An NFT(Non-Fungible Token), is a type of unique digital asset based on blockchain. NFTs represent something unique and limited. Think of a work of art, sculpture, domain name, perfume formula, blueprint or vaccine formula – these are unique, therefore scarce and highly valuable. How is NFT art created? First, a piece of art is tokenized (also known as minted), into a unique token of metadata. This rare token can then be listed, auctioned and sold on marketplaces. The value of NFTs come from their uniqueness written in the metadata of the token itself – an unalterable certificate of authenticity. NTFs are particularly useful as proof of asset or ownership.
NFT art is unique and a certified collectible. Just like traditional art, its store of value comes from rarity due to its uniqueness. However, unlike traditional art collecting (plagued with fakes and replicas), an NFT is a unique token with a single source of truth. It’s metadata can’t be replicated or altered. This means you have proof of authenticity right from the artist. NFT art can be purchased, stored and sold just like normal art collectables – but with proof of its authenticity. Similar to traditional art, there can be editions – each being unique and rare.
NFT art can be purchased, auctioned and sold on marketplaces online with Ethereum (ETH) - the cryptocurrency.
I’m a British Designer and Artist, based in London. All TRNXS collections are handcrafted and tokenized (minted) by myself. You can follow me on Twitter, Instagram and buy TRNXS collections on Rarible.