Collins Dictionary announced that its Word of the Year for 2021 was NFT. Which isn’t technically a word. If you want to be even more specific, it’s three words, non-fungible token. But what is an NFT? If you’re looking to understand this latest phenomenon, then you’re in luck, we’re here to help you.
So, what is a non-fungible token? Well, the first part “non-fungible” means that it is unique and cannot be replaced by something else exactly like it. For instance, cryptocurrencies are fungible; you can trade one bitcoin for another. But a one-of-a-kind trading card is non-fungible as you could only trade it for a different card, or something else of equal value.
An NFT is a digital asset that represents a real-world object. Although they’ve been around for almost a decade now, they are becoming increasingly popular and gaining notoriety as a popular way to buy and sell digital artwork. Since 2017, £123 million have been spent on the sale of NFTs.
How NFTs Work
NFTs are generally one of a kind or at the very least part of a limited run, and each has its own unique identifying code; this is what gives it its value.
Most people think that digital art cannot be owned or have any worth as anyone can view the images online or download them for free from the internet, but owning an NFT means you own the original item.
Take, for instance, the Mona Lisa, there are millions of posters that hang in rooms around the world, and t-shirts and bags are emblazoned with her face. Does this make the original Mona Lisa worthless? Of course not, because it is the original and that’s where its value comes from, it’s a one-of-a-kind piece.
NFTs exist on the blockchain and are created or “minted” from digital objects that can include Art, GIFs, Collectibles, Virtual avatars or even music. NFTs can be looked at as collector’s items just in a digital form. So, instead of getting an actual painting to hang up, they get a digital file instead. This can be kept or sold to someone else.
Changing the Art World
NFTs are becoming a great leveller in the art world. Artists now no longer must rely on galleries or auction houses to sell their creations. Artists from all over the world can display their art and be fairly compensated for it through the use of NFTs.
That’s why we here at ARize have created a marketplace, aimed at helping creators to earn money from their designs and link up with businesses or investors to make sure their skills are recognised and rewarded.
As a 3D NFT creator, you can easily upload and mint the NFTs connected to your assets and experiences at the touch of a button, whilst sharing and selling your work through our marketplace and earning money in a variety of different ways.
So, there you have it, that’s what an NFT is, and if you’d like to know more, then visit our site www.arize.io and find out just how we are going to change the landscape of NFT creation with our very own marketplace.
Founded in 2018, ARize is an industry leader in the 3D and AR industries. With an ethos of putting the power into the hands of the creators, our vision is revolutionising e-commerce, blockchain technologies and metaverse spaces. ARize is on a mission to bring 3D and AR capabilities to everyone, supercharging the visual experience it brings.
For more information about ARize, our products and services, please contact us at https://arize.io/contact-us/