NFT Art: A Love Affair of Art and Technology
Non-fungible tokens, known colloquially as NFTs, have become extremely popular in the last two years. In the most simple sense, NFTs are digital tokens that prove ownership to an underlying digital asset. The digital asset can be music, a photo, a video, or any other form of digital media. In fact, anything that can be turned into digital format can be made into an NFT Art.
NFT Art is maintained and secured on the blockchain. This provides the NFT Art owner with security, as the blockchain is encrypted. Further, because the blockchain is immutable and maintained on a public ledger, there is total transparency. There is never a question of ownership. The blockchain is encrypted and ownership is easily verifiable, and the blockchain cannot be hacked or manipulated by any bad actors.
Easy Transfer of Digital Assets
The blockchain technology also allows for the easy transfer of digital assets. For example, an NFT Art owner can go to a very liquid NFT market and sell his NFT Art. Also, a consumer interested in purchasing a piece of NFT Art, can go to an NFT marketplace and browse a wide array of digital assets before purchasing the NFT they like. This easy transfer of value and ownership is a fantastic benefit and only possible because of the power of the blockchain.
Art With Utility
The traditional art market has survived for hundreds of years. This market has survived, in part, because owning certain pieces of art is a status symbol for the wealthy and well-connected. Now, with social media everywhere, this same wealthy individual can make their social media profile picture a one-of-a-kind piece of NFT art. Thereby proclaiming their status to millions of people. These types of NFTs are known of profile picture NFTs, or PFP NFTs. As the world becomes more and more digital, NFT PFP will become even more prevalent.
NFT Art does what traditional art does and then builds upon it. NFTs can be aesthetically beautiful. It can express feelings and emotions. In other words, NFT Art can do exactly what traditional art can do. But NFT Art can do more than traditional art. Due to the blockchain technology, NFT Art can provide utility and benefits to their owners. The utility and benefits that NFTs provide are not available to the traditional art owner.
The creation of the non-fungible token created a new phenomenon: digital scarcity. Digital scarcity exists on the blockchain because the supply of a digital asset can be limited by the asset’s creator. In other words, an NFT can be a limited edition of just one, ten, or even ten thousand. This scarcity of digital assets can create a huge opportunity for appreciation of the assets, as owning something that is unique and one-of-a-kind can add tremendous value to the asset.
And We Thank You for a Real Good Time!
Thank you for reading our blog post. Continue to check us out for more information and resources on all things NFTs – including our own NFT project, Awk Monks! Also, don’t forget to check out The Ultimate NFT Monkey Guide for all things NFT Monkey related. It’s a great resource – rich in information.