Toronto artist Krista Kim created Mars House, which is considered one of the first 'digital houses' (Image credit: Krista Kim) When Pak's NFT Artwork 'The Merge' sold for $91.8 million in December (he actually sold shares in the artwork), it was the third-highest price ever fetched by the work of a living artist. Early adopters in the art world include Beeple – who set an NFT artwork auction record – as well as CryptoPunks and Bored Ape Yacht Club, but we've since seen major galleries host NFT exhibitions. Who is using NFTs?įor artists, stepping into the NFT space adds another possibility for selling art, and provides fans with a way to support it. Even tweets and memes have been made into NFTs. The NFTs you're most likely to have seen or read about tend to be minted from trippy futuristic motion artworks, but NFTs can be made from any kind of photography, art, music or video file. Turning these files into 'tokens' and securing them on a blockchain makes buying, selling and trading these files efficient and reduces fraud.Īny kind of easily reproduced digital file can be stored as an NFT in order to identify the original copy. What are NFTs used for?Įssentially, NFTs can represent any form of digital file, whether that's a jpeg of a piece of art, a video, or even real estate. This makes NFTs like any other collector's item, but instead of buying a physical item, you're instead paying for a file and proof that you own the original copy. Like physical art, an NFT can be sold but the artist can retain the copyright, or they can offer it to the buyer, or decide the percentage of secondary sales an owner can have. As well as establishing ownership, the fact that it prevents copies means that the technology creates scarcity, something that had been missing from digital art. The blockchain technology means an NFT cannot be copied, substituted or subdivided, so it can be used to certify ownership of any kind of digital file, from art to music, games, videos and more.
It is decentralised and open to scrutiny. There's a unique and non-interchangeable unit of data stored on a digital ledger using blockchain technology to establish proof of ownership, as with cryptocurrenices like bitcoin. It's basically a unique digital identifier recorded in a blockchain. Many compare the state of affairs to the dot.com bubble of the late 1990s, which, while many websites closed, also gave rise to good businesses, such as Amazon, Facebook and Google.Ī render showing an NFT art installation at MoMA (Image credit: Refik Anadol / MoMA) What are NFTs? Generally, those passionate about NFTs are still keen and see the downturn as a blip caused by external pressures. Purchases spiked again in March 2023, according to NFT tracker CryptoSlam, and we've recently seen new virtual sneakers from Nike, and even a Tintin NFT. NFT use is back on the rise, and so many are still asking, just what are NFTs? Interest in non-fungible tokens may have fallen amid the generalised decline in crypto assets, but proclamations of their death have proved to be premature. What are NFTs? – why it's still important
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If you decide to venture into making NFTs of your own, see our guide to how to make and sell an NFT. Once you're up to speed, you might want to see our pieces on the best NFT games and the best NFT crypto for creatives. Several works of NFT art have sold for millions and we've seen NFT exhibits and installations at institutions as renowned as New York's MoMa.īelow, we'll explain what NFTs are. A concept that began as an experiment in new technology and became a way for artists to take ownership of their work and control its value, has since attracted major brands and celebrities.
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