With NFTs growing in popularity, it has slowly changed how individuals view art, more specifically digital. If you want to get involved in purchasing NFTs or making them, then here are some of the best online shops to shop at for any new equipment you might be needing for your NFT future. Artixty can also help improve your graphic design skills by offering tools to help take your NFT artwork to the next level.
What NFT stands for, and how it works
NFT means non-fungible token. Essentially what that means is that it is unique; you cannot get another one just like it. NFT is a form of digital artwork. It forms part of the cryptocurrency world, and therefore you need Ethereum to purchase or sell any NFT artwork. The Ethereum blockchain is the only form of cryptocurrency that supports NFTs. Much like purchasing physical artwork, the artist will set a price, and you can either buy or make a bid for it. Once you have purchased the NFT artwork, you can either sell it for a higher price or keep it for your collection. While many individuals can download JPEGs of NFT artwork, you still hold ownership of the original. Therefore, the original will forever be more valuable.
How has NFT impacted the art industry?
The creation of NFT has impacted the art industry phenomenally. It has allowed fellow digital creators and artists to monetize their artwork, create anything they wish to, sell their work, and trade. This flexibility and freedom have left many artists feeling empowered. While artists would have to pay a hefty fee to either auction houses or art galleries in the past, they now only have to pay a small number of fees when selling their NFT artwork. Of course, these fees are controlled by how well the Ethereum currency performs when they upload it onto the NFT market.
Is it beneficial to invest in NFTs?
In short, yes, NFTs are proving to become highly beneficial. Bitcoin has had a rough start to the year, dropping to 6.9%. While this may be bad for some, it has left many investors jumping ship and investing in the NFT market. Resulting in the NFT market to be flourishing with potential and success. In 2020 the NFT value was set at $100 million, which grew to $21 billion in 2021, and it is only increasing. With even celebrities and companies either collaborating with NFT artists or selling their artwork, everyone seems to be getting involved in NFTs one way or the other.
Are NFTs a phase?
Due to NFTs’ growing popularity, they are indeed here for the long haul. The NFT marketplace gained popularity due to artists selling their digital artwork for large amounts of money. However, NFT goes beyond just selling and creating digital artwork/pieces. For example, real estate has seemed to be gaining popularity due to how simple the process can be. While selling property is mainly between the seller and the buyer, a third group is always involved, such as estate agents and banks. When using NFT, the middleman is cut out and simply replaced by a smart contract. Selling and investing in real estate is just one example of how NFTs have grown beyond selling digital artwork.
NFT is the new form of creating artwork. It has provided many aspiring artists with opportunity and freedom. With the likes of celebrities, companies, and individuals investing in real estate, NFTs will be around for a while.