What is NFT art?
Art NFTs are non-fungible tokens (NFTs) based on a unique digital design. They represent something unique and different from other crypto-currencies. Unlike bitcoin and other crypto-currencies, they don't represent a mutually interchangeable commodity (in the case of crypto-currencies, money); this means you can't part with an NFT and replace it later with something of equal value, as you would with a sum of money. This means that they are - by definition - non-fungible; you can't exchange them for other crypto-currencies or goods, as you can with money.How are they used?
NFTs are mainly used in the digital art world. In the traditional, "physical" art world, when an artist completes a work of art, only one copy exists. There is only one physical copy of Da Vinci's Mona Lisa, for example, a rarity that contributes to its astronomical value. Forgeries are difficult to reproduce in the realm of physical art, thanks to the cumulative expertise of art historians and experts the world over, as well as the technology that can be used to unmask counterfeits.
Digital art works differently from traditional visual media such as painting or sculpture for obvious reasons: once something is digitized - whether it's a piece of music or a work of visual art - it can be copied ad infinitum without losing its quality.
For centuries, the concept of art has been relatively easy to define. Paintings, sculptures, installations and other physical works can be considered art because they are singular and unique - an original work.
When it comes to digital art, on the other hand, works can be copied much more easily, usually by simply duplicating a file.
NFTs put an end to this situation by encrypting the digital source of a work of art using the blockchain to ensure that it remains the definitive version of that work. For example, a digital work of art could be embedded in this article, but it wouldn't be THE work of art.
"Everydays: the first 5,000 days" - Beeple. 2021. This Art NFT was sold by Christie's in 2021 for 69,3 MUSD.