About NFT Art:
We hadn’t even gotten our heads around how cryptocurrency worked when the internet exploded with NFTs. What exactly are they? A non-transferable token.
It simply means something of exceptional worth. Something irreplaceable, such as art? Umm…yes. NFT artwork.
According to the internet, a rendition of the 2011 Nyan cat meme sells for $600,000 as NFT art. What?!
Who would pay such a high price for something that can easily be copied or downloaded for free? And why is that? What do you think of that as art…or NFT art?
After All, What Exactly is NFT:
It is a one-of-a-kind, non-replicable item that is backed by Ethereum blockchain technology. NFT art, like its physical counterpart, is considered one-of-a-kind because it contains a special signature code in its metadata. This code defines the content’s and its owner’s authenticity.
Consider having a signed Da Vinci painting; copies can be made and sold, but the original is unique.
As a result, only one owner can exist at any given time, which is easily verifiable.
NFT can be used to identify almost anything. It can be sold as NFT Art regardless of format (borderline digital). Art can be an image, an animation, or even a sound file. Even your tweets would be profitable.
Did you know about the website minting process? Build your own NFT Minting Website, with key steps to building an nft platform from scratch. To know more read about its step-by-step through the latest blogs.
Why is the cat meme popular, and why was it sold for such a high price? (A brief study)
- It’s because someone assigned a monetary value to them.
- Consider this: you created a creative-witty meme, only to see it trend. However, with NFT, you can put a price on it.
- People have long associated emotional attachment, value, and significance with physical artwork, pieces, and mementos. That is a difficult bond to replicate with digital items because they are easily copied or accessible.
- Digital artists have long struggled to keep their work from spreading. This puts a strain on upholding standards and determining their worth. It is frequently subject to creative theft and plagiarism.
- However, the growing popularity of blockchain technology’s cryptocurrency has given birth to a new category of digital collectibles known as NFT art.
- NFT art products are digital assets that are sold and purchased as collectibles in the same way that tangible arts are. People have sold these artworks for millions of dollars in some cases. This newly discovered niche represents a $100 million market.
- While the owner of the Non-fungible art can hardly reserve the copyrights or prevent the material from being shared across platforms, the mere enjoyment and thrill of owning the original “authentic” design lies in the bragging rights.
- The Nyan cat meme first appeared in 2011 and quickly became popular. Chris Torres, the meme’s animator, altered the original artwork and put it up for auction on Foundation, a relatively new marketplace for NFT Art.
- The bid was $590,000 after minor adjustments and a cat with a pop tart for a body.
- It is not the first time that crypto art has been sold for a large sum of money. Since the beginning of this niche, NFT Arts such as RarePepe, Beanie Babies, and Kryptokitties have made money.
- Like the connoisseurs of tangible arts, it appears that digital art has found its audience.
Growth of NFT:
Are you convinced enough to create your own NFT art?
It, like other arts, is accessible to almost anyone. Anyone can sell it, but it is secured by Ethereum.
Creating personal works and expressing yourself is always a good thing, and with NFT Art, you don’t have to rely on galleries to show off your work. Your market is the entire world.
Let’s figure out how to start.
Making the Art:
You create artwork, which could be anything from a meme to a trading card or an MP3. Get your creative juices flowing, find your expression, and create something that inspires you and that you believe will inspire others for e.g NFT Marketplace for Memes.
The Financial Aspect:
The NFT art breathes and lives on its Ethereum platform. The transactions are carried out using a one-of-a-kind cryptocurrency known as Ether. You create the crypto wallet and accept the currency in the same way that you would buy chips in a casino. When you make a profit from your artwork, you can keep the Ether or exchange it for any currency you want.
Making an Ethereum Wallet:
These wallets enable communication with blockchain networks such as Ethereum. Before you sign up for a marketplace, you must first create a crypto wallet and link it to your account. You must have a source of funding to withdraw or deposit to sell or buy art.
Small Introduction About Minting:
Minting is the process of tokenizing your NFT art so that it can be stored on the blockchain. This is what gives it the exceptional security of being traced and tracked throughout its history. It has a small fee requirement known as a “gas fee,” which is all for the computing energy charge required to secure your art. So, yes, you will need money to sell your art.
Your NFT Art is in Short Supply:
As a creator, you have control over pieces of your work that you mint as originals. As part of the original publishing, you can create multiple pieces. Once that number is determined and minted, it cannot be changed. The list of identical art has become stagnant and can be proven to have originated from the creator. Even if people create identical art, the edition will be unchangeable. This works similarly to early editions of books and trading cards, where being a part of the original set is more valuable.
The Business Environment:
After all is said and done, this is where you put your art on display. It is a tight-knit community with many walled societies. They allow you to sell or buy with an invite-only system. There is, however, OpenSea, the largest platform for anyone to mint and sell coins. You can also create your marketplace.
About Takeaway Process:
NFT art is sending shockwaves through industries and communities. They represent a new way to invest, admire, and collect, as well as a new way of thinking. It’s similar to our old tangible art, but it’s more accessible and secure. It gives creators and buyers a sense of independence because everything is open for all to see, buy, and sell. Finally, it’s an art form that, while new, has as much value as anyone can find in it. There’s nothing to lose, so it’s worth a shot.
