Art is evolving. Before now, art could only depict meaning in the real world — an image of a known person or a familiar sunset over a known hill. The idea of drawing, moulding or sculpting something that didn’t or had never existed before was inconceivable.
By 1915, Kazimir Malevich, a Russian artist, proved art could be anything through his painting — a black square. With Malevich’s work, art transcended from being a form of representation to a form of expression.
Presently, evolution has brought art to an age where it is intangible yet valuable.
An idea of what NFTs are
Inherently, non-fungible tokens (NFTs) are digital art that have been given a unique identity on the blockchain. See them as a digital certificate that shows the original owner of something even though there are several copies of that same thing. Advertisement
They’re called non-fungible because, unlike fungible tokens, they’re unique and cannot be replicated.
A fungible token, for instance, is Bitcoin (BTC). That’s because one BTC in my wallet is the same as one BTC in someone else’s wallet, and if we exchange it, we still have the same thing.
But, if we own Anthony Azekwoh’s Red Man NFT and someone else owns an NFT by another artist, we will have completely different things if we exchange it. Hence, non-fungible.
Interestingly, NFTs could be anything; art, picture, video, or music.
NFTs got popular with the birth of CryptoKitties — digital cats — which sold for as much as $110,707 in December 2017. However, the first-ever NFT is known as Quantum, minted on the Ethereum network in 2014.
NFTs are stored on the blockchain like other cryptocurrencies but with a different token standard that contains additional information.
In straightforward terms, a token standard contains a set of information that tells which blockchain network a token belongs to. For example, on the Ethereum blockchain, the common token standard for a fungible token is ERC-20, while for NFTs, it is ERC-721.
However, knowing all that technical jargon isn’t so important in creating and selling your own NFT. By now, it is clear that apart from a platform to display creativity; it is also a money-making stream. Beautiful times, we must say
The age of non-fungible tokens (NFTs)
It’s the age where Anthony Azekwoh, a 21-year old NFT artist, is making a fortune from creating digital art such as his famous Red Man or historical Black Samurai. https://techpoint.africa/2021/09/07/album-art-nft/embed/#?secret=ztsHQPCO9K
This new dispensation presents an opportunity for people to showcase their artistic expressions and get appreciated immediately.
With over $10 billion exchanging hands in the NFT market this year alone, the era of digital art is starting to become one many do not want to miss out on.
However, like most blockchain innovations, getting into NFTs can be complicated for newbies in the blockchain universe.
Getting into NFTs isn’t so complicated. All that’s needed is to have the necessary tools to build your experience in the field.
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