Do you have any questions about NFT Art? Blue Rhino Consultancy can help you get into the …
Do you have any questions about NFT Art?
Blue Rhino Consultancy can help you get into the NFT Art game by getting one of our expert consultants to advise you on the current market. Whether you are looking for financial investment or a unique piece of art you can enjoy, the Blue Rhino team can source the perfect NFT piece for you.
What are NFTs?
NFT stands for nonfungible token. NFTs are computer made artworks, each with an ownership of identity, making them almost impossible to replicate. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger. But like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso.
Digital Artists have struggled for too long protecting their copyright and reproduction of their works online. Now, thanks to NFTs, digital artists can safely sell and control access to their works. Non-fungible tokens and their smart contracts allow for detailed attributes to be added, like the identity of the owner, rich metadata or secure file links — all of this greatly helps artists have copyright over their work.On another hand, NFTs highlight the importance of artists getting paid for their time invested in creating a piece. Unlike physical art, when the materials and size could to some extent dictate its financial value, all profits made by NFTs go directly to the artist. The world of crypto has also inspired artists to create futuristic and exciting artworks that seek to explore the world of the crypto/blockchain movement.
Digital artists are now taking over auctions and museums too, making their value and demand higher. Last March, digital artist Beeple famously sold a digital painting for $69 million at Christies after the auction started at $100 on February 25th. The piece itself, titled ‘Everydays: The First 5000 Days’ now became a record breaking sale of NFTs.
The total value of NFT transactions quadrupled to $250 million last year, according to a study from NonFungible and L’Atelier. The number of digital wallets trading them almost doubled to over 222,179, while some traders were able to make profits of over $100,000.