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What is NFT art is something that some of you have probably wondered if you have come across the term on social media or in media reports. In simple terms, it is art that can be owned but not touched.
What is NFT art? Not something to hang on the wall
In our original understanding, art is a picture or object that is either exhibited in a museum or enhances one’s own four walls. NFT art, on the other hand, is not something you hang on your wall or put on a dresser.
- The three letters NFT stand for Non-Fungible Token. This refers to a unique digital asset that you own but cannot touch. NFT can be any file, such as a work of art, but also music or fashion.
- The unique digital art file is provided with a token. The token can then change hands. Since this is recorded on the so-called blockchain, the owner can be easily tracked.
- The blockchain is a digital transaction system that is difficult to manipulate and on which information is stored. In other words, a kind of highly secure museum room on the internet.
- NFTs can be bought on online marketplaces such as OpenSea, SuperRare, Mintable or Zora. In most cases, the highest bidder wins the bid. Payment is made in a cryptocurrency, which is usually Ether.
- If you want to sell NFT art yourself, you have to “mine” it, i.e. turn it into a token. This requires a wallet with cryptocurrency on the blockchain where the trade is to take place. For the most part, NFTs are mined via the Ethereum blockchain.
