NFT-art: what is it?

In 2021, the world was literally obsessed with NFT-art. Galleries and auctioneers are talking about it. Silicon Valley businessmen and Hollywood stars are investing in it. 

Regarding value, works of NFT art can already be compared to works of classical art. At the moment, the record belongs to the work of Everyday’s: The 5000 Day Selects artist Beeple. He paid 69 million dollars for a collage of 5,000 works. If you want to invest in NFT, first use the trastra crypto app to buy cryptocurrency. 

And it’s not about single sales. The entire market for NFT art is growing rapidly. According to ArtTactic, a British analytics company, sales were $437 million in the first four months of 2021. 

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What is NFT?

“NFT stands for “non-fungible token.” And the key word here is non-fungible. It means that the object is unique and can’t be replaced by the same one. Because the same one simply does not exist in nature. 

An interchangeable object can be freely exchanged for another. For example, every draft of a poet is unique. You can’t exchange one for another without losing content. But books of a writer’s poems from the same print run are the same. No matter which book you pick up off the shelf, one is identical to the other.

The next word is “token.” This is the name given to the unit of account in systems that run on a blockchain. Blockchain technology itself is a technology that organizes a database into a chain of blocks. Each block stores information about the previous block. The entire system is decentralized—that is, the data is not stored on a single server, but on the computers of the participants in the chain.

In centralized systems, you trust one intermediary to store all the information. For example, information about all real estate transactions is stored in a registry. If the system were decentralized, all property owners would have information on their computers about all transactions in the country.

A decentralized system could not be hacked, tampered with, or destroyed. Since it would have to be done on all the computers in the system. The most famous example of blockchain usage is cryptocurrencies. All the information about all transactions with them is stored on multiple computers and is constantly updated.

The next step in developing the blockchain was the creation of Ethereum, a platform for creating decentralized services on which smart contracts appeared. These are contracts that do not require a human to execute. They make any transaction with digital assets possible.

Thus, an NFT-art is a digital certificate, which is a unique object. The token can be linked to any digital product: an image, an audio or video file, etc. You can buy cryptocurrency using the link and then spend it to buy NFT.

NFT-art: what is it?

Why is it art?

All auctions have moved to an online format, even those selling antiques and cars, not to mention paintings and sculpture. Online gallery sales soared 27% during the pandemic. Nearly 49% of the world’s collectors are millennials, 92% of whom prefer to buy art online.

The NFT-art has allowed many digital artists to sell their art. While film and song rights could have been bought and sold privately before, projections, or “gifs,” could not. Anything can be converted into a token.