How NFT Art Work
There is a possibility you are hearing this word for the first time, for having heard but keen to learn more about it. Well, you are at the right place. Here in this article, I will be helping you understand NFT art.
The world is changing and bending more towards digitalization. There were times when paying online was a new thing and here we are selling digital artwork online. A few years of advancement in technology can make you wonder about the things you are surrounded by.
Playing football on the playground is too old, today everyone loves playing on the phone screen. Kids are enjoying outdoor games staying inside their room on a small 6.5-inch screen. One such wonder is NFT art.
There is a possibility you are hearing this word for the first time, for having heard but keen to learn more about it. Well, you are at the right place. Here in this article, I will be helping you understand NFT art, it’s working, and how it will benefit the graphic designer.
So, without any delay let’s move ahead with the NFTs.
What is NFT Art?
NFT is the abbreviation of “Non Fungible Token.” NFT is a digital asset that you can own. You can not touch it like other assets but it is yours. It can be in any digital art file form like an image, video, article, meme, game, or anything.
Before we understand more about NFTs, let’s understand the term fungible token first. A fungible token or asset is something that can be exchanged with another asset or token of the same value.
For example, you lent the 50 dollar bill to your friend. Now he returns them to you in three 10 dollar bills and one 20 dollar bill, you will still be satisfied as the total is the same.
However, the NFT (Non fungible token) is the opposite of that. The NFT art cannot be swapped with any other asset, it is a unique piece of art. If person A buys the NFT art for $500, its value is harder to determine. It is worth a 500 dollar bill.
As it can’t be exchanged with an equivalent amount, its value can increase and decrease as per the market scenario (just like investments).
How Does It Work?
As said, NFTs are non-divisible and exchangeable. It is a unique piece of art that can be tracked with the help of the Ethereum blockchain. It is minted from the digital object that represents the digital or non-digital assets. There are many things that an NFT can represent like:
- Digital Art (Image, Video, Music Album, Gifs, etc.),
- Real-world objects as well (signatures, tokenized invoices, tickets to the concert, legal documents, etc.),
- And much more. You can get creative with your thoughts and create a new NFT.
The NFT you will create is solely yours, you will have 100% ownership, which will be managed by UniqueID and metadata. With the help of the uniqueID and metadata, you can manage the transferability.
Unlike other Ethereum, the NFT cannot be interchanged with the other ETH. Every NFT has ownership and it is easily verifiable. Till now, you might have got an idea, that NFTs live on Ethereum, and can be sold on the ETH-based NFT market.
How to prove the ownership of NFT?
If you have created the non-fungible token, then you will be assigned the creator’s public key. It is a permanent part of the token’s history. If you have purchased the NFT, then the ownership is transferred to your account via a public address. The token you have will act as proof of ownership.
Another way to prove the ownership of the NFT is through the signed message. No one can manipulate the signed message and the private key. You can sell it and the original creator will earn the royalties for the same.
How It Will Help You As a Graphic Designer?
Graphic designers are known for their creative work. You can build the NFT and become the creator. Earn the royalty every time your unique token is sold to someone else. You have already read about the non-fungible tokens and have an idea of their benefits.
Being a graphic designer, you can create NFT in the form of images, videos, GIFs, artwork, memes, etc., and sell it on NFT markets. You can select the scarcity of your art: how many duplicates will be there, what difference will each have, and many more.
Selling physical artwork is tedious work while selling digital art is almost like spending your free time. You can market your NFT art on social media channels, and NFT platforms. Anyone can create NFT by having a computer at their place, regardless of the niche.
Many unique tokens created by graphic designers are sold within 10 seconds as well, like Joanie Lemercier.
However, there is one bane of NFT art as well.
It has a hefty ecological footprint. The 10-second transaction can take up the energy of the full 2 year period of the studio. The heavy ecological footprint is the case not only in trading crypto art but the digital mechanism “proof of work.”
The proof of work was in use in the 90s for cryptocurrency mining to create and mint tokens like bitcoin and Ethereum. Sourcing the most bitcoins, heavy computers have to consume a lot of electricity.
Conclusion: Is there a bright future for NFT art?
Well, the past few months have been insane for NFTs. Every social media platform and news channel is covering the crazy boom of NFT art in the market. So, definitely, they have a bright future ahead and brighter for the NFT creators. Are you looking to create your own NFT art? Well, here at Redlio Designs we are ready to help. Contact us and describe your needs.