what are NFTs?

This is a brief description:

NFTs use blockchain technology - just like cryptocurrencies. NFTs are usually based on the Ethereum crypto. The blockchain is a decentralized publicly accessible electronic ledger that lives on servers distributed throughout the world. Every transaction using the blockchain (such as buying, selling, or trading an NFT) is documented on this ledger and is available for all to survey at any time as long as the blockchain is active.

NFT stands for 'non-fungible token' - fungible meaning mutually interchangeable - like conventional currency: a twenty dollar bill is as good as any other. Non-fungible means unique - NFTs are not interchangeable so when you buy one, you have a uniquely identified token, thus the collectability of NFTs. The NFT is a speculative commodity - value is based on demand and what people are willing to pay - much like the mainstream art market - they are used as an investment. NFTs are a perfect way for artists, such as myself, to make a living off of digital work. Anything can be assigned as an NFT - digital images, videos, audio, memorabilia, a receipt for some miscellaneous item that I bought at the corner store, a clump of dirt. The question is will it be worth more than it is now later on, and that is up to the endlessly fluctuating market conditions. Once you own an NFT, it is yours and yours alone and you have proof on the blockchain, that that is so. You are free to do as you wish - keep, sell, trade and all of this is accomplished without a central overseeing authority.

Since I finished my BFA in 1996, I have been working almost exclusively on my artwork and much of it is digital. On my Bandcamp you will find 31 albums but I have hundreds of other unreleased audio pieces. I also have 183 videos on my Vimeo page. There are also plenty of visual artworks in this store but there are hundreds more which still have not been published. So my point is that; 1) I have gathered a respectable body of work now and that should be ample evidence that I am fully committed as an artist and worth investing in. I will not be satisfied unless I am doing art full time - that has always been the case, and 2) I have loads of material that I will be adding to my NFT marketplace page. There is and will continue to be something for all levels of interest from the $5 token you see on the previous page to $10000 NFTs that include a physical painting as 'unlockable content'.

You will notice that I am using the 'Voice' marketplace. There are three main reasons why; 1) This is a marketplace especially suited to digital artwork (as opposed to 'collectibles' - although there is some of that too), 2) All currencies have been translated into dollars so you can use your credit card to purchase items. This is so much less hassle and significantly less potential expense (look up 'gas prices' for Ethereum). All of the transactions are still based on the blockchain so they are 100% valid and authentic NFTs, its just that they are much easier to handle having been converted to conventional currency. The platform handles all of these translations in the background for you. 3) Voice uses 'proof of stake' rather than the much more energy intensive 'proof of work' approach to validating tokens - so the environmental footprint is much smaller.

This is, of course, a new technology, having just been created in May of 2014. NFTs started to become more widely accepted by 2017 and now, in 2022, they seem to be really catching on. 2020-2021 saw a 21000% increase in NFT trading. I am selling many exclusively digital assets but many of my more expensive NFTs also include physical works such as paintings so you can have the best of both worlds.

Since it is new, I also assume that there will continue to be enhancements and innovations (such as the implementation of proof of stake) that will make NFTs even more viable as an investment opportunity.

The last order of business is regarding wallets. You will need a digital wallet in order to buy, store, sell, and trade NFTs (as well as any other cryptocurrencies). I use and reccommend a Coinbase wallet which is available for free for cell phone or web browser. It is the most widely used wallet in the world, it is quite easy to set up and use, and it is very secure. The website link provides everything you need to know. There are others, of course, but I haven't tried them and this is the one that I see everywhere.

I should also add that I am still new to the NFT market and still have a lot to learn. Just like anything else, there is a sea of information online to explain it all much better than I am here.

 

 

an example NFT transaction on the blockchain:

(this is the purchase of one of the 'TEST' NFTs from my page)