NFTs are becoming widely popular, and some have even been sold for a hefty price.
A collage of 5,000 NFTs by an artist known as Beeple sold for $ 69 million at a virtual auction last March. It became the third-highest price ever achieved by a living artist at Christie’s, a world-renowned auction house.
The buyer, Vignesh Sundaresen who also goes by the moniker Metakovan, says he would have even paid more for it.
“This is a significant piece in art history and sometimes these things take some time for everyone to realize but I’m ok with that,” Sundaresen said in a CNBC interview.
One NFT artist says that digital art is created at the intersection of technology and art, but lacks a certificate of authenticity.
“When you mix digital art and blockchain, what happens?” digital NFT artist @Soyfira asked. “Magic happens. That’s why Miami loves blockchain. ”
Jorge Cortes, co-founder of Bitbasel, says that NFTs are a revolutionary technology that creative industries are using to sell artwork without the help middlemen or galleries.
NFT are the new blockchain hype that Fynn Kliemann also wants to take advantage of. We talked to the artist about the new investment, Ethereum, what NFT is and how it comes to its jingles, which Universal Music has already offered.
What does NFT stand for and what does it mean?
NFT is an acronym that stands for non-fungible token.
Tokens can be used to refer to either cryptocurrencies themselves, or like NFT’s, assets that use those cryptocurrency blockchains to operate.
Fungible is the ability to be converted with other goods or assets of the same type such as commodities, company shares, precious metals, and currencies.
Money is a prime example of something fungible, where a one-dollar bill is easily convertible into four quarters or ten dimes.
When something is non-fungible it means it can not be reproduced or substituted.
What is NFT art?
NFT art is a digital asset that is collectable, unique, and non-transferrable, Cortes explained.
Every NFT is unique in it’s creative design and can not be duplicated, making them limited and rare.
NFTs get their value because the transaction proves ownership of the art. When you own an NFT, you can keep or wait for it to appreciate, and then sell or trade it.
There were over $ 23 billion in NFT trades in 2021 and trading volume grew 38,000 percent year-over-year.