Society

The NFT Craze- What Even Is It?

NFTs, otherwise known as Nonrefundable Tokens, have recently surged in popularity.

NFTs, by definition, are “digital files underpinned by blockchain technology- the same technology on which popular cryptocurrencies like Bitcoin and Ethereum rest. But unlike cryptocurrencies, an NFT is totally unique and the blockchain ledger it sits on verifies who the rightful owner is of that one-of-a-kind item”(Piven).

From the Aljazeera article, “NFT craze: Why are non-fungible tokens all the rage?”

As a connection to art, digital artwork can be put into NFTs as a collectible. This caused artists to step foot and earn a fortune. NFTs are not limited to artwork, but any digital collectible. In fact, Twitter co-founder and CEO Jack Dorsey turned his first tweet into an NFT and sold it for $2.9 million.

Why would people pay loads of money just for a piece of art or even something like a tweet? The most logical answer would be from those who seek to be crypto-millionaires seeking for more tokens to collect.

How do you buy/sell an NFT? In order to buy an NFT, you need a digital wallet with the specific type of crypto currency required. There are many steps in order to sell an NFT. You can reference https://www.coindesk.com/how-to-create-buy-sell-nfts if you are interested.

One recent example of a successful NFT art that was sold, is the hand-painted ‘self portrait’ of the well-known humanoid robot, Sophia. The digital NFT was was sold at an auction for almost $700K.

“Titled “Sophia Instantiation,” the image was created in collaboration with Andrea Bonaceto, an artist and partner at blockchain investment firm Eterna Capital. Bonaceto began the process by producing a brightly colored portrait of Sophia, which was processed by the robot’s neural networks. Sophia then painted an interpretation of the image”(Holland, CNN).

From the CNN article “Sophia the Robot ‘self-portrait’ NFT sells for almost $700K”

Another example is the famous animated Nyan Cat pop tart meme. This unique yet well known art piece has been sold as crypto art for almost $600K. The crypto art community has beeen rapidly increasing, representing a $100 million market for artists to have yet another platform to share/sell their works.

Categories: Society