NFTs can be traced to 1989-1991, when Tim Berners-Lee created the first web code. Tim was an MIT professor and that first code was unpatented to be publicly accessible. The evolution of the Internet, its transformation into the Web3.0 has transformed many industries. Web 3.0 is known as internet of value, amongst other things. NFT (Non-Fungible Token) creates a huge reversal ground for creatives, opening up previously unseen possibilities.
What is an NFT?
Non-fungible tokens (NFTs) are digital content pieces linked to the blockchain that represent ownership of specific physical or digital items such as music, art, games, social media shares, domain names, and real estate. A transparent and distributed open-source technology (blockchain) means that data is not centrally stored, so all nodes in the network have access to and a copy of the records.
NFT is stored on a blockchain, which acts as a secure data archive where any data can be stored without the need for middlemen such as law enforcement, government, financial institutions, and others. Furthermore, the network is replacing notaries through automation and decentralization. Fungible / Non-fungible; Until recently, almost all cryptocurrencies, such as Bitcoin or Ethereum tokens, were fungible; one unit could be exchanged / replaced for another of comparable value.
How does it work for an artist?
Even though NFTs are traded using cryptocurrencies, it is important to remember that they are non-fungible and that their value stems from the fact that they are a one-of-a-kind digital asset.
NFTs have grown in popularity thanks to the Ethereum blockchain and smart contracts, which enable asset tokenization and secure possession tracing. The NFT smart contract made with the ERC-721 application allows you to link a single token into a smart contract that confirms ownership. This means that through this tool, one person owns that token, which serves as proof of ownership; other people can only copy that content. To mint, an NFT artist must first create a cryptocurrency wallet and then connect it to the marketplace. The user then pays a transaction fee known as gas to create a unique record of the artwork on a website such as Opensea, Rarible, or Voice. This feature allows for the generation of private asset encryption, which later provides an opportunity for an artist to sell his works.
NFT can be used by creatives to represent their work, their time, and their participation in a new technological wave that may become a new trend that we will leave to future generations. NFT for artists and creatives is only a small part of the enormous promise that this technology has. When it comes to NFT adoption, this disruptive technology, like any other, will have to deal with testing, hype, vulnerabilities, and the development process. It is, however, a tool for society to become more transparent, traceable, and equal opportunity for all who wish to participate.