What Is NFT Artwork? The Latest Crypto Craze

If you invested $1,000 into Bitcoin 10 years ago and held the position, you would have $15.6 million today. This incredible growth has inspired a boom in NFT artwork. The latest crypto craze is generating plenty of attention and attracting big money.

An NFT of Jack Dorsey’s first tweet sold for $2.9 million. Other artwork has commanded 6-figure selling prices. NFT art ranges from PDFs and music to digital paintings and GIFs.

We’ll explore NFT artwork in this article so you know more about this growing crypto trend.

What Is NFT Artwork?

NFT artwork is digital artwork turned into assets you can trade with others. In this regard, it functions like a stock or cryptocurrency. NFT art revolves around the blockchain, making each NFT asset unique.

The blockchain is a ledger that proves ownership of an asset. It ensures you remain the rightful owner of your NFT artwork unless you opt to sell it.

NFT stands for non-fungible token. Although it’s a complicated phrase, the meaning behind it is simple. A non-fungible token is a one-of-a-kind asset.

Your kitty NFT art is unique from another buyer’s NFT art. You can’t trade kitty artwork the way you can trade dollar for dollar. Each NFT asset is unique and therefore valued differently.

Some people buy NFT artwork to support creators and businesses. Other people see NFT art as an opportunity for outsized gains amid the crypto craze.

As a creator, you can tokenize your work through NFT art to expand revenue. Many NFT providers process payments in Ethereum rather than Bitcoin.

This cryptocurrency is the backbone for most NFTs. Because of Ethereum’s role, some speculate it will become more valuable than Bitcoin.

Where to Get NFT Art

You won’t find NFT art on traditional brokerage platforms. Several NFT marketplaces, such as the governance vault, let people buy NFTs.

You can obtain NFTs on these platforms and sell them in the future. Not everyone will become a crypto millionaire through these assets. However, the growing demand is increasing the viability of NFTs in commerce.

You can also look at specific companies for NFT assets, such as the NBA. The company sells NFT artwork through NBA Top Shot. Their NFTs contain video highlight clips of impressive plays.

The NBA has made $280 million selling these clips to consumers. The concept sounds like science fiction, but the NBA’s payday from this trend is real.

While you can watch these clips on YouTube, NFTs give you ownership of your unique clip. People treat NFT art like collectible items. The NFT artwork craze is similar to any collectible trend, such as the one around Pokemon cards.

Do You Plan on Buying NFT Artwork?

NFT artwork has generated significant attention in recent months and substantial returns. NFTs are becoming a centerpiece in the crypto craze.

Are you planning to buy NFT artwork in the future? Do you think it’s a fad or here to stay? Let us know in the comments below.