4 Things You Need to Know About the Growing Trend of NFTs
NFTs are a new form of digital assets that represent ownership of an asset on the blockchain. They can be used as a means to support and raise funds for artists, or traded between users. In the future, it is very likely they will become more mainstream and people will begin to trade them similarly to stocks.
Read on to learn more about NFTs, NFT art, NFT photography, and more!
What is an NFT?
NFTs are created when someone takes an existing asset, such as a photograph, video, or text document, and creates a unique cryptographic identifier, or hash, for it. This hash is stored on the blockchain along with the asset itself. When someone wants to own the asset, they simply purchase the corresponding NFT from an online marketplace.
Because NFTs are stored on the blockchain, they are tamper-proof and cannot be counterfeited. This makes them ideal for representing valuable assets like artwork or photography.
What Is NFT Art?
NFT art is a new form of digital artwork created by taking an existing piece of art, such as a famous painting or photograph from history, and creating NFTs for it.
A large part of why NFT art is projected to become so popular is how easy it is to create them. Anyone with access to Photoshop or any other image editing software can make their own unique work that's only available through blockchain technology. The ease of use makes this method ideal for helping artists raise funds without having to go through traditional gatekeepers and middlemen who take a cut off every transaction they facilitate.
What Is the Significance of NFT Art?
The significance of NFT art is that it's the first time artists have been able to create and own digital assets without having to go through a centralized authority. This allows them to retain full control over their creations, as well as receive 100% of the profits from any sales.
It also opens up new possibilities for how artwork can be used and interacted with. For example, an artist could create a piece that contains hidden messages or rewards that can only be accessed by someone who owns the corresponding NFT.
NFTs are still in their early days, but they hold great promise for the future of digital art and asset ownership. In the coming years, we'll likely see more and more creative uses for them.
Where Can I Buy NFT Art & Photography?
NFT art and photography can currently be purchased on a few online marketplaces. As the technology becomes more popular, it will likely become available on more platforms.