NFTs (crypto-art) or “Non-Fungible Tokens” have recently come to my attention. At first glance, I didn’t pay them any mind, that is, until the Charlie Bit Me NFT sold for close to a million dollars. So, what is an NFT? From my understanding, an NFT is a way to authenticate digital art by employing blockchain technology (this is the same tech that cryptocurrency utilizes.) With classic “real-world” art pieces, an appraisal professional can say, “That’s a true Davinci.”
Conversely, when it comes to internet memes, videos, and other forms of digital art, for years, there was no way to authenticate it. No one knew whether or not the digital art was a copy or an original. Now, with crypto art utilizing blockchain technology, you can. Investors are excited by this new tech because owning a piece of the internet is exciting, and as you can imagine, a valuable NFT is most likely an appreciating asset. The same Charlie Bit My Finger NFT worth almost a million dollars today may be worth billions in the future.
So, what does the internet, namely Twitter, have to say about NFT’s? Let’s take a look at what Twitter’s saying with this social media round-up.
A photo of Harambe will be sold at auction as an NFT.https://t.co/Nz16KR31qQ
— Complex (@Complex) May 28, 2021
Do you remember Harambe, the gorilla? A photo of Harambe will be sold as an NFT at an upcoming auction. I’m sure that this Harambe crypto-art will probably sell for hundreds of thousands of dollars, but what about supporting your local artists? Are there affordable NFTs? Apparently, yes.
Thank you for your kind words! Quality NFT but affordable! <3 https://t.co/HkDGNAFBDt
— thelowpolyproject (@lowpolyproject) May 22, 2021
Affordable NFTs seem incredible, but are they a good investment? I have no idea, but similarly to the dogecoin fanbase, NFTs seem to have gained some traction; take a look at the tag #NFT on Twitter.
WHAT #NFT SHOULD I BUY TODAY?!
— ???????????? ᵒᶠ ????????????ˢ ⬡ NFT4SALE.COM (@KennethBosak) May 28, 2021
NFTs literally changed my life. So much love ???? fam!
— SuperRare John ???? (@SuperRareJohn) May 27, 2021
While I was scrolling, I came across this issue of “clean NFTs” versus “Dirty NFTs,” and if you’ve been following the whole “Elon Musk won’t accept Bitcoin for Tesla because of its negative environmental impact” scandal, then you know what this means. I won’t get into it too much because, honestly, I don’t understand it, but my narrow understanding is that some non-fungible tokens are eco-friendly and others are not, which allows some to market their crypto-art as eco-friendly. Check out the thread below if you’re interested in this clean versus dirty debate.
Artists building NFTs on tezos should be cognisant about long term integrity. Marketing PoS ghost chains as eco friendly draws in a lot of artists who aren't aware of the tradeoffs. H=N is a great platform but it could all fade to nothing in a bear market if not looked after
— path.eth ????️ (@Cryptopathic) May 28, 2021
I want to end on a fun and easy-to-understand note, so let’s look at celebrities selling crypto art and for how much.
Just bought the NFT Grimes made. it’s a GIF of “anti imperialist” being backspaced from their bio. I paid $6,000,000 for it
— shane (getting a haircut in a week) (@truethingsayer) May 26, 2021
If you don’t know who Grimes is, she is Elon Musk’s newest girlfriend, and along with making music, she has been creating and selling crypto-art and has made quite the profit. Check out one of her crypto art below.
Grimes x Mac, “Newborn 4,” 2020
— Maccarone Gallery (@maccaroneart) May 22, 2021
What I’ve learned from my trip down this NFT rabbit hole is that if you enjoy buying physical art, you’ll enjoy purchasing this crypto-art as well. NFTs are the future in the world of art. Are you interested in buying or learning more about NFTs? Let me know on social and as always, stay safe, and I’ll see you next week.