The value of Non-fungible tokens, NFT's
Could this be A New direction for today's ART?
Time to learn about NFTs, Non-Fungible means that it is a unique image or token that can not be replaced with something else. Established in 2015, NFTs are different than Bitcoin, Bitcoin is fungible and can be traded one for another but the token and value remains the same. Non-Fungible tokens (NFTs) are a one-of-kind image. Think of NFTs as each one being a unique trading card. An NFT is truly a unique digital token with most using the Ethereum blockchain to digitally record transactions, it is not Crypto currency like Bitcoin or Ethereum because those are fungible and exchangeable for another Bitcoin or cash. When NFTs are minted they are recorded in a digital ledger in the same way as crypto currency, so there is a listing of who owns each one. NFTs are a digital asset coupled to the token, which can be an image of artwork, video, tweet or even music. We believe that the future of art appreciation for many will be established through digital reproductions of the original artwork. Buying an NFT also usually gets you some basic usage and reproduction rights—being able to post the image online or set it as your profile picture ; as well as, having quick prints produced that are visually as pleasing as the original artwork for a tiny fraction of what the original may cost. The potential for NFTs to be traded as minted digital images has proven to be a new and exciting method of becoming an art investor, dealer and collector. In the future it may be possible that NFTs could outpace the value of the original artwork.
