If you haven’t yet heard of NFT’s or NFT art, I suggest taking a look at your wifi connection. In the last 4-5 months, NFT talk has literally broken the internet. From platforms like TikTok and Twitter to CNN News, the trending topic has left millions wondering, what is it and how can it work for me?

Its recent rise in popularity has promised to revolutionize the creative industry. As a graphic designer and artist, I’m here to ask, “What’s in it for me?” Let’s begin with a definition.

What is NFT art?

An NFT is a digital asset that exists completely in the digital universe—you can’t touch it, but you can own it. An NFT can be any type of digital file: an artwork, an article, music or even a meme such as “Disaster Girl”, the original photo of which sold for $500k earlier this year.

NFT stands for ‘Non Fungible Token’, but what does that mean? Well, it helps to first understand what a ‘Fungible Token’ is. If we think of it in terms of money: a 100 dollar bill can be swapped for five 20 dollar bills and still hold the same value, which means a 100 dollar bill is a fungible token.

Space Man with rocks and crystals protruding out of him on red and blue lit background
A detail from Beeple’s “Everydays — The First 5000 Days,” a collage of digital images that was “minted” as a “nonfungible token” (NFT) and sold for $69.3 million.

If this 100 dollar bill is signed by Banksy, it becomes a totally unique product. Its value is then much harder to determine, as it’s no longer simply worth five 20 dollar bills. This means a NonFungible Token cannot be swapped for any equivalent value. It also means that, like any investment, its value can increase or decrease in the future depending on the circumstances.

What we’re particularly interested in is: how will this new, digital means of selling art affect creators and the creative industry?

A detail from Beeple’s “Everydays — The First 5000 Days,” a collage of digital images that was “minted” as a “nonfungible token” (NFT) and sold for $69.3 million.

If this 100 dollar bill is signed by Banksy, it becomes a totally unique product. Its value is then much harder to determine, as it’s no longer simply worth five 20 dollar bills. This means a NonFungible Token cannot be swapped for any equivalent value. It also means that, like any investment, its value can increase or decrease in the future depending on the circumstances.

What we’re particularly interested in is: how will this new, digital means of selling art affect creators and the creative industry? Find out in our next blog article!

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