If you are an artist or a digital aficionado, then you need to learn the NFT art meaning before you create or buy one.
NFT Art Meaning
NFT Art is a new class of digital art, where you can find a unique piece of art that is limited in supply, and you can own it. First off, NFT stands for Non-Fungible Token. In other words, a unique token. Just like how you can have your Bitcoin address and someone else will have their own as well.
You can send bitcoins to your one and not the other person’s. NFTs are created on the blockchain and are unique products. So you can either buy an NFT or create it yourself, then sell it to people who want to possess a unique digital asset.
So far, the most popular used platform for NFT art is Ethereum and its ERC721 standard. This standard has been put in place to bring up an environment where artists can create digital pieces of art. This is by using their imagination and creativity for resale on the open market for better prices than traditional digital art.
How ERC-721 Token Is Formed?
It is formed with these factors; The owner of the token, the symbol of the owner, The symbol of the token type, and the symbol of the auction. For example: what if I want to create my very own token for my painting? Then I had created and called it “My Painting”, I would call that piece of art a “My Painting” token or “MyToken.”
If anyone else wants to buy the piece from me, they would need to pay in ETH (Ethereum). After payment is done, they will receive an ERC721 token with all three symbols. Then they will receive full ownership of that painting in form of a digital piece of art that only they own.
So what makes NFT Art different from normal digital art? Well, there are several differences. You can trade your NFT painting/artwork within the Ethereum blockchain.
It means that you do not need to trust any centralized third party like eBay or Amazon. You don’t need to worry about scams because everything is handled by Ethereum smart contracts. Also, everything is transparent.
Selling an NFT Artwork
You can sell or buy your NFT artwork anywhere in the world using cryptocurrencies. The price of the NFT painting/artwork will be determined by supply and demand. It means that if more people want to own it, the price will go up and vice versa as well.
To make a successful project out of your NFT, you need to analyze the market very carefully before you start creating art or buying one. If you are creating an NFT, then you should make sure that the demand is still high and not saturated. You also need to make sure that all rules are written in Ethereum smart contracts.
So, there is no way for any fraud or scam to happen. And lastly, you need to make sure that you have a team of advisors and experienced artists. They can help you in case something goes wrong.