If you haven’t heard of NFTs or NFT art, you should check your internet connection. For the last four to five months, discussions about NFT have literally taken over the internet. From platforms like TikTok and Twitter to CNN News, the trending topic has left millions of people wondering what it is and how it can work for them. Their rising popularity promises to revolutionize the creative industries.
Humans think in pictures
For humans, art is an integral part of life. It characterizes us right from the cradle. From early years, we often draw and sketch a lot. It is simply our natural instincts, even though most of those drawings might not be so beautiful. Still, we represented our imagination because humans think in pictures.
What is NFT art?
An NFT is a digital asset that exists exclusively in the digital universe – you cannot touch it, but you can own it. An NFT can be any digital file: an artwork, an article, music, or even a meme like “Disaster Girl”, the original photo of which sold for $500,000 earlier this year.
Digital art ownership
Before cryptocurrency existed, we never owned anything digital. We’ve sent, recycled, and posted videos and graphics, but there wasn’t an option to automatically acquire complete and concrete ownership of a digital file or artwork. With NFTs, that has changed. Creatives can now lend, sell, or display digital artworks as they please.
In order to be able to sell it, the creators must “legally” own their art in some form. After an NFT artwork is created, it is “minted,” or tokenized, on the cryptocurrency service Blockchain. Blockchain is a digital transaction system that stores information in a way that is difficult to hack or manipulate. This makes blockchain extremely useful for tracing who owns the copyright of an artwork and who created it. In theory, any digital work you’ve created and “minted” leads exclusively to you.
Ultimately, this process should allow people who create digital art to receive official recognition for their work, in the same way that painter Gustav Klimt is credited with his famous work, The Kiss. The problem with this very new concept is that while blockchain has contracts that support the legality of minting and copyright, these have not yet been tested in court.
There are already creative people who report that their work has been mined and sold by scammers. However, without adequate protection under the law or existing legislation on the subject, what these creators can do about it remains a matter of speculation.
A novel way to generate income
NFT art is a whole new way to categorize digital artworks and enable creators to monetize their work. It aims to be a faster and easier way for creatives to produce work and reap the rewards of their creativity. There’s no chasing after client payments, preparing files for printing or waiting for feedback, or changing and editing a work to fit client needs.