What is NFT Art & Why Digital Artists Should Pay Attention

This pixelated pipe-smoking man named CryptoPunk #7804 just sold for an astounding $7.5 million (4,300 ETH)!

What the Heck is an NFT?

In simple terms, an NFT is a cryptographic token that creates scarcity for a digital object and makes it possible for people to sell, buy and collect digital objects online.

“Obey” by digital artist mbsjq features the Ethereum logo prominently along with an astronaut who has become a symbol of the cryptocurrency investor who is “shooting for the moon” or waiting for a new cryptocurrency token to rise in value.

How Do Artists Create NFTs?

Here’s a quick rundown of how it works. An artist signs up to an NFT marketplace, like OpenSea or Rarible. When they “mint” or create their NFT through the platform, their artwork and the unique bit of information about that artwork — including its smart contract — is stored on the blockchain.

Why You Should Care about NFTs

Perhaps you’re thinking that NFTs are too technical and confusing, or maybe you think they’ll blow over, or you’re boycotting them because you’ve heard about the environmental costs associated with transactions on the Ethereum network.

Protect Yourself from Scammers

Where opportunity abounds, you’re bound to find opportunists.

Artist Derek Laufman discovered that his artworks had been stolen by some pretending to be him on the open NFT marketplace, Rarible.

NFTs Are Probably Going to Be Around for a While

Although I think the NFT art market is experiencing a bubble due to massive hype from artists and collectors alike, I do believe that this technology is here to stay.

Detail from Beeple’s “Everydays: the First 5000 Days.”

NFT Art Is a Game-Changer for Digital Artists

This technology is incredible in that it has the ability to generate scarcity and establish ownership and authenticity for internet-native art so that digital files can be sold, collected, and monetized.

“Bitcoin Angel” by artist Trevor Jones. Jones has made millions of dollars off the sale of the 1/1 NFT of this work and editioned versions. Each time the NFTs are sold he earns his royalty fee.

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Alyssa Travis

Alyssa Travis

The Crypto Curator of NFT Art. Instagram: @thecryptocurator