First came Bitcoin, then came more cryptocurrencies, and now we have NFTs, who are, like the previous phenomenon, taking over the world. NFTs are the new hit trend within cryptocurrencies and the words “non-fungible token” is on everyone’s lips, but what is it actually, and how are artists earning millions on NFTs?
What are NFTs?
First, let’s learn something about NFTs, and explore exactly what it is. It stands for non-fungible token and holds a special ability. It cannot be replicated! To compare this to something you probably know more about, valuables like for example gold can be replicated. On the other hand, more unique items like handmade paintings, a signed football, or an ancient sculpture are things you cannot replicate. You can make almost exact copies, but they will always be that, almost exact.
NFTs are tokens that are usually linked to pieces of art. Since the token cannot be copied or replicated, it holds ownership on the given piece it is connected to. It can also be connected to a tangible item, but they are mostly to be found online. This is the very basic explanation of NFTs, but as you probably can imagine, the technology behind them is much more complicated. If you are interested to learn more about it, and how you can get your hands on it, then visit https://buynft.com/.
Art worth millions
And now, impressive stories of striving artists making creations converted to NFTs are popping up, and people are totally into it. Teenage Jaden Stipp was spending his spare time creating logos that he then sold online. People purchased these for around $20 to $70, which could sound like a nice little spare money for a high school student.
However, it was not until the last march that people started bidding on a very special art piece. Stipp decided to make one of his astronaut artworks into NFTs and put it up for auction. He has since sold four more pieces has even been able to help out his parents financially. He has also sold paining’s for Ethereum, the popular cryptocurrency that many are investing in these days. More and more people are learning how to invest in Ethereum and the many other cryptocurrencies, a choice that is likely influenced by success stories like these.
A high driven by trends
We often see impressive accomplishments within the world of cryptocurrencies. Celebrities like Elon Musk are creating trends online through platforms like Twitter, which in many ways are forming the way we are investing in crypto. It is a world that is ever-changing, and it seems like there is always something new in the works. This makes it important to be alert and aware of the next trend if you are looking to participate. The value often increases within days or even hours, so it is all about timing. There are many artists out there like James Stipp, that are creating art part-time, then suddenly find themselves earning millions of dollars. Makes you consider getting into cryptocurrencies and non-fungible tokens. Read more about how digital are became a not a million, but a billion-dollar business here https://www.theguardian.com/artanddesign/2021/nov/06/how-nfts-non-fungible-tokens-are-shaking-up-the-art-world.