If you’re interested in making your own art, you’ve probably seen an influx of NFTs flooding the art market. While many struggling digital artists have been selling NFTs, many unknown ones are also minting them. The technology has been opening up doors to graphic artists who create sophisticated computer-generated imagery. One such artist is Beeple. His sale convinced his peers that NFT technology could help them.nNFT art is more than a tool for prettifying financenIf you’re an avid collector of modern and contemporary art, you’ve probably noticed the growing popularity of NFTs. But what exactly is a NFT? What’s so special about it? In this article, we’ll explain what an NFT is and why you should care. Then, we’ll look at how NFTs work. This is a quick look at the basic idea behind an NFT.nAn NFT is a programmable digital asset that resembles a real-world object. It can be bought using cryptocurrency and generally has the same encoding software as cryptos. It has been around since 2014 and is quickly becoming an excellent way to purchase digital artwork. It is expected to reach $41 billion in 2021 — which is close to the entire market for fine art worldwide.nThe history of cryptocurrency has many positive aspects. While it may not be suitable for all markets, it has an impressive environmental track record. Ethereum, for example, has a carbon footprint the same as Iceland. Its environmental benefits have led advocates to say that NFTs will eventually challenge commercial galleries. In fact, some argue that NFTs are already displacing physical artworks. Moreover, it’s possible that an NFT can be worth $100m or more.nSome artists, including Duncan Cock Foster, Griffin Cock Foster, and other tech entrepreneurs have taken a stab at educating themselves and other artists on NFT. Among the benefits of NFT art are the accessibility and ease of use, which will fuel its adoption and broader adoption. During its first year, NFTs were sold for over $100 million. The rise of NFTs has inspired celebrities and big businesses alike to invest in them.nIt raises issues of ownership and meaningnAs the use of NFTs expands, art museum curators are assessing their options. Some are creating NFT versions of masterworks to generate funds for restoration, while others are contemplating the concept as an art form in its own right. This article explores the nuances of NFTs and the future of art museums. This article is not intended to be a comprehensive guide to NFTs.nThe visual artist’s rights are protected under the Visual Artists’ Rights Act (VARA). Under this legislation, it is unlawful to intentionally change or destroy a work of recognized stature. That means if someone burns a Banksy print, they may be held liable. While these issues are complex and not yet fully resolved, if art museums do not enforce the law, the public will suffer as a result.nThe use of NFTs raises many legal issues. NFTs are not digital works, but are instead collections of metadata that link to the ‘true’ version of the work. These metadata contain information about the original work, as well as who owns it. However, it is unclear whether NFTs can be sold or licensed. If the original artist does decide to sell NFTs, the buyer may lose their rights to commercialize the work.nIt gives you bragging rightsnIf you own NFT art, you may want to brag about it! This is not so different from wearing expensive clothes. You can brag about having a special piece of art that no one else has. The great thing is that NFT art doesn’t have to be expensive, and many of them are affordable. When you get the right artist, however, the price of your art can skyrocket.nUnlike physical art, NFTs don’t have copyrights. While you can sell NFTs to others, you can’t fence off the plot or block other people from creating deeds for it. Since you don’t own the artwork, you have no right to limit the number of people who can download or print your art. While it might be fun to be the proud owner of a unique piece of art, it’s not worth the bragging rights you’ll get by owning it.nIf you don’t want to buy NFTs from a store, try making your own! Those who have made their own gold-coated steak can take it home and post it to their Instagram. People pay hundreds of pounds to buy these dishes, and they can’t resist showing off! The bragging rights alone can be worth millions of dollars! So, how do you earn bragging rights with your NFT art?nIt reduces the need for art dealersnThe new concept of NFT art aims to make monetizing art easier and faster for artists. This new way of selling art removes the need for an art dealer or art gallery. Instead of having to chase down payments, prepare files for print, wait for feedback, or modify works to fit client needs, artists can sell their work directly on NFT. The system will also ensure that artists are paid when their work is resold.nTo sell their