Think of the artwork as a digital token being passed from one person to another, with a digital receipt to prove the sale. Once they have paid me in cryptocurrency, they are recorded as the new owner-this public record of sale can’t be altered or erased, so it’s an important mark of authenticity for the buyer.
I go to one of the sites that allows me to register this file as an NFT (a process that is often referred to as ‘minting’), and from here, someone can buy it from me. Say I’m an artist with a digital file of one of my paintings. The buyer plans to display it on a digital screen in his office. This NFT sneaker (along with its physical version) was bought for 22 Ethereum (around $13,000). They can be anything from a digital collectable sports card, a song, a digital artwork, a digital sneaker(?), a tweet, a video, or as we’ve seen in recent weeks, a cat meme.
Non-fungible tokens, or NFTs as they’re called, are digital assets that can be bought and sold through the big wide world of blockchain. ‘Decayed Faith’, created by Benjamin Wareing, is the ‘first official political photograph ever minted as NFT in history.’ It feels like a murky concept to begin with, but if I can wade through this digital muck and make sense of it, so can you. You might’ve been seeing this phrase showing up in your newsfeed a lot recently, and that’s for good reason-it’s going ham right now, and a whole bunch of people more intelligent and/or wealthy than I are harking it as the next best thing in the art world. Now that we’re out the other end of the GameStop debacle and have (un)successfully taught ourselves the basics around shorting stock, here’s another new phenomenon to try and wrap your brain around: NFTs. Hello and welcome to the world of NFTs, where everything and nothing makes sense.
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