Author:
Gonzalez, Rachel
Decade:2020Initials:
L.G.
Page:
3
Photo:
Yes
Publication:Sonoma State StarDate Published:Subject:
NFT stands for Non-Fungible Token and is described as a cryptographic token that is not mutually interchangeable - meaning that is cannot be replaced for something else and is unique.
According to Mitchell Clark, a news writer for The Verge, "most NFTs are part of the Ethereum blockchain," which is a form of cryptocurrency.
For example, digital artist Beeple, auctioned company, for $69 million, which is $15 million more than Monet's painting that was sold in 2014.
What can be challenging for NFT pieces to become the new form of fine art collecting is the possible change that the data itself can deteriorate, causing it to essentially "fall apart".
The digital artwork that is being bought technically has no guarantee for lasting as long as people may want it to.
Through artwork on marketplaces may appear fine and unique, but the pieces that people are buying are stolen and not from the original artist. Issues with copyright and where the artwork is coming from.
NFT is a great opportunity for digital artists, they can market themselves and pursue their dreams.
