NFT Art Explained: Definition, Tech, and Pricing Mechanics

Licensed via Adobe Stock

What is NFT Art?

NFT stands for Non-Fungible Token.

What is “Fungible” in NFT? How do NFTs work?

When we consider economics, something that is a fungible asset has units that can easily be interchanged, such as money.

What is the technology behind NFTs?

NFT relies on blockchain technology.

How do artists price NFTs?

Anyone can make a token and sell their creations as an NFT, but interest has recently garnered through several high-profile, multi-million-dollar sales.

Why NFT’s are gaining so much momentum in the art world?

There are several reasons why it has gained so much momentum in the art world, from freedom of expression to the removal of the middleman.

Freedom of Expression

One of the greatest things worth celebrating about the NFT system is that it boasts the incredible ability for artists to freely express themselves.

No Middlemen

Being online, all of this happens without the support network of the galleries of the art world.

Alternative Investment

Investors normally have a diverse portfolio, and many big businesses and celebrities use the blockchain platform to purchase and sell NFTs.

Proof for Many

The NFT movement is evidence of the belief that these technological developments, such as cryptocurrency and blockchain platforms, have the chance and the power to change the world as we know it.

Key Challenges in NFT Space

As with many technologies, there are certainly challenges to be overcome by the NFT movement.

Notable NFT Projects

Several NFT protocols, or projects, make a lot of money through the sale of NFTs. Mentioned already is NBA Top Shot, but here are some other examples of NFT protocols taking off.

Marketplaces

There are many marketplaces available for NFTs, and the items that follow are a selection of such.

Business and Finance

NFTfi

Collectibles

CryptoKitties -

Gaming ecosystems

Axie Infinity

Systems and Platforms

Polka Foundry

Data and Privacy

Snicker Doodle

Virtual Worlds

Somnium Space

Conclusion

There are many ways that humans can utilize NFTs in everyday life. From marketplaces and finance to gaming and virtual reality worlds, NFTs are truly unique in their application and provide a significant utility across genres.

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Afzal Ibrahim

Afzal Ibrahim

Tech, Design, and Art — love’em all. Curator at theartist.me