Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.
Proponents of NFTs claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files.
The NFT market grew dramatically from 2020–2021: the trading of NFTs in 2021 increased to more than $17 billion, up by 21,000% over 2020's total of $82 million. NFTs have been used as speculative investments, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. The NFT market has also been compared to an economic bubble or a Ponzi scheme. By May 2022, the NFT market was seen as beginning to collapse.
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I have questions about this emerging... um... art form? Platform?
By MITCHELL CLARK
Updated Jun 6, 2022, 5:30 AM PDT
What are NFT artworks?
NFT Art is a digital artwork that is issued in the form of a crypto token, and it can be accessed and traded on the blockchain. For example, CryptoPunks and Bored Ape Yacht. Other than artworks like pictures, you can also find NFTs in the form of articles, music, or even games.
Despite recent many negative opinions about cryptocurrencies and NFTs which involve risky and shady investments. I've decided to give NFT Arts a try for publishing my cartoons. Currently, my NFT Arts are being shown on the OpenSea platform.
What Is OpenSea? The World’s Largest NFT Marketplace Explained.
OpenSea is a game-changing decentralized marketplace for buying and selling NFTs. If you’re wondering, NFTs stand for Non-Fungible Tokens, which are unique, collectible digital things like in-game assets, avatars, trading cards, and art.
In August 2021 alone, OpenSea recorded well over $3.5 billion in NFT trading volume. Considering it posted just $21 million in volume during all of 2020, it’s safe to say the 12,000% trading activity rise firmly signals success.
Investors like Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto powerhouse a16z have helped push OpenSea’s valuation to over $1 billion, giving the young NFT platform unicorn status seemingly overnight.
NFT collectors, artists, investors, and traders all rate OpenSea highly, but if you’re new to the platform, it’s pretty confusing. This beginner’s guide to OpenSea gives you an easy explanation of NFTs, what OpenSea is + how to use it, along with some of the best NFTs in the marketplace.
Excerpts from Shrimpy Academy