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What Are NFTs And How Do They Work? Experts and Artists Explain – NBC 6 South Florida

NFTs have become widespread and some are sold at high prices.

A 5,000 NFT collage by an artist known as Beeple sold for $ 69 million at a virtual auction last March. This is the third highest price ever achieved by the living artist of the world-famous auction house Christie’s.

Buyer Vignesh Sundaresen says he would have paid more for it, also passing by Monica’s Metakovan.

“This is an important part of art history, and these things can take some time for everyone to notice, but I’m fine with that,” Sundaresen said in an interview with CNBC.

One NFT artist said that digital art is The intersection of technology and artHowever, there is no Certificate of Authenticity.

“What happens when you combine digital art with blockchain?” Asked digital NFT artist @Soyfira. “Magic happens. That’s why Miami loves blockchain.”

Jorge Cortes, co-founder of Bitbasel, states that NFTs are an innovative technology used by the creative industries to sell artwork without the help of intermediaries and galleries.

What does NFT stand for and what does it mean?

NFT is an acronym for non-fungible token.

Tokens can be used to refer to the cryptocurrencies themselves, or assets that operate using those cryptocurrency blockchains, such as NFTs.

Fungibility is the ability to convert to other commodities or assets of the same type, such as commodities, company stocks, precious metals, currencies, etc.

Money is a prime example of what can be replaced, and a one-dollar bill can easily be converted into a four-quarter or dime.

If something is not substitutable, it means it cannot be duplicated or replaced.

What is NFT Art?

NFT Art is a collectible, unique and non-transferable digital asset, Cortez explained.

All NFTs are limited and rare because their creative design is unique and cannot be duplicated.

The transaction proves ownership of the art, so the NFT gains its value. If you own an NFT, you can keep or wait for the NFT to be evaluated before you can sell or trade.

there were Over $ 23 billion in 2021 NFT transactions Trading volume increased by 38,000% year-on-year.

How do you buy and sell NFT art?

To buy or sell an NFT, the buyer or seller must first identify the blockchain used for the transaction. Next, you need to protect the digital wallet that can hold the blockchain.

MetaMask, Trust Wallet, and Coinbase Wallet can all support the digital currencies used to buy NFTS.

There are many NFT marketplaces that allow buyers and sellers to connect their digital wallets to upload and buy NFTs such as OpenSea, Rarible and Mintable.

Some digital artists post their artwork on social media platforms such as Instagram to attract potential buyers.

“I dropped three NFTs and one NFT collector said,” I just look at your Instagram and I love it. I want to be your first NFT collector, “@Soyfira said. “And another girl looks at my Instagram again and I want to be second, third and sold out.”

Two days later, @ Soyfira was featured in a Forbes article on how she sold her first digital artwork within 24 hours.

One of her NFTs was sold on two ethers and was worth over $ 9,000 at the point of sale.

There is no cost to post an NFT on some platforms, but on other platforms you will be charged a “gas fee”. This rewards miners and others working on the blockchain to maintain and grow it.

The “gas price” also depends on the congestion of the network. The more people you post, buy, and sell at a given point, the higher the cost.

Some artists and groups such as CryptoPunks, Bored Ape Yacht Club, and Art Blocks are also using NFT Drops to excite buyers with new NFTs.

NFT drops reflect the limited drops from designers in the fashion industry and have helped artists reach a much larger audience that cannot be achieved otherwise.

“Because this technology is the present, not the future, we can empower more in our hearts to continue learning it,” says @Soyfira.


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