NFTs, artists must earn positive votes, gain approval from the NFT Foundation team, or receive an invitation from established artists. The NFT community is exclusive, and the artists are often paid «gas fees» for their work. NFTs are extremely expensive digital artworks, and one example of NFT art is the animated GIF of Nyan Cat, which sold for $580,000. Artists are finding NFT art an attractive alternative to traditional galleries.nThe benefits of NFT art are far reaching. Art galleries and auction houses are no longer the sole custodians of art. However, these institutions were instrumental in selling the art and making artists salable. NFT art has revolutionized the art world. Today, nearly every artist has a computer and an Internet connection, and they can easily access the NFT platform. Artists can now claim ownership of unique art pieces and promote their works for bidding. NFTs have allowed artists to make a profit while making the process much simpler and cheaper than it had been before.nIt adds a crucial ingredient of scarcitynA new form of art known as NFT is transforming the way people interact with art and commerce. Artists can assign ownership to their works using NFTs. Anyone with a computer and Internet access can create and sell these works. These new tokens offer the chance to make art accessible to the masses while avoiding traditional institutions that have historically held artist’s work in esteem. The digital nature of NFTs makes them an ideal vehicle for both digital artists and art collectors.nArtists are taking advantage of this new technology, and bidding wars are already breaking out in the NFT art market. Some artists, like Beeple, have created their careers based on the popularity of NFTs. But price inflation can make people confused about the new technology and its scarcity. The Wall Street Journal recently declared that NFTs are fueling the boom in digital art. But is NFT art a good idea?nNFTs are a digital token that is verifiably unique. Users on blockchain networks mint a certain number of NFTs. These tokens are often described as one-of-a-kind, or 1×100. Their release numbers are non-renewable and can never be changed. It is similar to the concept behind editions in print media. A unique token means a piece is valuable because there are only so many of it made.nIt’s an ideal worth holding on tonThe advent of NFT art represents a revolution in selling art, and a new way to bypass cultural gatekeepers. In the 19th century, the Paris art world shunned impressionism, and many people today feel the same way. In contrast, the jewel-encrusted Paris Hilton is motivated by fame and wealth, and her work is not typically displayed in museums or art fairs.nIn a 2012 paper, the author explored the hedonic value of a common in-game item, and found that a player wouldn’t sell or destroy her shield when she wanted to resell it. The player, however, did think that she could purchase a new one for a similar price if she had to, thereby ensuring the artist retained the copyright.nThe rise of crypto-currency has also spurred a new market for NFT art, which is a form of «crypto art» as it is known. Crypto-collectibles are now popular among celebrities, companies, and individual investors, and can fetch substantial returns for owners. So, while NFT art is not for the faint-hearted, it’s an ideal worth holding onto.nScarcity is another factor behind the rising value of NFTs, which isn’t enough to drive up their price. It’s important to recognize that there is a tension between scarcity and abundance. To make NFTs more desirable, a popular social media platform for this type of art is Twitter, which is a hotbed for NFT fans. The NFT community is constantly expanding, and its popularity will only grow.nTechCrunch founder Michael Arrington sold an apartment in Kiev, Ukraine, for 16 ETH, which is about seventy-seven thousand dollars. A real estate-NFT buyer now has an actual home. Similarly, Bit Painting and Opulous (physical paintings) are examples of physical NFT ventures. The latter, for example, is a platform for multiple art mediums.nEverydays: The First 5000 Days sold for $69 million at Christie’snThe auction house Christie’s has sold the world’s first purely digital artwork: «Everydays: The First 5000 Days» by Mike Winkelmann. The work is a collage of 5,000 sketches that the artist created during the course of a decade. Originally created with a pen, the drawings were largely produced using computer illustration software. The sketches include everything from Hillary Clinton to famous cartoon characters.nThe work was created in 2000, and was an ongoing project for the artist. The piece includes sketches from the artist’s early years as well as evolving digital shapes and political illustrations from this year. The buyer receives a digital file, and vague rights to display the piece. The artist