Buzz
The world can be divided into three types of people: those who know what an NFT is, those who don't, and those who just don't care. By the end of this journey through art, technology, and cryptocurrency, you’ll likely gain a clearer understanding of NFTs—and perhaps even feel inspired to create or purchase one yourself.
What is an NFT?
NFTs, or non-fungible tokens, have become the talk of the town as they offer artists and creators an innovative way to have more control over the distribution and ownership of their works. Essentially, an NFT is a digital asset based on the Ethereum blockchain, making it a type of cryptocurrency, similar to Bitcoin. However, unlike Bitcoin, each NFT is one-of-a-kind and non-fungible, meaning it's not interchangeable. To truly grasp the NFT concept, there's an even more crucial question you should be considering...
Where do NFTs exist?
NFTs don’t live in museums or on any map. They’re entirely digital, much like Neo in The Matrix. (By the way, SNL’s Chris Redd once portrayed The Matrix's Morpheus to explain NFTs—which really missed the mark. They should've brought in The One, Keanu Reeves.) Art can also be “minted” digitally as an NFT, which is something Beeple has started doing.
Who are NFTs for?
Some people might claim that NFTs are just a new way for artists or collectors to increase their profits, but artist Shantell Martin disagrees. “We advocate for art in schools, we protest when art programs are cut, but then we don’t want artists to earn a living from their work,” Martin explains to Mytour. “Wouldn’t it be great if artists could actually make money from their craft?”
Artists like Martin, who work in both the digital and physical realms, stand to gain from NFTs—particularly when it comes to archiving their pieces and creating new works. NFTs are a game-changer for digital artists, like Beeple, whose “Everydays: The First 5000 Days” fetched a whopping $69.3 million at Christie's in March, setting a record for digital art (it exists only as a JPG). Did Beeple's work sell for that price because it's exceptional art or because it's built on the blockchain? It's unclear. While NFTs may not last forever, they’re currently channeling millions directly to artists—and that’s creating history.
What makes an NFT unique?
Art and collectibles have always been vulnerable to alteration or destruction, and ownership can be easily contested or attacked. For instance, if your older brother takes your Nolan Ryan/Jerry Koosman baseball card, it’s no longer yours. If he tosses it into a raging fire, it’s gone forever. These are physical items that may exist one day and vanish the next—just like proof of ownership or a digital artwork. However, on the blockchain, these assets are secure, as an NFT includes extra storage that records ownership and metadata, firmly linking the asset to its rightful owner.
Can NFTs be stolen?
As David Lightman (Matthew Broderick) wisely said in WarGames: “I don’t believe that any system is totally secure.” While you can’t exactly duplicate an NFT, it’s not completely theft-proof. An NFT can change hands from one owner to another, but not by conventional means—only through hacking. Worse still, someone could claim ownership of any artwork and mint it as an NFT without your knowledge. This is yet another reason to keep your personal art and collectibles safe—and away from the (virtual) hands of hackers. Feeling paranoid? Maybe it’s time to put your kid’s artwork on the blockchain.
Are NFTs limited to art?
If you own digital art, photos, games, or even TikTok videos, you can mint them as NFTs. Limited-edition sports cards, like the one released by golfer Bryson DeChambeau, are also making waves in the NFT space. Other examples of NFTs include sneakers, fashion, in-game items, essays, and tickets. Even Lindsay Lohan is jumping on the bandwagon, having released a song as an NFT. In the future, anything with value could become an NFT—even your dog’s license.
Will NFTs grow in value?
Some art collectors and buyers consider NFTs to be just a passing trend—and a risky one at that. So why take the risk? Rudy Franchi, a former Antiques Roadshow appraiser and expert on movie posters, describes the NFT marketplace as “a fascinating place to play in.” Franchi, who spent time with Andy Warhol during his famous Marilyn Monroe and Campbell’s Soup printmaking era, thinks Warhol would have embraced the NFT movement. “Andy would have created for it,” Franchi tells Mytour. “He would’ve jumped on it and absolutely loved it.”
Though it’s impossible to predict whether NFTs will increase in value, we do know one thing—like Warhol’s art, they are undeniably making history.
