungibles, you’re not necessarily purchasing the copyright to the art.

People are still able to find copies on the Internet of the art for which you own the token, and there’s nothing stopping them from copying and pasting these files on social media, essentially showing off and sharing what you may have paid millions of dollars for.

Essentially, when you buy these assets, all you really own is a record saying you own the token behind the original asset. The real question here is, “How much value is there in owning an asset you don’t actually control?”

Depending on how collectors answer this question in the future, those who invested all that scratch into these tokens may be left holding a digital record that’s not worth

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