You have heard of cryptocurrency, but have you heard of NFTs? No? Then you should keep reading.
NFT, which stands for Non-Fungible-Token, is a digital work of art that can be used as a form of cryptocurrency. The only difference is that NFTs are non-fungible which means that each digital image is unique and has its own value. Here is the reason why you should pay close attention to NFTs in the future.
The Origins of NFT
Today, NFTs are widely popular, but the use of NFT hasn’t always been as well known as it is now. The first NFTs were created in 2012 in the form of colored coins. In 2014 the digital artist Kevin McCoy became the first person to mint an NFT with an image called Quantum. Since 2017 NFTs have risen in popularity. However, it wasn’t until 2021 that the concept of NFT really broke into the mainstream world with the digital image called Beeple’s Everydays: the First 5000 Days was sold for 69 million dollars. You can read much more about the origins of NFTs at: https://medium.com/@Andrew.Steinwold/the-history-of-non-fungible-tokens-nfts-f362ca57ae10.
With that kind of money on the table, NFTs have become popular both among artists and buyers, including celebrities. For instance, Post Malone recently bought two Bored Ape Yacht Club NFTs for 700.000 dollars. One of which is used in one of his music videos, and he is not the only one. Other celebrities who have joined the Bored Ape Yacht Clubtrend include Madonna, Snoop Dog, and even Paris Hilton.
Opportunities for Artists
If you are an aspiring artist, NFTs are a great way of getting your art out there while making a bit of money, perhaps a lot of money. Anyone can try their hand at NFT. You have nothing to lose. It is cheap for you with the prospect of gaining a profit. You should however be aware that you are not just selling the image but the rights to the image. The buyer can use the digital art they have purchased in whichever way they please. Still, there are many benefits for you as an artist. If you are looking to sell digital art in the form of an NFT it is a good idea to keep an eye on the cryptocurrency market. You can find an analysis of the market on get started.
Why Should You Buy an NFT?
It is easy to see why you should create NFTs, but why buy them? Think of it as an investment. When it comes to cryptocurrencies such as Bitcoin, their value can decrease from one day to the other, and you will lose lots of money. With NFTs, however, each image has its own value, making the value of the image you have purchased more stable since it is not directly affected by the rise and fall of popularity of other digital images. At much more on NFTs and how to buy one.
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