Epochs change, and technology advances, but people stay more or less the same.
There are core traits that human beings have, no matter the historical context. And the will to possess is one of them.
However, the objects we own change. A medieval nobleman would boast of a mighty castle, and a 20th-century entrepreneur would enthusiastically talk about their collection of oil paintings.
Those things were material and visible, and you could proudly show them to others.
What do we own today as we are going online in almost all spheres of our life? How do we claim our ownership in a world of intangible things?
Recently, we have got the possibility to obtain unique immaterial objects and prove our rights to them.
NFT—what’s behind these letters? What is NFT digital art? Let’s find out together.
Vital NFT features: How Does The Whole Thing Work?
The above abbreviation stands for non-fungible token. As the name suggests, these are unique assets that you cannot exchange or replace for identical ones.
Fungible things are equal in their value, non-fungible ones are not. And every so often, a fungible piece can turn into a non-fungible one.
Let’s take a real-life example. You can exchange a 20-euro note for another one of the same denomination, and you won’t notice the difference when paying for goods.
Sure, they have different serial numbers, but this doesn’t affect the buying process.
We assess physical money by its payment capacity, not outer looks. But what makes a 20-euro note non-fungible?
Imagine that you are in a bookstore, looking for a particular book to buy. Suddenly, you take your eyes off the bookshelves and see your favorite author in front of you.
You want to get their autograph immediately. But all the paper you have at hand is this 20-euro note.
The writer signs it—and thus makes it unique. It’s non-fungible now.
To understand what NFTs are, you must know that the same principle works here. They exist as digital entities (photos, audio/video files, etc.) and are kept on a blockchain.
A special signature proves the uniqueness of each token. Thus, you cannot trade an item for an identical one, as a thing like this simply doesn’t exist.
But wait, something irreplaceable in the online world? The Internet is full of identical things.
You see the same shots in your Facebook newsfeed, download the same audio files when going offline on Spotify, and can copy almost anything with a right-click. How can you be sure of your ownership?
Claiming Uniqueness: The Power Of Blockchain
It’s all about blockchain technology. Like cryptocurrencies, tokens run on it. Robust identification and verification mechanisms protect each of them.
All transactions are kept in a distributed public ledger. To get an in-depth understanding of what NFTs are, you need to dive deeper into this topic.
Since intangible tokens have the same features as real-life objects (uniqueness and value), you can easily trade them.
Anything related to buying and selling works perfectly here. The difference is that it takes place in a virtual environment.
Everything is safe, quick, and highly efficient. With numerous nodes on public ledgers, the process of verification has enhanced security.
The Value Of Ownership: Is It Real?
It is, once you deal with human psychology. Of course, you can see a copy of your avatar in someone else’s account, as files are easy to replicate.
But you’ll know: the original is yours anyway. People value not only physical things but abstract notions as well.
Sometimes, knowing this thing is yours is enough to take pleasure out of something.
You may as well become a co-owner: fractional ownership tokenization makes it possible to “divide” an asset into tokens that are like shares.
There is only one genuine Mona Lisa in the world, and it is in the Louvre. But you can come across tons of tourist-targeted replicas when strolling down the streets of Paris.
And some of them are quite close to the original in terms of dimensions and color rendering. But only that one was created by Leonardo.
Touched by Leonardo. And only that picture brings joy to connoisseurs of Renaissance paintings who would travel across the globe to see it.
“Don’t you see the difference between a canvas-and-oil physical painting and a set of digits?” they say. That might be an issue for distrustful ones.
But more and more people create, buy and trade such items. Their popularity speaks for itself. It’s proof that such things work. Let’s see how exactly.
What Is NFT Digital Art?
The painting-related example above is not accidental. Art is one of the key areas of NFT adoption.
Buying pictures, sculptures, or photos is a beaten path for those who want to get invaluable and highly recognized assets. With tokens, this has gone digital, but the essence is the same.
Due to the area of their circulation (the Internet), such artworks are available as intangible assets only.
But why pay fabulous money for something that you a) cannot touch, b) can freely get on the Internet? This way of thinking betrays a person who doesn’t know what NFT art is.
Before the advent of such tokens, artists would use the Internet to sell their digital works but got baffled to see their numerous copies on forums or elsewhere.
Now, they can earn by selling them as unique items because legal ownership is confirmed and protected.
Yes, it is still easy to get copies, even if sites have built-in anti-copy functionality. If right-clicks are disabled, one can make a screenshot and get a visually identical image.
But this is not the same in terms of authenticity. Since each token has its own code and metadata, it still stays unique.
There is only one person who can own it at a time. This is an important feature of NFT art.
If you copy someone else’s assets, it won’t bring you that joy of possession the actual owner has.
After all, criminals stealing paintings from museums don’t boast of them in public. They simply don’t own the rights to those pieces.
The features of NFT art go beyond possession and entertainment. As works of traditional literature, music, or painting, they can serve various purposes, including charity.
Thus, in 2022, the software development company Andersen launched a beautiful collection to raise funds for Ukrainians during the war.
