Scott Martin who goes by the alias Burnt Toast has created Doodles, a collection of 10,000 NFTs which has made more than $165 million in sales. Not only has this collection made headlines but has also brought back attention towards the magic of NFTs for Digital Art and Digital Artists.
As the sale of the Beeple NFT (EVERYDAYS: THE FIRST 5000 DAYS) for $69 million gained attention, NFT Art became popular and led to debates regarding the future of art in the form of NFTs, how Cryptocurrency has provided a way to revolutionize one more industry and if NFT Art is even real art!
What is NFT and What is NFT Art?
NFT or Non-Fungible Tokens are representatives of Digital collectibles (or physical assets) and are stored on a Blockchain (Ethereum, Polygon, Flow, and more). Whether primary or secondary, every sale of NFTs is recorded on the Blockchain.
NFTs provide a certificate of Ownership to Digital Assets (and now physical assets), for instance, the digital copy of a book can be viewed or downloaded for free (just like the NFT of an asset could be viewed for free on NFT Marketplaces) but is owned by the writer of the book. Plagiarising the content of the book in any form (audio or video) is not acceptable and can cause legal issues!
CryptoPunks and CryptoKitties came into the frame when Cryptocurrencies were earning a name for themselves. The concept of NFT Art boomed since Crypto enthusiasts found one more way to invest their Cryptocurrencies and receive huge funds by reselling artworks. It was more than a concept, through CryptoPunks and CryptoKitties, NFT Art joined the craze started by Rare Pepes, Force Of Will, Bit Crystals, and more!
NFTs Have Become A Gamechanger For Artists
There might be confusion regarding the sustainability of NFT Art but the way artists, especially digital artists have benefited from it and the kind of huge sales collections act as reminders that NFT Art is certainly a beneficial product of Blockchain technology!
Nobody would have anticipated that celebrities like Eminem, Steph Curry, Shaquille O’Neal, and Gwyneth Paltrow would join the NFT Art craze with BAYC (Bored Ape Yacht Club). Justin Bieber paid more than $1.29 Million for Bored Ape NFT, the collection of which now has the floor price of 99 ETH. It is important to remember how people started changing their Twitter profile picture to these Ape NFTs so that their membership in the club and the community that stands Crypto related assets could be publicly displayed.
Joining the NFT Art craze is much more than trading artworks. It is about joining the evolution of technology (that might become a common part of our lives in the future), and the community that supports this (the use of NFTs is inconsistent across the globe and the concept is often questioned).
How To Start With NFT Art?
- First, decide on the Digital Asset you want to turn into an NFT.
- Choose the Blockchain you would use to turn your work or collectible into an NFT (Ethereum is among the most popular Blockchain for NFTs).
- Digital Wallet is a requirement to continue on this journey of NFT Art. So if you do not know much about Crypto Wallets and how Cryptocurrency works then we have already covered it for you!
- The next step is to choose NFT Marketplaces best suited to your needs. Once you sign up for an NFT Market, the platform would have detailed step-by-step guides to help you start on the platform. OpenSea is an NFT Marketplace where you can make NFTs for free (using the Polygon Blockchain).
NFT Art has changed the ways Digital Artists receive financial benefits and recognition from their work. The continuously developing technology has led to the generation of new markets and ways for people to earn and invest their money.
Often amidst understanding the present and upcoming technologies, people ignore planning for the Digital Assets (of personal and monetary value) generated by these technologies.