I developed a series of questions and answers about the world of NFTs with which I hope I can give you a little more clarity about all the information you need to enter this emerging world of digital art, let's get started!
¿What NFT mean?Since the appearance of the Internet, the world began to experience a process of digitization that seems to have no borders. So much so, that this new topic appears on everyone's agenda and on everyone's mouth, the NFTs or Non-Fungible Tokens, which are different pieces with digital content that are part of the blockchain. In other words, it is any digital asset that can be stored digitally and is intended to have some sort of value.
To take it to an example that we can all understand, an NFT is a digital asset which can be bought, sold, collected, among other possibilities, in the same way that we buy physical products from certain brands or pay for certain services to communicate our tastes, beliefs, interests and preferences. NFTs allow us to raise flags within the crypto community and show what projects we support, what personal tastes we have, what artists we admire or respect, or simply what kind of digital asset we want to collect.
Taking this into account, an NFT can be a photograph, a design, an illustration, a domain, a video, a gif, an animation, an audio, among others and the formats can be .JPG, .GIF, . WEBP, .MP4 or .MP3.
It is important to understand that buying an NFT does not mean buying the copyright of the creation, it is retained by the creator. Buying an NFT means that the person who buys it acquires the right to show and say that they own that token.
Also, some digital assets, if acquired, could include the printed design, or some physical product. This type of information can be found in the description of the NFT.
¿What NFT stands for?NFTs stands for storytelling, projects, future investments and creators. Designers, illustrators, musicians, photographers, animators, producers, have the possibility of eliminating intermediaries to start marketing/selling their creations more directly with their followers, fans or collectors.
Creators can set the price of the asset they want to put up for sale and even set what percentage of royalties they want to collect in the event that their digital asset is resold over and over again in the future.
In the space of NFTs, they will be able to find supply and demand, scarcity, trading, and value in digital assets that with the passage of time some will appreciate and others will depreciate depending on different variables and without a doubt represent a new space where the buying and selling art in all its expressions will increase with the passage of time.
¿How NFT art works?
For the seller:The first step is for the creator is to choose in which marketplace they want to sell their creations. Once there, they must register, link their wallet to be able to mint the creation, (which consists of a process similar to that of signing the creation), and then put on sale the piece. In this way, it is possible to certify within the blockchain that this piece is original and was created by the true artist. Once the mint is done, the piece can be put up for sale directly or kept for sale at another time.
For the buyer:The buyer must choose which platform or marketplace to operate based on their interests or tastes. For example, if you want to acquire an artist's piece and that artist only sells his creations in a specific marketplace, you must register in that same one in order to acquire the NFTs from that creator.
Once you have found the NFT of your interest, you can bid, participate in auctions or directly buy unique or limited editions that you will later have in your virtual wallet.
You can put up for sale or collect each of the pieces that you acquire over time.
¿How to buy NFT?You can buy NFTs in different marketplaces such as: SuperRare, OpenSea, Rarible, Foundation, just to mention a few. Within them you will find different creations uploaded by their creators that you can acquire in different ways. You will browse through sections where you can find pieces that are in active auction, parts where the NFT have not yet received an offer or parts that have been already sold.
The ways to buy consist of auctions, open editions, or limited editions.
Recommendation: if you have the time and the desire, it will be of great help that you read the terms and conditions, in each of the web pages, since you will find different information in each marketplace and taking this time to read this information can save you future headaches.
¿Can NFT art be copied?No, NFTs can’t be copied. The most important thing is to be sure that we are going to acquire a piece by the artist by checking that the account on the platform is authentic and verified by the creator. The best way is to ask him directly, see his publications on social networks to see where he informs that we can acquire his NFTs, or find out in which marketplace the artist sells his creations as NFTs so as not to buy an NFT that has been mined by another person and impersonates the artist.
¿Which NFT to buy?That depends on each one, there is no specific or correct answer. You can buy an NFT to support a cause or project, for fun, or as an investment because you believe that in the future the price of the NFT may be appreciated due to different factors, such as the popularity of the artist, the future projections, the level of market demand, among others.
In the same way that you buy a certain pair of shoes or pay for a certain type of service, the mechanics and logic of the NFT markets work based on the interests and knowledge of each one that makes us buy certain things over others.
¿NFT’s the future?
I personally think so. We are living in a digitized world and I believe that NFTs are here to stay. I think that in several years we are going to see this stage as a new era, in the same way as the Baroque, the Renaissance, Cubism, Pop Art, etc.
I celebrate the world of NFTs because it considers it an extremely necessary space for creators. The synergy and possibility of cooperation between collectors and artists from different fields makes it possible to add true value. On the other hand, the possibility of growing within a community highly committed to the work of others, is undoubtedly the future of the creative industry.
I also believe that there will be a greater relationship between creators, brands, collectors and people in the end. I think that the NFTs and all these advances mean to continue breaking down borders and distances and, in a way, to get closer as natural persons in a digital scenario.
Perhaps in the coming years, the fact of acquiring NFTs will allow us to access events, enter museums, visit historical monuments among other things, we just have to see how it continues to evolve!
Since its appearance there will be a before and after and looking to the future, I see growth not only of NFTS, but also of crypto currencies and the digital world in various aspects, a product of new needs of people, accelerated globalization and technological advances.
¿DesignGeo sells NFTs?
Last but not least, the answer is YES! Since I believe in NFTs and feel that it can add value to the potential collector, I decided to be part of and release some of my creations on a limited basis.
You can find my NFTs listed on my Rarible’s personal account, so don’t forget to check them out!
Disclaimer:NFTs have several variables both positive and negative that must be considered before making any investment, and you must enter and operate at your own risk.
This is a small guide you can use as start point to keep learning about NFTs and Crypto Art. The most important is to keep educated, stay curious, and then make your own conclusions!