What are NFTs, NFT trends & Crypto Art?

A one million Beetle JPG, a GIF animated pixel cat, a 3d card, a simple tweet. What does NFT stand for?

NFT means non-fungible token in English.

A non-fungible object is a single object that can’t be replaced.
Money, for example, is convertible. Euros or cryptocurrencies can be traded. Because each piece of art is unique, it is non-fongible.

An NFT is a digital file that has a digital certificate of authenticity attached to it. It is a cryptographic token stored in a blockchain. The digital file itself is interchangeable whether it is a photo or video, (or other) but the associated NFT is not interchangeable.

The first NFT was established in 2014 but only reached the general public when the Ethereum platform took off in 2017. It was on this blockchain that the CrytoPunks and CryptoKitties projects (using non-fungible tokens) were born. In 2021, every day –

The first NFT appeared in 2014, but it didn’t really reach the general public until 2017, when the Ethereum platform took off. It was on this blockchain that the CrytoPunks & CryptoKitties projects that we’re using NFTs were born.

In 2021, the artist Mike Winkelmann better known by the stage name Beeple, creator of “Everydays – The First 5000 Days” by artist Mike Winkelmann, better known by the stage name Beeple, sold his artwork for $ 69.3 million. It is by far the most expensive work of digital art ever.

Recently, the NFTs have been the subject of much debate, especially in the field of art. But what is the use of it?

NFT makes a digital file unique. In fact, when you purchase an NFT, you are purchasing sole ownership of the original work contained within it. However, the artist retains his copyright and reproduction rights. The buyer acquires certain rights, such as the right to publish the work on the Internet.

The NFTs can be:

• a digital painting
• videos
• tweet
• meme
• a photographic item
• a card
• a virtual object in VR with a VR headset
• an audio file

For an artist, NFT allows you to sell a digital file just as it would sell a physical piece of work. For the buyer, its meaning is to support the artist, collect and speculate on digital artworks.

To convert a digital file into an non-fungible token, the creator has to go through a step called minting which is the process of copying a digital file to the server and then creating a cryptographic token that contains a link to that file on a blockchain.

The creator of the original work can also store any information in the NFT metadata, such as his full name, descriptio, traits, etc.

NFT are based on blockchain technology. Blockchain is a decentralised and secure database that keeps a history of all operations in memory.

In addition to various cryptocurrencies, some blockchains may issue non-convertible tokens. This is the case, for example, with Ethereum, Solana or Binance. This allows us to know who owns this or that NFT.

Setting up a non-fungible token is not free. The costs specific to the blockchain used are payable and can range from a few cents to hundreds.

Many artists (see Ykoons above) are shifting or hybridising their work from physical to virtual or even both.