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What is NFT Art & Why Is It Selling For MILLIONS?

What is NFT art?

NFT stands for Non-Fungible Tokens. Someone who buys NFT digital art will receive their digital art and a record of their purchase. A bit like a receipt, but better. The digital artwork can be copied, printed and replicated by others but the Non-Fungible Token is unique to the buyers. It is proof that they own that digital art.

The incredible thing about NFT art is that the artist and anyone which has previously owned the digital artwork will make commission ON ALL future sells. The average amount I hear of at the moment is 10% commission per future transaction.

In normal art purchases, the person selling the artwork is the only person making a profit. This makes NFT art a ground-breaking concept.

What is digital art?

Have you ever seen an illustration on social media, or a graphic on a t-shirt. The electronic copy of this artwork is digital art. Some artist design 100% of the design, while others are aided largely by digital editing software.

A piece of digital art could have been drawn by an artist using drawing software, or it may have been created using a computer mouse. Some artists use expensive, complex software while others use free software. A flower drawn on Paint could be classed as digital art.

Digital art is also known as new media art.

How much has NFT art sold for?

The famous 'Charlie Bit My Finger' video is due to be taken off YouTube after it sold for an eye-watering $760,999 by an anonymous bidder. It is a home video showing little Charlie biting his brother's finger. It comes with a cuteness warning! Virtual video owners everywhere are likely to be getting very excited with this recent sale.

In the art world, digital artwork made a staggering $69,000. The work by Mike Winkelmann is named “Everydays: The First 5000 Days,” and was sold by Christie's Auction House. It was their first purely digital artwork. Artist Mike Winkelmann goes by the name of Beeple.

How do you sell NFT Art?

Although famous artists are selling their digital art in art auctions, this is difficult to access at the moment. The most accessible way to sell NFT art is to use an online platform such as OpenSea, MakersPlace or SuperRare. They are sites for artists and creators to mint non-fungible tokens representing their artwork.

Platforms are not all created equally, so which one you sell on, or buy from, depends on your situation. 'Curated platforms' work similarly to art galleries which select the artists they want to display and promote. These are more popular for collectors that don't want to trawl through hundreds of pieces. There is a premium price to purchase artwork from these sites. Other sites allow anyone to upload their work. This allows less-known artists a chance to sell their work. It also gives buyers an opportunity to buy from an unknown artist at a reasonable price, possibly making a healthy return on the investment if they become known further on in their career.

NFTs are purchased by a form of cryptocurrency, similar to Bitcoin. However, NFTs are non-fungible, meaning they can't be exchanged.

There are costs for selling NFTs, and the buyer will pay additional costs to buy the NFT. Make sure you take time to understand these costs before selling or buying NFTs.

How do you prove you own an NFT?

You could say "Hey, but what if I screenshot this image. Does that mean I can sell it? Or if I right-click on the image and save it, would I have the NFT and get loads of money?" The answer is no, you sly cookie.

NFTs store additional information about the purchase, detailing previous owners. It is an permanent signature of the artist and all transactions associated with the artwork. It is digital proof of authenticity. It shows how unique that file is. Think of it like a signed copy of a first edition of a book - sure the book can be purchased from any bookstore, but knowing you have THAT copy is something special.

What does NFT art mean for the art world?

This is revolutionary for the art world, and will also be wildly hated by many art lovers. People used to think the internet wouldn't last. Then people thought social media would never work. It is NFT's time to be judged and tested.

When you buy NFT art you don't get a framed painting to hang on your wall, you are more likely to get a JPEG file. You'd be forgiven for getting confused why this could be revolutionary. NFT art brings art into the 21st century. It brings the highbrow art world to the eyes of the TikTok generation. Better-still, it is a purchase which keeps giving if the artwork become collectable.

What is the future of NFTs?

The future of Non-Fungible Tokens are bigger than the art world. As it develops, it can change how we make purchases.

Imagine if you sold a house 20 years ago, and the person who brought it from you decides to sell. In the real world, you won't be making a penny on their transaction and nor will the person that built that house. Alright, I know houses can't be sold as NFTs unless you find a way to live in my amazing Sims house from 2000. But for other industries, NFTs could change the way we purchase.

I think it will change things such as book selling and how music is sold. Imagine if fans could have the first listen to their favourite artist's album, then sell it on to other fans to make money, while also making money for the artist.

Should I invest in NFTs? Should I buy NFTs?

I believe this depends how much money you have to possibly throw away. If you would find it fun to experience buying an NFT and you could afford to make no money on the investment, then absolutely support artists.

Do I think NFTs will still be around in 20 years? Yes. Do I think some people will make millions on them? Yes. Am I investing in NFTs? No.

The price for NFTs at the moment is high and the market is busy. There is some incredible digital artists who are getting the limelight they deserve. There is also a lot of NFT art being sold which is a low standard and unlikely to resell...but who knows what art is good art? I believe in buying art which grabs your heart, regardless of the returns which are possible.

I personally think it is worth waiting for the market to settle, wait until you find something which you would treasure regardless of the profits it can make, then put your money into NFTs.

Should I sell NFT art?

There are oodles of people adding their digital art to NFT selling platforms. This means it is a busy market. Just like any busy retail site, you need to put in the promotion work to make large sales. If you make digital art and you have a following already then absolutely you should look into digital art.

If you are new to digital art, you're low on money and no one really knows about your work then I don't believe this is a good way to make money and get noticed. Find out more about NFTs, work on your art, build up a strong network of people that support your art and consider NFTs in a few years time.

Would you buy or sell NFT art? Let us know on social media!

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