When the world first heard about non-fungible tokens (NFTs), it was a revelation for those who had been following the cryptocurrency markets for years. For the general public, however, it was easy to miss the significance of the token.
The fact is that NFTs have given artists — from musicians to visual artists — unprecedented control over their work.
What is NFT art?
Non-fungible tokens (NFTs) are the latest craze in the world of cryptocurrencies. They’re digital assets that are verified using a blockchain. Much like bitcoin, which is fungible, meaning that any bitcoin can be exchanged for another bitcoin without a loss of value, NFTs are non-fungible and can’t be traded equally, click here to for selling NFT art and know more about the market.
NFTs have taken on an artistic purpose recently, with artists selling their artwork in exchange for cryptocurrency. The original artwork can be sold multiple times as an NFT, but whoever buys it only owns the rights to the original piece. Think of it like buying a print of an original painting. You don’t own the original — only the right to display its likeness.
To understand how NFTs work and why they’ve been making headlines lately, we’ll take a look at three examples of NFT art and what makes them unique. Here are three of our favorite examples of NFT art:
- Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS”
In January 2021, an artist named Beeple sold an NFT on Christie’s Auction House. The piece, an image called “EVERYDAYS: THE FIRST 5000 DAYS,” fetched $69 million USD, making Beeple the third most expensive living artist in history.
Why so much? A big part is its uniqueness. You see, ANYONE could have bought this art when it first came out in 2007 — for free! However, by purchasing it as an NFT and restricting its sale to a single piece only, Beeple has made it both unique and valuable at once.
- “CryptoPunk 7804”
This artwork by Marcus Flemmings was sold on Opensea for $7,500. The image features a stylized avatar with a green mohawk, reminiscent of the classic video game characters from the 1980’s. The artwork is similar to the “CryptoPunk” series sold by Larva Labs for several million dollars each.
The purpose of Cryptokitty is to breed different types of kittens with Ethereum tokens. Each kitten will be unique and cannot be replicated. You can breed your own kitty or buy one from the marketplace. The price of a kitty depends on its type and generation, or rather how many times it has been bred. Newborn kittens sell for around 0.03 ETH, while more mature kitties cost several Ethers.
Cryptokitties offer a great diversity of breeds and colors such as purple, blue and yellow. The programmers have also added special attributes like fluffy or earmuffs. You can learn all about the different possibilities on their website.
We’re very excited to see what breed you get!
A while ago, I had the idea to issue a set of collectible digital images as NFTs. I’d made memes and digital art before, so this seemed like a natural extension of my previous work.
Meme tokens are a new frontier in cryptoart. The idea is simple: I create a set of memes, sell each meme as an NFT, and use the proceeds to buy more memes. In theory, this cycle can continue endlessly and the value of the memes can increase exponentially.
I knew next to nothing about NFTs or ERC-20 tokens at the time, so I started by taking an online course on blockchain development. (There are a lot of resources available for people interested in learning about crypto, especially on Twitter.)