An NFT or non-fungible token is the securitisation of a property right to a digital object or work. Examples include art, videos, game characters or even a tweet. Each NFT is unique and not interchangeable. Just like a Rembrandt artwork is unique. NFTs can therefore be thought of as digital collector’s items.
NFTs are stored in a personal electronic wallet, comparable to an online bank deposit.
NFTs have unique and forgery-proof features. These are defined in a smart contract that is recorded on the blockchain. This means that ownership can be tracked any time. Smart contracts have different token standards – we go into this in the FAQs.
Unlike other works of art, an NFT has a proof of authenticity and can be easily transferred between people anywhere in the world. This is done via special digital marketplaces such as OpenSea.
NFTs have gained prominence in various fields such as art, entertainment and gaming, offering artists and collectors new opportunities for digital ownership and trade. Two well-known examples of NFTs are the mega sale of digital artist Beeple, who sold his NFT “Everydays: The First 5000 Days” for 69 million dollars and Pak the “Merge” for 91.2 million dollars. Entrepreneurs and companies (Elon Musk, Nike, Porsche, Gucci, etc.), sports stars (Tom Brady, Mario Götze) and stars in the music industry (Snoop Dog, Kings of Leon) continue to get in on the trend.
NFTs are an investment in the future. With an ARTHOUZE Gallery membership, you can participate in a growing, lucrative market now.
