Non-fungible tokens (NFTs) are electronic identifiers that verify the existence and the ownership of a digital or hard collectable. The technology has been around since at least 2012 and comes as an offshoot of the boom in cryptocurrencies, which also run on the blockchain.
NFTs are helping solve problems that have long been central to digital art: how do you claim ownership of something that can be easily and endlessly duplicated?
Digital certificates for intellectual property are stored on the blockchain.
Each item is linked to an NFT that has a unique value and cannot be exchanged with any other asset.
Since NFT uses blockchain technology that provides a transparent record of every transaction made, artists and collectors can now sell and trade their artworks without worrying about ownership issues.
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.
How NFTs work
NFTs are digital certificates that authenticate a claim of ownership to an asset, and allow it to be transferred or sold.
The certificates are secured with blockchain technology similar to what underpins Bitcoin and other cryptocurrencies. A blockchain is a decentralised alternative to a central database. Blockchains usually store information in encrypted form across a peer-to-peer network, which makes them very difficult to hack or tamper with. This in turn makes them useful for keeping important records.
I’m using the ENTER.ART NFT Marketplace to sell my minted NFTs. All buyers will be offered a Unique, signed 80x100cm / 32x39in Pigment Print for free (worth €700.00).
Terms for redeeming a free print
- You have to send me a proof of the transaction showing that you are the real buyer at ENTER.ART and that the transaction was made between you and me.
- You have to live in one of the countries I ship to. You can see the list of all countries I ship to here
- The shipping cost is on me, but some countries will claim an import tax that you have to pay. I have no control over that
- If you live in a country not supported by my printing lab, please use a Shipping Forwarder in the USA or EU to handle the shipment all the way to your doorstep.
Please contact me if there is a special artwork from my portfolio you like me to make available as NFT.