NFT DIGITAL ART
I invite you to my Gallery on OpenSea to collect and purchase animated art created by me.
What are NFTs?
NFTs are unique items, tokenized on a blockchain, and purchased with cryptocurrencies.
What does NFT stand for?
NFT stands for Non-Fungible Token.
What is a Fungible Token?
A fungible token is one that is identical to another token of the same type, like currency. Dollars are fungible. A dollar is the same as any other dollar.
What is a Non-Fungible Token?
A non-fungible token represents a completely unique item.
What are some examples of NFTs?
The most commonly traded NFTs are digital images and animations, But may also be 3d models, video clips, music, poems, and more…
What makes an NFT valuable?
When an item is tokenized on a blockchain, it is like a certificate of authenticity.That item is then identified as having been created by the artist/composer/poet. Owning a unique NFT is like owning an original painting.
How do you Buy NFTs?
NFTs are bought and sold using cryptocurrencies. The transaction history of the artwork is recorded and associated with the NFT.
How do Royalties Work with NFTs?
An NFT artwork can be set up so that the original artist receives royalties for all secondary sales. In addition to receiving payment for the first sale, the artist may receive 5% or 10% for all additional sales after that.
Even though this is well-known in music, it is a new and exciting concept for digital art, and for art in general!
What is NFT Provenance?
In the Fine Art world, provenance is the record of ownership associated with a work of art or antique, and is used as a guide to authenticity or quality. Determining the history of a piece is an important aspect of the artwork’s value and often requires much time, research, and money.
The interesting thing about block chain technology, and its use in trading NFTs, is that authenticity and provenance is built into the underlying technology. The authenticity and ownership history are known for every NFT.
Why are NFTs so Expensive?
Since authenticity and provenance are built into each NFT item, and the potential for profit is high when sold, NFTs by established artists or celebrities can be costly. However, emerging digital artists, also offer investible, highly evocative NFT artworks for sale.
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