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NFT for digital arts – The new Multi-million industry

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NFT technology, supported by blockchain, has had a significant boost after the commitment of renowned artists and content creators.

Buying a painting or sculpture at auction with its seal of authenticity is a guarantee that we are taking home a unique and original piece. But what if it is a digital file? The YouTube from Spain Willyrex or the founder of Twitter Jack Dorsey have already used the technology called NFT (Non-Fungible Token, or non-fungible token), which certifies that what we are acquiring is completely original, even though it belongs to the intangible world of digital.

Videos, images, GIFs, all kinds of digital art and even the first publication on a social network. Absolutely everything on the Internet, just like physical objects, can be certified with NFT to confirm authenticity. In this sense, and taking into account the ‘magic’ of computing that allows almost everything to be duplicated, it takes on special relevance to be able to demonstrate that we have a unique image in front of us.

The last case, and one of the most notorious, has been that of the creator of Twitter. Jack Dorsey has sold the platform’s first tweet written and published in 2006. To do this, he has put it up for sale using an NFT certificate validating that it is indeed the original. The 2.4 million euros paid by Sina Estavi, CEO of Bridge Oracle, will go to the NGO Give Directly.

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And this is just the beginning. There is currently a stream of vendors and creators of ‘crypto art’, as it is called, that use NFT technology as a security token on different platforms. For more information about NFT, crypto and tokens, visit www.nftfeatured.com.

What is an NFT?

To understand how NFT works, you have to know what a block chain is. “ Blockchain is a technology that appeared in 2009 together with the bitcoin cryptocurrency. The most important feature is that it allows services and transactions to be decentralized,” said Víctor García Font, an expert in blockchain and cryptocurrencies at the Open University of Catalonia.

One of the clearest examples that the expert gave is the decentralization of payments. Traditionally, we have needed banks to handle payments made electronically. Either passing the credit card in an establishment or buying online. “We need a bank to subtract money from our account and add the same amount to the merchant’s.”

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With cryptocurrencies no, “the block chain  is a database shared between users where monetary transactions are recorded.” Directly and without intermediaries in the form of banking entities. Cryptocurrencies like bitcoin are fungible tokens, “meaning that one asset is exchangeable for another as long as they are the same.” We do not care if we have a specific one-euro coin or another, because they have the same value. And this is where we come to the second twist: NFT.

A digital asset that can have one owner and is unique. “May that particular card be unique to you.” With a big difference, the stickers are printed in hundreds of copies, but in the NFT each ‘sticker’ is unique for everyone.

“You can link an NFT to a particular pair of shoes and have those done by the manufacturer. When they are first purchased, they can transfer that token to us that certifies that it is an original product.” In the second-hand market, when the buyer goes to sell the shoes, he must transfer that token or NFT to the new owner. The only thing that would be needed is to have a cryptocurrency wallet is where to transfer that token, which anyone can create.

And what about digital art?

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For the transfer of digital art files, the operation is the same. “If you have an image and we associate it with an NFT, someone can own that image and have it be recorded as such on the blockchain.”

Then the owner can do what he wants with it. From giving up the rights to record an advertisement or any other application that we can think of. “Before it was already regulated through copyright, but with this formula, it is much clearer who the owner is. Automatic mechanisms can be created to reward the owners of these photographs.”

The photographs are just one example of what can be sold within the universe of digital art. In the case of artists, the digital work is associated with an NFT. When the buyer checks out, the same creator must pass the digital artwork along with the unique code that certifies authenticity.

Any content creator – really anyone – can register their creation on the blockchain and get their NFT. “There are platforms that, in exchange for a commission, carry out the registration process,” according to García Font.

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Who sells with NFT?

This system has experienced a real boost in recent weeks due to a multi-million dollar auction. Christie’s auction house sold the first entirely digital work of art on March 11.

It is the creation Everyday: The First 5000 Days by the artist Beeple, a collage made up of digital images taken in the day-to-day of the creator. The work reached 58.5 million euros at auction and has been signed as authentic using NFT.

Another of the main actors of the NFT impulse is the NBA through the sale of video clips of baskets. A video of a Lebron James play sold for $200,000 a while back. In the case of YouTuber Willyrex, he has announced that he will have a total of 5 NFT-certified pieces with prices ranging from 1 euro to 2,000. According to the images that he has shown, they are cartoons in three dimensions.

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And as proof that digital art with NFT certification can be applied in any sector, we have the golfer Bryson DeChambeau who has created a total of 73 collectible cards of 5 different models. These cards are available on a platform dedicated to the auction of this type of NFT digital objects, exceeding $2,500 each at the close of the article.

Bryson DeChambeau has turned to the Opensea marketplace to post his creations, one of many platforms that have grown in the heat of this new fashion for unique digital art. In them, you will find all kinds of creations from a euro cent. Something likes an eBay or an AliExpress of digital art where you can buy collectibles.

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