![non fungible tokens art non fungible tokens art](https://edu-crypto.com/wp-content/uploads/2020/09/25912/non-fungible-tokens-nfts-are-the-next-huge-thing-after-defi.png)
While people cannot hang their purchase over the mantle, it does come with huge ‘bragging rights’, touted as one of the main drivers behind investing in NFTs. Moreover, Beeple isn’t the only one to profit from NFTs – Canadian musician Grimes recently sold $6m worth of NFTs the ‘Nyan cat meme’ sold for $590,000 and a video of a LeBron James slam dunk sold for $208,000. While NFT technology prevents it from being duplicated, there’s nothing that controls who can make an NFT in the first place.Īfter the success of Beeple at Christie’s, that particular image has already been copied and shared countless times. In theory, absolutely – anyone can tokenise their work to sell it as an NFT. However, they can be freely bought and sold, like any other piece of property, with the NFT acting as a digital certificate of authenticity.Ĭ an I make an NFT (and get rich overnight)? In a nutshell, they are “one-of- a-kind” assets that only exist in the digital world and have no tangible form of their own. But it’s not limited to that – NFTs can encompass pictures, videos, music, or anything else that can beĭigitally represented. One of the main USP’s of NFTs is that once created, it cannot be duplicated, giving it a similar value proposition as an original artwork. An NFT allows buyers to purchase ownership of a digital good, for example, an artwork, as a unique digital token living on a blockchain. If bitcoin is a ‘digital currency’, then NFTs are the equivalent when it comes to ‘digital collectables’, especially art.
![non fungible tokens art non fungible tokens art](https://expanse.tech/wp-content/uploads/2020/09/non-fungible-digital-art-goes-parabolic-attracts-morgan-creek-execs.jpg)
While digital art has been around for a while, NFTs have suddenly skyrocketed into mainstream attention, as the hottest new tech must-have. That was sold via a digital transaction that consisted of getting an NFT digital token, also known as ‘bitcoin for art’. No painting, print or sculpture exchanged hands instead, it was a GIF World history was made on Mawhen digital artist Mike Winkelmann aka Beeple, sold a non-fungible token (NFT) artwork for $69m at a Christie’s auction.