Updated: Jan 9
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable.
CryptoArt are rare digital artworks, sometimes described as digital trading cards or "rares", associated with unique and provably rare tokens that exist on the blockchain. The concept is based on the idea of digital scarcity, which allows you to buy, sell, and trade digital goods as if they were physical goods.
Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art, digital collectibles, and online gaming.
Art was an early use case for NFTs, and blockchain in general, because of its ability to provide proof of authenticity and ownership of digital art that has otherwise had to contend with the potential for mass reproduction and unauthorized distribution of art through the internet. In February 2021 a hype started when US-American digital artist beeple's work "Everydays. The first 5000 days" was the first NFT artwork to be listed in one of the major auctions houses Christie's. A few days before, the meme animation Nyan Cat had been sold on an internet market place for 600,000 USD.
Later, popular blockchain games like CryptoKitties made use of NFTs on the Ethereum blockchain.NFTs are used to represent in-game assets, and are controlled by the user, instead of the game developer. This lets the assets be traded on third-party marketplaces without permission from the game developer.
Benefits of Owning Crypto Art:
• Potential to compound your cryptocurrency investment portfolio and possibly INCREASE THE VALUE of your collection (sometimes exponentially).
• You become an authentic art collector. NFTs are original immutable art assets, functioning as verifiable proofs of ownership, with all its transactions fully transparent on the blockchain.
• Crypto art has many unique variables, with fusions of traditional & digital art forms. You can choose between loops, video, audio, digital images! You have access to the original artworks, you can have it in your wallet, website collections, and also download to show it in digital frames in your living space.
• Support the arts in an innovative way.
• Transactions are completed in seconds with a few taps on your mobile device, or laptop, from anywhere.
•You can buy and sell digital assets :)
Do you want a wallet and to buy digital art?
How to Get Started:
Fund your Digital Wallet with Crypto Currency This is a detailed topic, and I recommend doing some research. This link may be a helpful launch pad: https://medium.com/coinvision/how-to-invest-in-cryptocurrency-in-5-easy-steps-be0f0bfc4227
Ethereum is currently the primary coin used for crypto art, although there are others. Ethereum is known to have fluctuating transaction fees (gas fees). See gas fees: https://etherscan.io/
3. Send crypto currency to your wallet to make your purchase on the crypto art marketplace website of choice.
Do you want to know more?