Non-fungible tokens (NFTs) have taken the art world by storm.
A collage of digital art by ‘Beeple’ (Mike Winkelmann) sold for $69 million at Christie’s; the Kings of Leon released an album as an NFT; and people have even started buying virtual houses as NFTs.
When the winning bidder for the Beeple painting, “Everydays: The First 5000 Days”, received their prize they didn’t get hold of a painting. Instead, they got a link to a .jpg file containing the image and a record of their ownership on a blockchain.
The artwork itself is not stored on the blockchain. It would be economically and environmentally impractical to store these files in this way, as blockchain technology requires huge amounts of computing power. After all, NFTs were created to help with property purchases, not art trading. Their core function is to store and enable smart contracts, which are programs that run automatically when pre-agreed conditions are met.
The NFT acts as a certificate of ownership and a receipt of purchase, but it is essentially a link that points to the original art file.
But what are NFTs? What is a blockchain? And what can this technology bring to modern art? This edition of hi, tech. explains will tell you everything you need to know!
00:04 What are NFTs (Non-fungible tokens)?
00:56 NFTs and the Blockchain
02:05 NFTs in the art world
04:18 Why NFTs can benefit art
05:50 Two problems NFTs can solve
#NFT #NFTs #Art #Crypto
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