NFT literally means one of a kind. Non-fungible tokens are a class of digital assets that cannot be replicated or copied. NFTs are stored on distributed ledgers and each token refers to a particular piece of artwork. The proof of ownership of this digital asset is represented by a smart contract with a specific ID. And this whole setup is verified by decentralized validators. Thanks to this kind of technology, artists don’t have to pay a major share of their profits to intermediaries and auction houses to store or sell their art.
NFTs set artists free
With the emergence of blockchain technology, all kinds of creative people became able to create absolutely anything. Blockchain is the answer. Do you want to fund your inspiration so it reaches people all over the world? That you can do. Digital currencies can help you pull it off. Not to mention that this kind of cooperation brings people together, as was always the case with art. And now it’s even more powerful – you can draw attention to global issues that we face as humanity.
There are a lot of options to pick from when it comes to digital marketplaces. And you guessed it – you can find NFT artworks there. One of the most famous markets for NFTs is OpenSea. This is a platform where you can get virtually anything that is related to digital assets. For example, it’s a gold mine for acquiring artwork, games, books, movies and so much more. This marketplace is easy to use and browsing its content can be a lot of fun. And, of course, you can create your own digital assets and use OpenSea to sell them. The whole process is quite streamlined. You upload the file, then it’s minted (turned into an NFT) and after that, you can start selling your work. And don’t forget about your royalties – because OpenSea doesn’t forget about it either. There is an entire process in place to prevent other NFT marketplaces from selling digital artwork without the distribution of artists’ royalties. It’s important to get paid every time your artwork changes hands.
The world-changing trend
Non-fungible tokens that represent various assets are already changing the way artists operate in a business environment. It’s also worth mentioning the underlying technology that consists of blockchain, cryptocurrency, etc. As those innovations are being integrated into different industries, whole segments experience renaissance-like changes.
Take, for example, finance, agriculture, energy, health care, manufacturing, education, retail, or government. Blockchain technology is employed to enhance consumer privacy, give access to financial tools, and provide accountability for all kinds of business and government operations. There is no doubt that our lives have gotten better in various aspects due to blockchain solutions. And the technology itself is not even at its height. There is always room for improvement, and we’ll be seeing new ways of utilizing blockchain in the near future.
NFTs are here to stay
Now it’s clear that NFTs are essential to how we view art and processes that result in masterpieces. The future of digital assets greatly depends on how this technology is used. It's all about how we use it to create a better world through artwork that inspires millions and helps people connect no matter what. If NFTs got you intrigued, learn more about how the NFT art gets created.