You've heard of cryptocurrencies, but what are NFTs? No? Then you ought to continue reading.
A digital piece of art known as an NFT, or Non-Fungible-Token, can be utilised as a cryptocurrency. The sole distinction is that because NFTs are non-fungible, each digital image is distinct and has a distinct value. Here's why you should focus your attention on NFTs going forward.
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| Why should we know about NFTs? |
The History of NFT
Although NFTs are commonly used now, their application hasn't always been as well understood. In the shape of colourful coins, the first NFTs were produced in 2012. Digital artist Kevin McCoy was the first to manufacture an NFT with the picture Quantum in 2014. NFTs have gained popularity since 2017. However, it wasn't until 2021 that Beeple's Everydays: the First 5000 Days, a digital image that was auctioned for 69 million dollars, truly popularised the NFT concept.
With so much money on the table, NFTs have gained popularity among purchasers, including celebrities, as well as artists. For instance, Post Malone just spent $700,000 on two NFTs from the Bored Ape Yacht Club. He is not the only one; one of them is featured in one of his music videos. Madonna, Snoop Dog, and even Paris Hilton are among other famous people that have joined the Bored Ape Yacht Club craze.
Opportunities for Artists
NFTs are a fantastic opportunity for young artists to spread their work while earning some money—possibly a lot of money. Anyone is welcome to give NFT a go. Nothing is lost if you do this. You can potentially make a profit while paying less for it. However, you should be mindful that you are also selling the picture's rights, not simply the actual image. The purchaser is free to use the digital artwork anyway they see fit. Nevertheless, there are lots of advantages for you as an artist. It is a good idea to keep a watch on the cryptocurrency market if you want to sell digital art in the form of an NFT.
Why Should You Buy an NFT?
It is clear why you should make NFTs, but why would you want to purchase them? Consider it an investment. Cryptocurrencies like Bitcoin, for example, might see a drop in value from one day to the next, costing you a lot of money. The value of the image you have acquired is more stable since it is not immediately impacted by changes in the popularity of other digital photographs with NFTs, where each image has its own worth.
