In March 2021, a Malaysian businessman spent $2.9 million dollars on a one-of-a-kind piece of art. The thing he bought? An NFT of the first-ever Tweet by Twitter founder Jack Dorsey on the popular social media site he created.
At that time, the auction made headlines across the digital sphere. However, NFTs have been around long before then. But let’s rewind a little bit and unpack the hype surrounding this exciting new form of digital art collection.
For the longest time, the world of high art had felt like an exclusive space reserved only for the wealthiest of society. Most ordinary folks, whether they be creators or avid admirers of art, were relegated to mere spectators of this elusive field. However, thanks to the dawn of digital art and NFTs, change is on the horizon.
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Want your own free NFT? We’ve got good news for you! NiftyZone is an up-and-coming NFT marketplace that wants to provide a platform for Southeast Asian artists and audiences to delve into the exciting world of NFT art. Currently, they have partnered with artists in the region to give away FREE NFTs to new followers on their social media pages! So, if you want a bonus start to your NFT adventure, make sure to follow them! |
What is an NFT?
Simply put, an NFT is a Non-Fungible Token. Some of you may already know that. But what exactly does a Non-Fungible Token mean?
Fungible basically means something that can be interchanged. For example, if you have a 100 dollar bill, you can exchange it for two 50s, or five 20s, and still end up with the same amount of money.
A non-fungible asset, on the other hand, is unique and can’t be exchanged with anything else. Take Van Gogh’s famous painting, The Starry Night, for example. You could take a picture of it and post it on Instagram, or even recreate it yourself, but it still won’t hold the same value as the original artwork.
An NFT is basically like a Van Gogh painting except it exists in the digital world. It is a representation of an authentic work of art that can be bought, sold, and collected.
Also read: Common Questions About Cryptocurrency and Basic Tips For Beginners
How do NFTs work?
Like cryptocurrencies, NFTs are powered by blockchain technology, usually on the Ethereum or Binance Smart Chain network. If you’re a beginner at cryptocurrencies, don’t worry, because there is no need to dive into the crypto sphere to understand blockchain technology.
What you need to know is that a blockchain is like a public ledger. It keeps a record of who owns what and is generally maintained by a multitude of computers around the world. Because of this, the records on a blockchain cannot be forged or falsified.
Through this technology, any digital asset, be it artwork, songs, books, or even a Tweet, can be turned into an NFT that also functions as a certificate of ownership. This alone makes NFTs extremely valuable because, as we know, anything that is on the Internet can be replicated, reproduced, and redistributed.
That makes it difficult for aspiring artists and creators to share their work. But with regards to an NFT, the authenticity and ownership of a particular digital asset become indisputable. This is what makes NFTs meaningful for those who want a platform to showcase and monetise their creations.
How much are NFTs worth?
At the time of writing, the most expensive NFT ever sold was an artwork created by Mike “Beeple” Winkelmann, one of the most famous digital artists in the world. Care to guess the value of his NFT artwork, Everydays: The First 5000 Days? A whopping $69.3 million US Dollars!
On the other hand, CryptoPunks is a series of pixelated digital faces that were randomly generated by software developers Matt Hall and John Watkinson. They were one of the earliest NFTs on the market and, currently, each artwork is worth an average of $5 to $10 million US Dollars.
But it’s not all just art. As mentioned earlier, the first-ever Tweet in history sold for $2.9 million dollars. NBA Topshot, a collection of short video clips showcasing the best moments of NBA history, is currently a multi-million dollar market in its own right.
As you can see, just like traditional art, some NFTs can be worth a lot. This is usually due to the rarity, scarcity, and uniqueness of the artwork in question. Another factor is the fact that many NFT marketplaces deal in cryptocurrencies, often Ethereum (ETH) or Binance Coin (BNB), which, even on their own, are worth a lot of money.
How to create and own an NFT art
Crypto-savvy users may already see a problem with NFT art. Despite empowering artists and providing a safe digital space to authenticate and sell their art, the constantly ballooning value of cryptocurrencies continues to isolate most ordinary folk.
After all, I’m sure most of us don’t just have a pocket full of ETH to spend on art. After all, the gas fees (basically crypto transaction fees) for creating, selling, and buying NFTs alone can burn a hole in your (crypto) wallet. Thankfully, not all NFT artworks lie beyond the financial reach of the ordinary working class.
NiftyZone is an NFT marketplace that caters specifically to artists and collectors in Southeast Asia. The main goal of NiftyZone is to provide access and exposure to NFTs for the majority of users in the region. Not only does it allow artists to mint their own NFTs for free, but it also accepts credit card payments so you can pick up your own NFT artwork at an affordable price.
Creating your own NFT is a simple process that literally only takes minutes. All you have to do is create a MetaMask account (it’s basically a Chrome plug-in) and you’re already pretty much set. If you’re an artist, you simply need to fill up the artist application form and upload your digital file to the website. Voila, you’ve now minted your very first NFT!
Similarly, if you want to buy an NFT art, you will need to first set up your MetaMask account. Once you’ve done that, link it to NiftyZone and you’ll be able to top up your wallet and purchase whatever strikes your fancy. It’s THAT simple! Once you’ve bought an NFT, it is yours to own until you decide to sell it.
Also read: Crypto Investments for Dummies: The Basics of Cryptocurrency & Why It’s a Big Deal
Get your free NFT art
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Did that catch your attention? Keeping in line with its goal of providing Southeast Asian artists the chance to showcase their work, NiftyZone has partnered up with some talented artists in the region to giveaway free NFTs to new users! All you have to do is follow NiftyZone on their Twitter and Telegram channel to be able to redeem your free NFT! |
With the ongoing enthusiasm surrounding NFT art, it’s safe to say that the landscape of the world of art is quickly changing.
For more information, make sure to follow NiftyZone on their Facebook, Instagram, and Twitter page or follow their official Telegram channel!
Brought to you by NiftyZone. Featured image credit: galitskaya via CanvaPro.
