Non Fungible Tokens seem to be the Future! If you are an artist, graphic designer, animator or someone that spends a considerable amount of time on the internet, you may have heard about Non Fungible Tokens, a digital asset that represents real-world objects like art, music, in-game items and videos.
They are bought and sold online, frequently with cryptocurrency and are designed to show that someone has ownership of a unique virtual item, such as online pictures and videos or even sports trading cards.”Non-fungible” means that it’s unique and can’t be replaced with something else.
For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.Non-fungible tokens have taken the art world by storm and they are scarce, so when collectors want them, they’re willing to pay a lot of money for them. This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, it’s known that cutting off the supply should raise the value of a given asset, assuming it’s in demand.
The big sellers right now are images, GIFs, songs and videos. And just like everything else, supply and demand are driving the price.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. They are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes essentially creating digital scarcity.
NFTs exist on a blockchain, which is a distributed public ledger that records transactions.
It should be known that block chain technology is expedient for keeping track of the market therefore let’s digress a bit to have you understand how it works.
Here is a view: Suppose we have a lot of information that we need to make accessible to everyone, anywhere and at any time, how do we go about doing that? One may suggest we collect the information and store them in a way that makes it easily accessible. This stored data is called a database. A Blockchain is a database. However, it is a specific type of database, a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system.
Data obtained from Nonfungible, a website which tracks the market, shows that recently, South Carolina-based graphic designer Beeple, whose real name is Mike Winkelmann, sold an NFT for a record $69 million at a Christie’s auction. Jack Dorsey, CEO of Twitter, sold his first tweet as an NFT for $2.9 million later that month.More recently, a rare digital avatar known as a CryptoPunk sold at Sotheby’s for over $11.7 million on Thursday.
Total NFT sales reached an eye-watering $2 billion in the first quarter, nothing short of amazing! Having found these out, we see that blockchain technology uses a network of computers to record transactions and gives buyers proof of authenticity and ownership. It’s a way for digital artwork to have provenance basically – sort of a digital footprint showing the origin, the buying and selling of a piece of artwork over time. An artist will make a digital piece of art, let’s say an animate GIF, and sell a limited number on NFT marketplaces. Once that limited number is sold out, there are no more available pieces.
Some people are also seeing this as an investment, because they have the option to resell the NFT for a higher price later .It might seem a little crazy right now, but this is probably the direction artwork sales are headed.
Who knew that baseball cards, which are just pieces of cardboard with some ink on them could be really valuable?
If you’re a talented digital artist, you should probably get on one of the NFT sites now and give it a shot!
I will recommend ARTDECO but first and foremost, who are they?
ARTDECO is a marketplace aiming to link sellers (typically content creators such as digital artists, content creators, or meme-makers) with buyers who can select pieces they wish to purchase. To turn their work into an NFT, creators will have to Upload their Digital work using ARTDECO’s Dapps. ARTDECO NFT Dapp Is Available On The Testnet: https://app.artdeco.community
ARTDECO leverages the Binance blockchain to embed within an NFT’s code the full history of its owners and transactions. Of note, when a transaction goes through, both the buyer and the seller have to pay transaction fees that go to the ARTDECO network.
One interesting feature of NFTs is the ability to program royalties, or the rights to future cash flows, within these assets. This means that creators on ARTDECO can set a percentage of future sales and collect them automatically by issuing a token.
This is a major feature drawing creators to this technology because unlike with traditional content platforms, NFTs can be designed to pay out royalties immediately. For instance, if a piece of digital art listed a 10% royalty, the creator would receive 10% of any consequent sale of that art.
ARTDECO NFT Project has been getting a lot of attention lately as the Binance based Token is unique and different from most Cryptocurrencies like BNB, Ethereum because the Smart Contract has a Redistribution & Burn Function. This means that on each transaction (buy, sell and send) on ARTDECO, the Network Charges a 10% transaction fee of which 7% is Redistributed to holders and 3% Burned automatically which will add to incentives holding and make the value of ARTDECO perpetually go up.
ARTDECO is on a mission to evolve towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users.
You might want to Join in ARTDECO’s Initial Exchange Offering (IEO) as they are listing on p2pb2b.io on the 28th Of July 2021. (P2pb2b.io is a High Trade Volume Exchange with over 1 Billion Dollars Daily Trade Volume, according to coinmarketcap)
ARTDECO Launchpad Url: https://p2pb2b.io/token-sale/277/