What is NFT ART?

Getting to know NFT

NFT as known as Non-Fungible Token is the name to call cryptocurrency. It is used as a currency to indicate the value or estimate the price of the digital arts. It is advantageous to the market (purchasing and selling). It includes various types of intellectual property such as digital arts, Memes, or tweets.

NFT roles as the medium of authenticator of originality. It used one’s individual identifiers to link with the blockchain*.

*Blockchain is one of the technology to agglomerate one’s information (property) in order to keep the authenticity or source to its origin (original owner) while publicizing. It is known for its most secure; unchangeable and undeletable origin.

NFT Art

For NFT Art, all information; including detail of the product, name of the creator, purchaser, and price, will be stored in the blockchain. It cannot be adjusted and deleted.

In the process of NFT Art purchasing, the purchaser will solely own the art equivalent to the real world. The right to own can be distinguished and classified into various types. For example, the purchaser owns the whole right and is able to resell. In contrast, the purchaser at most is able to exhibit not resell.

At the present, artists tend to store their works in blockchain to prevent unforeseen situations of duplication such as save as, screenshots, copy-paste including the claim of copyright. It is also a way to prevent loss and change.

Did you know?

• Jack Dorsey, the former of Twitter, sold his own tweet as NFT with approximately 90 million baht (2.7 million USD).

• The well-known meme of ‘Disaster Girl’ was sold as NFT with approximately 15 million baht (447k USD).

• NFT Art ‘Everydays: The First 5000 Days’ by artist Beeple was sold with a value of 2000 million baht (59 million USD).

How about its pros and cons?

Pros

1. Value Growth

The value of the property can be increasingly equivalent to other investments. For example, if commodity A was auctioned for 10 million baht, the holder has the right to refuse to resell and sold for a higher bid (own expected value).

2. Exhilaration as a part of modern technology

The excitement of the participant; made the participant feel the involvement of the emergence of modern technology as well as well-known celebrities and artists.

3. Individual own copyrighted

Due to the advance in technology of social media, reposting or sharing information seems to be uncomplicated. It can be made with just a single click. It leads to the difficulty of sourcing the true creator or its origin. With the innovation of NFT, all of those issues will be exterminated.

Cons

1. Intangible works of art

The works that are possessed will be in the form of digital. It cannot be touched or felt through the details. It limited the possibility of sense and emotion that will be sent from its surface (brushwork, hand weight, and work surface).

2. Uncertain value

As mentioned above, NFT is one of the investments. The price could be unstable. It could be profitable to gather the income. On the other hand, it could be lost. However, it is the caution and nature of the expenditure.

3.Environmental impact

It has been highly controversial because of the technology of blockchain and its nature energy-intensive. It relies on consuming high energy which creates the direct environmental impact of producing a massive Carbon footprint.

References

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