Exquisite motankas (traditional dolls) and pysankas (Easter eggs) bring joy to their owners and help people at the same time.
NFT Art: Features And Benefits For Creative People
To understand what NFT digital art can give people, mind that not only investors get profit from tokens.
They can become the primary source of income for many artists. According to Statista, as of January 15, 2023, the total value of NFT-related art sales hit $18.6 million over the previous 30 days.
2021 witnessed a real boom for this. The interest has somewhat faded since then, but you still can earn a considerable sum for a piece.
Thus, The Merge was sold for $91.8 million. So, an author can make a fortune selling their works.
Many features of NFT art urge new authors to set off on this exciting adventure and contribute to the industry. Here are at least two benefits to think about:
No Intermediaries Needed
When offering a piece for sale, an author usually needs the help of a gallery to exhibit their work.
Sometimes, the process is tiresome, as you need to search for a reliable agent or manager to help with these issues.
Cooperation with an auction house may be challenging, especially if you are a newcomer.
Authors who realize what NFTs are and what benefits they bring get more control over their oeuvre. They sell them to interested people directly.
Data cannot be stolen or hacked. Once you have minted your token, you can easily launch the selling process.
There are initial charges and gas fees, but everything will pay off if your works find interested investors.
You can opt for a convenient payment option (auction, fixed price, etc.).
These platforms run on the most popular blockchains like Ethereum or Tezos. Curated marketplaces offer more quality items.
Self-service platforms are ideal for those who want to try what NFT art is and start selling their works.
All transactions involve cryptocurrency. You will need a digital wallet that can operate on all your devices and basic knowledge of tech aspects.
And this information will help you not only unlock the features of NFTs. In our rapidly transforming world, this will be useful not only for the art trade.
Edition And Stand-alone Items
Edition tokens—so, is replication possible anyway? Yes and no. These are intriguing. You can draw a tree and offer your work as a series of 10 items.
A blockchain recognizes each as a unique record. But their content is the same.
It is like a series of lithographs signed by a well-known artist. They all have the same content, but each has its own unique serial number and collectible value.
Stand-alone tokens refer to one copy only. They are, in essence, what NFT art is all about—exclusiveness.
Tokenized Tangible Assets
One of the crucial NFT features is that they can also serve as a bridge between the Internet and the real-life world.
By tokenizing tangible assets (real estate, artworks, sportswear, etc.), you can prove both uniqueness and ownership.
This helps to fight fraud and makes trading much more convenient. A smart contract keeps all the details of a deal, and hacking is next to impossible.
A token can be linked to some property, which facilitates buying and selling. Just like in the art branch, you don’t need intermediaries here.
It’s only a buyer and a seller who make a deal. All transactions are direct and seamless.
One more important thing is that a token is immune to potential physical damage. And you can handle it in any corner of the world.
All this may revolutionize the way we gain property. The first real-estate NFT was sold in 2017, and the whole thing seems quite promising.
Diplomas And Certificates
Such educational institutions as South Korea’s Hoseo University issue tokenized certificates to their graduates to fight and exclude forgery.
This can also help prevent cases when someone alters their actual degree or grades. For students and researchers of blockchain, this is also symbolic.
The luxury industry sees the great potential of NFTs as exclusivity and provenance have a special meaning here.
In 2021, LVMH, Prada Group, and Cartier founded the Aurora Blockchain Consortium to improve services and take their businesses to the next level.
Customers can buy high-quality products without questioning their authenticity.
NFT Gaming And The Metaverse
Willingness to play is one more timeless human trait. As we grow, children’s playgrounds give way to more serious venues, like casinos.’
But we play even when doing some serious things. We learn what NFTs are, and this experience opens up vast opportunities.
Getting them is a kind of game itself. It’s like a quest where you are searching for a precious item.
Gaming is one of the major trends in the entire NFT-related process. Even old-school games that we used to play a couple of decades ago involved getting valuable items.
Now, it’s even more exciting as almost any property, clothing, or object can be tokenized and traded.
As for the metaverse, as it keeps on growing, new virtual spaces emerge all the time. These are avatars, cities, lands, and so on.
People who immerse in this exciting virtual world, experience almost the same emotions as in real life.
The urge to buy and possess doesn’t disappear once you enter it. And here, all assets can be bought/sold for digital currency.
And you can benefit from all the features of NFT art here: imagine, you build a virtual museum of modern art…
With non-fungible tokens, many conventional activities get a second wind. More and more people discover what NFTs are and take genuine pleasure in possessing unique things.
They strive to buy exquisite works and ensure their property from fraud. Businesses appreciate the high-level security this technology offers.
As more industries and companies are adopting blockchain, tokens will enjoy demand in different areas of human life.
Leading software providers pay attention to NFT development services and build innovative products for finance, logistics, and so on.
If you wish to keep up with modern technology, pay attention to the features of NFTs and the benefits these assets may give you. They kill two birds with one stone—you get both entertainment and value.