Technology2 October 2022
It would not be wrong to say that it is the art gallery of today's world for NFTs. Until today, people with serious wealth used the famous paintings they bought both at auction and in cash, as a sign of their belonging to a certain community rather than their fondness for art. Now, we call NFT that this situation is completely digital.
What is NFT?
NFT stands for Non-Fungible Token, i.e. non-exchangeable tokens - they work like a kind of contract where ownership is registered. Unlike traditional works of art, this certificate of authenticity is not deposited with an institution or lawyer, but on a large network of computers. Due to the large number of these computers, NFTs are considered to be virtually unmanageable.
An NFT can take any digital file format; a video, a photo, a sound or a song. In 2021, NFT was so on the rise that the British Collins Dictionary even recognized the term as the word of the year.
While technology and art go hand in hand, the most evolving NFT market in the cryptocurrency and blockchain universe in recent years has spawned several independent artists and personalities interested in the subject. Speaking of which, an NFT marketplace is where NFTs are created and sold. These are platforms where NFTs can be held, viewed, exchanged and even printed. To use an NFT marketplace, you must first create a cryptographic wallet compatible with the blockchain network your NFTs are using. You need a MetaMask Wallet to use most NFTs.
This new technological tool initially led artists to be more independent from the traditional system. Some artists started to publish their works as NFT, breaking away from galleries and not following the rules of the traditional art market. In addition, through social media, artists have created their own communities and also become entrepreneurs of their own.
As we guessed, the movements of NFTs are tracked in cryptographic ledgers based on blockchain technology, and to purchase an NFT, it is necessary to have a digital cryptocurrency wallet compatible with the blockchain from which the NFT was created.
NFTs bring to light many legal aspects, from consumer protection to intellectual property, and to date, there is no adequate legal framework. As we can see, NFTs respond to the need for uniqueness, traceability, authenticity, and security, and this encourages their rapid spread, tackling market and intellectual property protection in the art world. It is not possible to upload a copy to the Internet. The software in the system prevents this.
Generally, while the physical documents used may be subject to change, NFTs are immutable and also have the ability to record all transactions performed from the time they were created. By immutable we mean the fact that this material or work of art is a unique piece that, unlike a Bitcoin, can neither be changed nor copied. It is a unique work with the signature of its author. These features make them potentially useful for copyright protection. As we said, an NFT is associated with a job. However, if a portal no longer maintains its connection to the artifact for any reason, the buyer will lose the advantage of owning the NFT.
Why do people take NFT?
A work at NFT is a real investment, firstly because of its high purchase price and secondly because of the appreciation that art has suffered over the years. With the spread of this trend, there are many sales platforms such as OpenSea, Rarible, SuperRare, BakerySwap and AIREZ that sell directly to the customer. While each of these markets has its own peculiarities, there is no "best" place to find art.
The advantages of NFTs being mobile digital assets are that you can view them anywhere. Once the purchase is made, you can download the work file and view it in several ways, such as printing, designing, using on-screen devices (such as mobile phones and smart TVs) or setting up an exhibition room. Established television brands also offer special monitors that are thinner and frameable for digital work.
Which NFT Should You Buy?
After choosing a market, you must choose an NFT. When making such a choice, many factors should be considered: Project team and price list and bid history; whether it fits in a trend and how close it is to the “focus” of the trend. Remember that art will gain value over time. This means that you need to evaluate critically when making your choice.
NFT collections abound, but those with great art always stand out. In recent months, NFT Community has drawn to animal-themed items like cats and monkeys.
The rarity of an NFT determines its value. For example, Sotheby's sold the Covid Alien CryptoPunk for an insane price of $11.75 million.
Therefore, when searching for NFTs, consider their uniqueness as well as their overall appeal. The smallest element determines this, such as features, accessories, facial emotions, and even the orientation of the character.
Invest in Artists
In most cases, NFTs contain or link to biographical information on artists. However, you should be aware of creators who are only interested in NFTs to make quick money. Short bios and short item descriptions are red flags. This implies that the work was mass produced with very little thought. You're buying an artist's reputation as well as their image, so avoid buying NFTs from people who won't be artists in a year. Also consider list price and bid history. It was created six months ago and still no offers or a semiannual price cut might be a bad indicator. You may have found undiscovered jewelry, but consider these aspects before purchasing.
So, Is NFT Really Art?
Let's start with the definition of a work of art. An intellectual work is copyrighted when it meets certain requirements. These;
These are all characteristics of immutable tokens, or NFTs, produced with blockchain technology. To date, there has been no obstacle to accepting a local NFT virtual work as a work of art. In fact, materiality is not a requirement to enjoy copyright protection. However, there is no legislation that clearly defines NFT works of art as intellectual works within the scope of protection. We cannot give a definite answer today to the question of whether NFT is a work of art. At the same time, will NFT burst like a bubble in the future or will it be the only true art universe of the future? It is discussed by people.