expects to collaborate with the buyer to display the work physically. It was a moment of triumph for Winkelmann, who has ushered in a new era of digital art.nThe work is unique in the history of digital art. Everydays consists of 5,000 separate images that Beeple posted online during the course of a 13-year period. The artist said the collection is an expression of life, technology, and the world. The work is the third most expensive artwork ever sold by a living artist. Beeple is a British artist and currently lives in New York.n«Everydays: The First 5,000 Days» by Mike Winkelmann has broken the auction record. The artist created the mosaic of 5,000 images for over 13 years. The artwork is attached to a non-fungible token, which serves as a digital certificate of authenticity. The artwork was sold for $69 million at Christie’s on Feb. 25. The artwork is a digital collage of 5,000 images that depict the future. Winkelmann made one image every day for 5000 days, thereby making it the most valuable work by a living artist.nAnother notable aspect of the auction was the fact that the buyer of the piece of art was not anonymous. In addition to identifying the buyers, the auction house verified payment in Ether. The resulting transfer of ownership would have been automated. Christie’s handled the entire process off-chain, and the final steps of the NFT sale had to be done manually. This caused a lag in the transaction sequence, making it more difficult to verify the identity of the buyer.nNBA Top ShotnThe NBA has led the way with the ‘NBA Top Shot’ project, a crypto-based collectibles project that allows fans to trade tokenized video highlights to own some of the most famous moments in NBA history. Currently, one reel in particular is selling for more than $240,000. And what’s more, the NBA is raking in up to 10% of the sales from this new product line.nUsers of NBA Top Shot are flaunting their success on Twitter, posting about the latest updates and discussion about the product direction. In addition, they also discuss the live breaks and post screengrabs of failed packs. The excitement generated by these players and the hype surrounding the new platform is fueling the growth of the secondary market for NBA Top Shot. It’s not difficult to see why the game is doing so well.nWith an extensive community of basketball enthusiasts, NBA Top Shot provides collectors with a new way to collect their favorite players and highlights. This innovative online platform even gives fans the chance to connect with one another through a dedicated Discord channel. With half a million people already connected to this community, NBA Top Shot offers the opportunity to join a growing basketball community and collect your favorite NBA players. It’s a win-win for collectors and fans alike.nThe NBA Top Shot is a non-fungible token, much like bitcoin, tied to the blockchain. This makes it possible to track transactions on the platform and identify fakes. The NBA Top Shot also enables fans to sell their Top Shots on the platform. Users can use a QR code on the Top Shot to track their transaction history in the digital world. The Top Shot is priced at $9.00, but packs are always sold out.nAs for the value of NBA Top Shot Moments, it’s like owning a piece of art. While printing out an online version of the Mona Lisa isn’t as valuable as a real one, it’s still worth a lot in the secondary market. Rare Moments from high-profile players sell for hefty sums. In one instance, a LeBron dunk against the Houston Rockets, for example, sold for $387,600.nReal NiftynThere’s no doubt that real-time information sharing is the future, but what happens when you want to purchase something without having to physically go there? For example, imagine being able to track back to the original manufacturer of a luxury product. This could happen in the future, but for now, it is still a long way off. While it is still an early stage, this technology is already making waves in many fields, including fashion, music, and real estate.nThe Nifty Gateway was purchased by two well-known cryptocurrency evangelists and deep-pocketed investors who stand to profit from hype around the crypto space. These investors include Cameron and Tyler Winklevoss, a pair of brothers who made millions from the bitcoin mining industry. In late 2019, they purchased Nifty Gateway for an undisclosed amount. But is this really the future of crypto?nMOY NFOnThe new fashion label MOY NFO is a hybrid of technology and art. Its collection features pastel colours and tech-inspired prints. The aim of the duo is to explore the in-between space between the physical and the digital world. They believe that the future of fashion lies in this in-between space. The fashion industry should embrace this future and look forward to new technologies and materials. For more information, check out the official website.