What Are NFTs, Anyway? One Just Sold for $69 Million.

NFTs have taken over the art world by storm. I mean, if Beeple’s record art sale isn’t the biggest proof, I don’t know what is. Beeple, also known as, Mike Winkelmann collaged a few of his works together to create a piece titled, “Everydays – The First 5000 Days” for a pleasantly unbelievable $69.3 million. Conducted at Christie’s auction house, the sale surely drawing a lot of the mainstream media attention that NFT art was lacking. 

However, not unlike most digital artists, Beeple was also uncertain about pursuing NFT art. Nevertheless, even though he was a newcomer, MIKE has managed to rank as the most high-profile NFT artist. Specifically, with the third most valued artwork accomplished by a resident artist. Moreover, this was also the first auction hosted by a reputed auction house to feature a crypto payment window for NFTs.

Such staggering numbers, can in particular make you wonder what exactly is NFTs. So, let’s explore that thought together.

What are NFTs ?

NFTs are the abbreviated term for Non-Fungible Token. It is a unique digital signature for a digital asset.  It is essentially, an asset verifier based on a blockchain system through which a network of computers shares data transactions. Additionally, with its unique hash, it identifies authenticity. 

Moreover, it checks for originality and ownership of the contents inside the NFTs. The information stored within an NFT usually varies from art, music, memes, even tweets.

NFTs are built on blockchain technology. This means that every NFT comes with a history of all its transactions. And this history is impossible to edit or remove since a blockchain network exists beyond the control of any third-party entity. Such as a bank, or government. 

Like the history of transactions, similarly, the information inside the NFT is uneditable and impossible to remove either. Therefore, it is non-fungible. In other words, the information inside an NFT is irreplaceable. For example, in fungible tokens like money, two $5 bills can easily interchange a $10 bill. Unlike, them NFTs are indivisible. 

Therefore, NFTs provide ensured security to your asset. No one will be able to forge or counterfeit your work. Furthermore, no one can duplicate your work. Hence, artists and creators have been relying on NFTs to keep their digital art safe in an ocean of potential frauds. As well as, easily sell their art online without worrying about unauthorized duplicate copies.

Non-fungible tokens represent or symbolize an object that belongs to only one person. For instance, if you were to buy an NFT dedicated to the Mona Lisa, you would be the sole owner of the Mona Lisa. To clarify, your NFT will be proof of your ownership.

However, does this mean that buying an artwork gives you all the copyrights to it?

How much of the artwork do I really own?

If you purchase an NFT of a particular artwork, you will receive declared possession of the verified “real thing”. However, you won’t gain the copyrights to the piece or a right similar to the creator. Users with an internet connection will also have access to it. Nevertheless, if you really believe in art, its possession means a lot. 

Just how people can look up famous paintings on the internet, but very view enjoys the privilege of owning the original piece. Or hang it up in their dining space. Another key point is, you have the right to sell the artwork to anyone you want at any charge you would like. And the original issuer or artist can’t have a say in it. They will, however, receive a royalty, that is, a monetary commission they make on their work from a resale. On that account, it is a rewarding situation for both parties involved.

Moreover, purchasing an NFT will provide a blockchain certificate. Thus, the world or those who matter will know that the original work either belongs or has belonged to you at one point. It is like being part of a legacy. 

In other words, anyone may duct tape a banana on the wall, yet it won’t be the famous “Comedian” pieced by Maurizio Cattelan. Hence, owning a verified original significantly differs from downloading an online image. Since it will not share the original art details. 

Was Beeple’s artwork the first-ever NFT?

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Obviously Beeple’s “Everydays – The First 5000 Days” is a special piece in the NFT art world because it was the first digital painting being sold as an NFT. 

However, the first-ever NFT [ainting sold by a reputed auction house was Robert Alice’s “Block 21”  belonging to the “Portraits of a Mind” sequence. This gem, on the other hand, was a tokenized authentication of physical artwork. 

If NFTs are so successful, why haven’t I heard of them before?

Like all things cryptocurrency, users typically approach the ecosystem with hesitations and reservations. Since the crypto world is so finance concentrated, regular people barely get to explore their interest in the sector. 

Nonetheless, since the introduction of NFTs, artists have really opened up to it as a concept. Hence, driving the creative crowd in. After the sale of Mike’s painting at Christie’s, pop culture has taken a particular interest in the matter. 

Recently, Saturday Night Life, which is the melting point for all discussions related to entertainment, media, and the pop culture world, decided to rap about non-fungible tokens. In the most entertaining and simplified way possible, of course. 

In fact, celebrities like Paris Hilton, Ellen DeGeneres, the NBA top shot team, and many more have raised thousands of dollars through personalized NFTs. which, in the final analysis, contributed to a total of $2.5 billion worth of sales in the first half of 2021. As proof of the growing and financially capable market NFTs exist in.

Conclusion

NFTically is one such platform that can help you in trading your Non Fungible Tokens. In NFTically, you can open your store in just a few minutes. Minting, selling as well buying are the options that NFTically provides their users. All you require is to set up a wallet, build your collections, put in your NFTs (which can be an image, song, video clips, etc.), and at last, list those NFTs up for sale.