NFTs are taking over the music, gaming and art industries, and we will explain why you are falling behind as a creative if you don’t tap in soon. An NFT is a collectible digital asset, which also holds value as a type of cryptocurrency. The same way physical art is perceived as a valuable investment, now NFTs are viewed the same. Artists like Grimes, Lil Yachty and Azealia Banks are cashing out by uploading their art onto the NFT marketplace.
First, let’s simply define this foreign new currency and its’ somewhat strange digital marketplace.
NFT stands for non-fungible token. It is a digital token that’s a form of cryptocurrency, similar to Bitcoin or Ethereal. Unlike a standard coin in the Bitcoin blockchain, an NFT is an individual token that cannot be exchanged like for like. Essentially, an NFT has become more valuable than the more notable crypto wins because the file stores extra information, which elevates it above pure currency.
So, in layman’s terms, any digital creator can collect coins from their art on and offline. Now, visual art from gifs, graphics and memes have value beyond its’ virality.
Ok, so how does an NFT work you may ask.
NFTs are part of the Ethereum blockchain. NFTs are individual tokens with extra information stored in them. That additional information is what makes them so significant to this new marketplace. The information stored allows them to take the form of art, music, video (and so on), in the form of JPGS, MP3s, videos, GIFs and more.
Creators, especially photographers and videographers, have been trying to find a way to track their work online and gain value from their work being used across the Internet, potentially going viral. Now, with NFTs, the work can be bought and sold just like other forms of art. As with physical art, the value is set by the market and its demand.
So once the artwork is sold as an NFT, is it gone?
Creators have the ability to sell the same digital version of their artwork through this special marketplace multiple times. Similar to the way artists distribute printed artwork of an original piece, copies of an NFT can be bought and sold through its unique blockchain. Though, the copies won’t hold as much value as the original.
Can people save an image of an NFT and get rich? How is the work protected through the marketplace?
This is one of the most secure digital currency systems to date. No one can hack the system, save the image and instantly make millions. The only way you can make money from digital artwork through the NFT marketplace is if you sincerely purchase it through the Ethereal blockchain, thus giving you the information stored within the file.
This is tew much!
We know it’s a lot of new information that is foreign to the world at large, but it is the future of currency and spending. It is also very beneficial to artists, who make visual art and musicians who sell merchandise, music and more. In fact, these artists have already made thousands and even, millions, from utilizing the NFT marketplace and getting ahead of the curve of cryptocurrency and exchange.
Grimes’ sold digital artwork for a total of $5.18 million. Insane!
Disclosure produced a track on the live-streaming app, Twitch, then distributed the track as an exclusive, single-copy NFT which sold for $69,000.
Azealia Banks sold her first audio sex tape for $18,000. A 24-minute album, titled “I FUCKED RYDER RIPPS,” is a recording of Banks and her boyfriend, conceptual artist and programmer Ryder Ripps, having sex. Banks is a pioneer, releasing the first-ever sex tape NFT. It was posted on March 6 by Mr. Ripps and sold almost immediately on the Ethereum blockchain for 10.00 ETH, which is worth $18,270.80.
Lil Yachty was one of the first artists in Hip Hop to utilize NFTs. Last December, he managed to make over $16,000 for a single collectible coin in the NFT marketplace. Furthermore, fans who own $YACHTY tokens have the ability to gain exclusive access to the Grammy nominated rapper’s virtual parties and events created at his discretion.
This new wave of currency is more than a trend. It is transforming the way we buy and sell art. Get on it or get left in the dust! There’s a new way of making money, and we guarantee you it is here to stay.