Collins Dictionary announced that its Word of the Year for 2021 was NFT, which isn’t technically a word. If you want to be even more specific, it’s three words, non-fungible token. But what is an NFT? If you want to understand this latest phenomenon, you’re lucky. We’re here to help you.
So, what is a non-fungible token? The first part, “non-fungible,” means it is unique and cannot be replaced by something similar. For instance, cryptocurrencies are fungible; you can trade one bitcoin for another. But a one-of-a-kind trading card is non-fungible as you could only trade it for a different card or something of equal value.
An NFT is a digital asset that represents a real-world object. Although they’ve been around for almost a decade, they are becoming increasingly popular and gaining notoriety as a popular way to buy and sell digital artwork. Since 2017, £123 million has been spent on selling NFTs.
How NFTs Work
NFTs are generally one of a kind, or at the very least, part of a limited run, and each has its unique identifying code, giving it its value.
Most people think digital art cannot be owned or have any worth as anyone can view the images online or download them for free, but owning an NFT means you own the original item.
Take, for instance, the Mona Lisa, where millions of posters hang in rooms worldwide, and t-shirts and bags are decorated with her face. Does this make the original Mona Lisa worthless? Of course not because it is the original, and that’s where its value comes from. It’s a one-of-a-kind piece.
NFTs exist on the blockchain and are created or “minted” from digital objects. Including Art, GIFs, Collectibles, Virtual avatars, or even music. NFTs can be looked at as collector’s items in digital form. So, they get a digital file instead of getting a painting to hang up. This can be kept or sold to someone else.
Changing the Art World
NFTs are becoming a great leveler in the art world. Artists no longer rely on galleries or auction houses to sell their creations. Artists worldwide can display their art and be fairly compensated for it through NFTs.
That’s why we here at ARize have created a marketplace aimed at helping creators to earn money from their designs and link up with businesses or investors to ensure their skills are recognized and rewarded.
As a 3D NFT creator, you can easily upload and mint the NFTs connected to your assets and experiences at the touch of a button while sharing and selling your work through our marketplace and earning money in various ways.
So, there you have it. That’s what an NFT is, and if you’d like to know more, visit our site, www.arize.io, and find out how we will change the landscape of NFT creation with our marketplace.
