Media, the internet, and youtube are flooded with news related to NFT. The introduction of non-fungible tokens has revolutionized the creative industry. Artists are now selling their work as NFT on the marketplace. But what is NFT art? What are non-fungible tokens? To discuss more NFTs, move to the next heading.
What is NFT?
NFT is a non-fungible token that can buy, sell or trade on the marketplace. non-fungible token marks your asset as a unique product on blockchain. Whether a piece of art or a novel, there will be only one original object across an NFT. For example, you have a note of 100 dollars. You can replace that note of 100 with five 20 dollars notes, and all notes collectively will maintain the same value as one 100 dollars note would have. It means a 100 dollars note is a fungible token. At the same time, non-fungible tokens lose their value if replaced with some other asset.
What is NFT Art?
If you have Picasso's painting, you can not guarantee its uniqueness. But with NFT, every asset has one unique owner. Only the owner has the right to sell or keep art collectible.
Before NFT, artists were not making much use of their potential as most people don't find anything exciting in buying art. The public prefers things that make a profit from time to time. A thousand-dollar painting of Mona Liza will not generate money for you after purchase. But NFT art will.
Like Bitcoin, the value of NFT increases. You must know about crypto punks and bored apes. These digital illustrations were transformed into NFT and were traded on the marketplace. These small posters were sold for $350,000 and $500,000. It gave an initial boost to NFT.
How to Make NFT Art?
Minting is the process of transforming an invaluable piece into a valuable NFT. Minting NFT means turning physical art into a digital asset. It adds a block to the blockchain and determines the uniqueness of the object.
After getting the answer, what is NFT art? You must be getting excited to invest your valuable money in NFT. It is a great opportunity for people who want to invest their money in something valuable. Buy a digital asset like a painting and at the time raise sell it on profit. Sell when the market is high, buy when the market is low—easy rule of NFT trading.