The 21st era is the digital era where artists are creating digital pieces and putting them on the internet. As soon as the art goes viral, the artist is happy to recognize the limelight but NFTs (non-fungible token) help him pay for the digital art. Today, artists upload, share, and get thousands of retweets for digital art but what can they do to cash in on that virality of the work is answered by NFTs. It is easier now for digital artists to sell their design or art due to the internet.
What are NFTs?
In layman term, an NFT is a special sort of cryptographic token which acts as a digital stamp of genuineness. In layman’s terms, it is “a collectible digital asset.” NFT is an acronym for a non-fungible token, the characteristics of which are similar to cryptocurrencies, like Bitcoin or Ethereum but there’s a difference between the two. Bitcoin or other crypto coins can be at all times traded or exchanged for one another while NFTs are individually unique, unlike cryptocurrencies.
What is an NFT auction?
During an NFT auction, systems are connected to a cryptocurrency network. Computers record the transaction on a shared ledger and store it on a blockchain network serving as a sort of certification of authenticity that cannot be altered or erased much like the crypto transaction.
Which are the latest famous NFT sales?
Several internet sensational videos, images, and viral arts have been sold for heavy amounts of NFT. In 2007, a video went viral on the internet known as “Charlie Bit My Finger” or “Charlie Bit Me“. It was a 56-second video that featured two brothers from the United Kingdom in which one of them put his finger into the mouth of the other and says ‘Charlie bit me’. The video generated more than 883 million views as of May 2021. On 24th May 2021, the video was unlisted for an NFT auction of $760,000. Similarly, a meme photo of Zoë Roth in 2005 looking at a house on fire in her neighborhood, also famously known as “Disaster Girl,” was sold in an NFT auction for $500,000. One more news hit the digital market when an artist sold NFT of a collage of digital images for $69.3 million.
How an NFT transaction takes place?
When you as a collector buy an artist’s work as an NFT, you tend to buy the unique token representing the digital artwork. Ownership of the artwork is recorded in a tamper-proof way by the token across the internet but owning the work doesn’t restrict how the work can be seen or shared by the owner. NFTs permit playfully owning digital art with each work is something which can be distributed and traded among collectors easily. The good thing is owning an NFT gives the buyer the right to resell the artwork easily, just like in the traditional art world in a museum.