Have you heard of NFT?
NFT is this new social currency, some might call it digital certificate, or even a financial investment.
NFT stands for Non-fungible token.
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
So how can NFT asset be valuable if you can not exchange it for something else?
The answer is scarcity.
Think about it. Why are arts expensive? NFT arts are basically the same as classic arts but they are in digital.
Some of these classic arts also appreciate their value overtime. For example, why is the world's famous paint "Monalisa" so valuable today ( US$850 million in 2019) ? - because it is one of a kind and there is only one original painting. A lot of the conversation is about NFTs as an evolution of fine art collecting, only with digital art.
Only that the arts are in digital form and they are bought with cryptocurrency. Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs.
But can't you just copy and download the arts off the internet?
Good question! You can, but even if you did, the piece of art wouldn't be the original art. Because there could be only one & unique original art and that is where the art holds actual value.
Now the question is, how do you know if the art is original or copied?
You know this from the technology used in NFT. With NFTs, artwork can be "tokenised" to create a digital certificate of ownership that can be bought and sold. That is why all original arts are sold by its owner or the creators.
Here are some other videos I found that are helpful to understand what NFT is
I have always been very much attracted to digital arts, contemporary arts, photography, even characters so I am really excited to witness where the world is heading with this new age where we are about to have entirely new definition and infrastructure for our "future of work." The transformation to the future of work is already starting and this is REALLY happening to our faces.
Now even more exciting announcement I have is that I just released my first ever NFT digital art ( Token ) and I am planning to start making a series of arts like this. I will call it #TokyoUsagiGorL Collection. #TokyoUsagi
#TokyoUsagiGorL Collection will be Tokyo themed contemporary digital arts that will capture Japanese women, so if you want to collect NFT digital arts, watch out for my arts!
You can simply click the image above to jump to the page to view the art or you can go from here.