While people can copy and paste a jpeg as much as they like, the token held on the Ethereum network is proof of authenticity and ownership. The upshot of this is that, upon a piece being sold, the buyer is guaranteed they are the one and only holder of the artwork. These platforms help artists “mint” their artwork, creating identifiable, unique editions of their artwork. Having been around for about five years now, the NFT art scene is diverse and spread over multiple marketplaces, including Nifty Gateway, Opensea, SupeRare, Rarible, and KnownOrigin. Some are beautiful pieces that wouldn’t look out of place in a gallery, such as Archai Nair’s enigmatic Swerve, a piece whose buyer is looking to make a $40,000 profit from. These artworks range from jpegs of traditional fine art to animated gifs and memes. In addition, artists can continue to receive royalties from their artwork long after being sold, with most platforms offering payments in perpetuity. Using Ethereum’s smart-contract technology, the provenance and ownership of artwork are guaranteed. Non-fungible token (NFT) based artwork are digital assets that are validated and maintained on the Ethereum blockchain. With some inspiring pieces appearing on marketplaces and a generation comfortable with the technology about to become wage-earners, there’s no longer any reason to ask is NFT art a good investment. However, with the emerging NFT art market, more and more people are getting in on the action, seeing considerable returns on investments in crypto assets. Traditionally, investing in art has been something only the wealthiest of us could enjoy.
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