My first NFT. What are they? And is it possible to make money selling tokenised art.

in Photography3 years ago

NFT stands for non fungible token. It means there is just one of the kind (or a fixed number determined by the creator) token that usually represents some form of digital content.

There has been a recent rush and NFT's became a new hot topic as in theory they represent a new form of intellectual property that allows some interesting ways for artists or buyers/collectors to monetize their content and prove their ownership. NFT's can be purchased and resold. For example when you are creating an NFT you can select how much of a royalty percentage you would receive from a resale from a specific NFT and each time such transaction takes place you are credited a specified amount to your address.

In a nutshell that's what NFT's are and if you got intrigued i am sure there are articles explaining it in more detail and better than i do. So please look it up. And you will find more information about it and a number of platforms that are being built on top of that concept.

One of such platforms is Rarible and there you can create, sell and purchase ERC based tokens. So i have decided to to go and create one for educational purposes.

Here is the link to my first NFT and it's called "Bad Investment". Go figure lol

Flowers.jpg

While the concept is intriguing and fun, you must be selling Picasso or similar to make it worthwhile due to insane GAS prices. I think i have paid in range of ~50 USD to record this transaction on the blockchain so no, you can't upload your whole collection of your precious images on the blockchain for safe keeping and possible profits if you are not a whale already.

So go check it out, get acquainted with the concept, who knows maybe your NFT will be bought by some super rich patron and you will become a famous digital artist.

Meanwhile i am accepting your bids on my version of Mona Lisa, who knows how much this still early piece of art will be worth in the future by the time i am dead lol. maybe it's not such a "Bad Investment" afterall

Stay creative.

David