What is an NFT?
NFT stands for - Non Fungible Token
In simple terms an NFT is a unique digital file that can be bought and sold with crypto currency. Most NFT's are digital art, but they can also be tweets, videos, and really anything else that exists digitally. NFT artists are able to be creative and sell their work in digital format.
NFT ownership can be instantly and easily verified on the blockchain. NFTs can act as proof of ownership. This is helpful in categories like art, where provenance is such an important part of the collectability of a piece. But this provenance, or proof of ownership is even more useful when applying NFTs to things like experiences; for example, you might in the future use an NFT to unlock access to a digital or in-person gallery or event for a specific artist, with the NFT acting as a ticket or pass to grant you access. The possibilities are really endless.
What do collectors do with their NFTs?
NFTs are bought and sold - mostly on the Ethereum blockchain with a cryptocurrency called ETH. NFT collectors follow the art market, buy, and sell NFTs, and make huge profits in the process.
NFTs can be programmed with royalty features that reward artists for every sale in specific marketplaces, allowing artists to sometimes even be able to get royalties for secondary marketplace sales if their work is resold–this is one of the biggest attractions of NFTs for artists.
NFTs provide a new way for fans and collectors to support the artists they love. It’s even possible to use NFTs as special tickets, offering exclusive benefits to certain owners. Since the ownership of NFTs is verifiable on the blockchain, they offer a whole new world of possibilities for engaging between creatives, brands and fans.
Regardless of whether you are a brand, an institution, an artist or collector, NFTs work in the same way. NFTs empower creators to connect directly with fans and enable new types of exclusive experiences that can be virtual, in-person, or both.
Here are some cool things people can do with their NFTs:
-Virtual galleries: magical places where you and anyone you share the link with can 'walk' around and view your NFT collection.
-Digital frames: a frame you can use to display your NFT on at home/work.
-Hang a real print on a real wall: Once you've bought the NFT you get access to the file to print from. Or the artist may offer a print or the original painting as 'unlockable content' with the NFT.
There's an amazing NFT community. Just scrolling thru a platform such as OpenSea, you can see so many different unique creations from creators out in the world.