What is NFT art? Art They Worth Buying, Selling or Creating?
NFTs took the world by storm, and even though it has lost quite a bit of steam since then, they will remain a great way to purchase works of art for a long time.
In this article, we'll explain what NFT art is, what you get when you buy it, and whether you can sell it.
What Exactly is NFT art?
NFT stands for non-fungible token. It's a recent development in cryptocurrency, something that allows people from all over the world to sell their art with one click. NFT art, in exchange, are artworks that are sold as an NFT.
What does that mean? Well, it's somewhat complicated - but, in simple words, when someone buys an NFT, they're not buying a physical work of art; instead, they purchase the digital version.
That means you own that work of art - but you cannot touch it. What you buy forever lives in the blockchain (which is like a public digital ledger that registers every cryptocurrency transaction).
What does NFT in art stand for?
NFT stands for Non-Fungible Token: it means the same in art as in cryptocurrency and any other area that involves the same phenomenon.
It's important to note that you can buy or sell almost anything as an NFT, as long as we're talking about the digital version of something, including paintings, pictures, photos, graphic designs, songs, texts, or anything else for that matter.
In a more broad sense, NFT could stand as a way to revolutionize art. Thanks to this new way of using technology, people anywhere can turn their art into NFTs and sell them to whoever they want, no matter where they live.
Is NFT art worth buying?
That depends! Do you want to buy an NFT because you want to own a digital work of art or are you trying to make a profit? If you want to make money, you may want to look elsewhere - as the value of most NFTs has taken a dive after the initial craze.
Nevertheless, NFT art is far from dead. In fact, you can still see people create and release NFT art today. Artists everywhere will continue to take advantage of technology, and you can do the same.
Art lovers can buy NFT arts and help artists create new things. At the same time, there's a slight chance the NFT art you buy will go up in value in the future - but there are no guarantees.
What does it mean to buy NFT art?
Buying NFT art grants you the ownership of a digital work of art. Sometimes, that comes with extra perks, such as owning copyright or access to other things.
Other times, buying an NFT art is just that: paying to own something that forever lives in the blockchain. In certain scenarios, people buy NFT art not because they want to own it or sell it sometime soon but do so to finance their favorite artists.
Creators everywhere have sold NFT art as a way to gather money to continue creating, working, and further developing their passions.
What happens when you buy NFT art?
You receive ownership rights of digital art when you buy NFT art. Some people see value in buying NFT, while others see it as a pointless affair.
No matter where you stand, you can't deny buying NFT art sounds like an interesting ordeal, even if you only do it to tell your friends about it! In certain scenarios, buying NFT art comes with more than digital art ownership.
You may even get the copyright of that work, which allows you to sell and distribute goods using that image. So, for example, if you buy an NFT art (and its copyright), you can sell t-shirts with that image printed on them!
Does owning an NFT give you copyright?
It depends. The artist (or whoever is selling) the NFT art you're buying needs to disclose what they're selling to be sure. Depending on who you ask, buying NFT art grants you ownership.
While that's the common consensus, others argue you don't receive ownership of the art but the metadata instead. Then again, that's an uncommon opinion. Most people agree you receive ownership - but that doesn't mean you own the copyright.
To receive copyright when you purchase NFT art, you need to talk about it with whoever is selling it to you.
Unfortunately, online scammers have sold NFT of other people's art without their permission, making this whole thing even messier than necessary. If you want to know whether you get the copyright or not, ask the seller.
Can I sell an NFT art piece I bought?
Absolutely! One of the main reasons behind the NFT craze that took place a while ago is that you can sell the NFT art you buy.
Sometimes, you can do so for a profit. In unique scenarios, artists will ask you not to sell what you buy or to wait for a specific period of time before selling - but these are exceptions.
In most cases, you can sell or keep the NFT art you buy. Keep in mind there are scammers out there! Some use other people's art, turn them into NFT art, and sell them for a profit.
If you happened to buy something like that (without knowing), it would be unethical to sell them again - as they are part of a scam.
Why NFT art is so expensive?
The price or value of NFT art varies on a case by case basis. You can find pieces worth a million dollars and others for a few cents.
It's all about supply and demand: the more people who want something, the higher the value. Nevertheless, certain NFTs are expensive because their creators want it to be that way, and because of that, they set the high price they want.
Summing up NFT Art
NFT art is an easy way to buy or sell digital art. When you purchase NFT art, you get the ownership of a digital work of art.
In certain cases, you may obtain the copyright too. You may have to spend more or less money depending on what NFT art you want to buy. You can sell it the same way you buy it after you purchase it.