kia ora, I'll try my best to elaborate some of the most relevant aspects to my work in the NFT world here.
What is it, NFT?
Non-fungible token is the name. It means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner.
How does it work?
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin.
What is Blockchain?
Blockchain is a specific type of database. It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. It is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Why do I need to know about this?
If you share an interest in art collecting, especially digital art. This is where it's going. NFTs can be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
For example, when an artist creates a good gif sticker, normally there is no platform to "sell" it. The only option is to upload it online then everyone gets to use it for free. In other cases, artists normally contract with clients to create certain works i.e. illustrations, animations, 3D model... and paid for their "service". Now it's getting awkward in the digital art world -- artists have the copyrights to the works and clients have access to use the works legally. But what about ownership? Who owns them? How do you sell ownership? Though NFT has been brewing since 2014 but only now it has bloomed, big time. It simply offers the opportunity for people to claim ownership to digital artwork! Just like how it works with traditional fine art collecting!
Comparing NFT to traditional fine art collecting?
I made this table so it's easier for the eyes.
Ok I'm keen, how do I get started?
First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.
You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.
Yas, how do I invest in your NFT?
Will it die off one day?
Sure! If the technology starts growing backwards one day and internet doesn't exist anymore.
Would NFT replace traditional tangible art forms?
I don't believe or wish so. As long as we are not replaced by AI first.
Are you paid by NFT to write this?
I am just a humble artist who creates physical and digital art. 🥀
All of the information above is merely my personal intake through shallow research. If in doubt, seek professional assistance.