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NFT art

In recent months, the use of NFT – or Non-Fungible Token – has exploded on the internet. If you are still unsure of what NFT and NFT art are, we recommend that you read on.

Here we will explain to you NFT in a simple way, and explain to you how to get started!

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What is an NFT?

A Non-Fungible Token or NFT can be described as a digital asset stored in a blockchain. These can be, for example, lucrative sneakers from Nike or action figures from Axie Infinity, which can be considered collectibles.

Instead of having a physical intercourse object, you can use NFT to own the object digitally. An NFT is always unique and can always be traced back to its original owner.

The term “non fungible token” can best be translated to “token that is irreplaceable and unique” in Norwegian. NFT is based on the same technology as cryptocurrency, since it is part of a blockchain. The asset you buy is stored in a digital wallet – in the same way as Bitcoin.

While you can buy a small percentage of cryptocurrency units, such as 0.001 Bitcoin, you can only buy whole NFTs. The asset must therefore be purchased as a whole.

What is NFT art?

NFT is particularly relevant for digital art, also known as crypto art or “NFT art”. This is due to the fact that the various data devices stored on the blockchain have helped to change the art world.

Many of the world’s largest companies, such as Louis Vuitton and the BBC, have created digital assets and art using the NFT. Traditional trade in brands and art is vulnerable to counterfeiting. For example, counterfeit Louis Vuitton waxes are sold online and in unverified stores.

Issues such as counterfeiting and piracy can be solved with the help of NFT art. It is impossible to copy an existing NFT. The asset is therefore 100% unique, and at the same time easy to verify or track.

This will benefit artists, brands and others who can sell NFT art directly to customers without any intermediaries. As a customer, you can feel confident that you are buying the original. At the moment, the price for digital collectibles and NFT art is very high and lucrative.

NFT art sold for millions

NFT art has completely taken off in recent months, and art has been sold for millions of kroner. In March, for example, a work of art by Mike “Beeple” Winkelmann was sold for an insane NOK 588 million .

This sale actually ranks third among the most expensive works of art sold by living visual artists. The buyer in question received a JPEG file with the image after the purchase.

The picture can not be hung on the wall, but no one can say anything about the authenticity and ownership. A digital certificate of ownership is also included when you buy NFT art.

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The payment giant VISA has also invested in NFT art in the form of the unique work of art called CryptoPunk. This was purchased for NOK 1.3 million.

What can be sold as NFT art?

NFT art can be so much, and certainly does not have to be a picture or digital action figures. NFT art can also be shoes, clothes, furniture, sculptures or other things.

It is in principle only the imagination that sets the limits. The most common, however, is that NFT art is either collectibles or visual art.

What is the difference between NFT art and cryptocurrency?

If you have 1 Bitcoin (BTC) in cryptocurrency, you can in principle exchange your BTC unit for another BTC unit. You will then still be left with 1 BTC. An NFT, on the other hand, is unique, and it is therefore not possible to replace one NFT with another.

An NFT is a representation of an object. Cryptocurrency, on the other hand, can be easily exchanged with similar units without losing value. The similarity between NFT art and cryptocurrency is that both are based on blockchain technology.

How to buy NFT art?

You can buy NFT art by creating a user account with an NFT marketplace. Once you have created a user account, you can deposit money. In most marketplaces, NFT art is paid for using digital currency.

On some sites there are auctions, where the highest bid wins the NFT. You can browse through a number of different NFTs, and will see the price or highest bid for all the objects. If you buy the NFT, you will receive a certificate of authenticity and a file with the NFT.

Your NFT is stored in a digital “wallet”, and is therefore not a physical item. You easily and simply own the file you have received, and the object can be traced to you through the blockchain.

Is NFT art the future of artists worldwide?

NFT art is a phenomenon that has really become popular in a short time. With the help of NFT art, artists and brands from all over the world can sell digital assets directly to the customer, and the customer can know for sure that the asset is original and unique.

To some, it may seem pointless to own a “picture file” rather than a real work of art, or pictures of Nike shoes rather than physical shoes. For collectors, however, NFT art may be beneficial. The property can not be destroyed by fire or stolen by thieves.

At the same time, you do not get the pleasure of being able to hang NFT art on the wall, or to exhibit your collectibles in a glass display case. Whether NFT art is the future or not, time will tell. Some believe the trend will quickly reverse, while others have faith.

When large players such as Visa invest in NFT art, it at least indicates that the potential is great. Find out if NFT art is for you, or if you should stick to traditional art!

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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

FAQ

Hvor kan jeg kjøpe NFT art?

NFT art kan kjøpes på ulike handelsplattformer og auksjoner. En kjent plattform er OpenSea, som er en markedsplass dedikert til nettopp NFT, kryptokunst og digitale samleobjekter.

Er NFT art en forbigående trend?

NFT art har brått blitt veldig populært, og enkelte eksperter hevder at boblen plutselig vil sprekke. Det kan være risikabelt å investere mye penger i NFT art.

Hvordan betale for NFT art?

Som regel må man betale for NFT art med kryptovaluta, som for eksempel Ethereum. De fleste former for NFT art er tokens basert på Ethereum.

  • Copy experts
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  • Offers social trading - follow the trades to your favorites.
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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.