![]() ![]() It’s true that you can’t fake the records about the ownership of the work, but it’s possible to fake the artwork. Though, NFTs don’t save from forgery completely. This is a big change in the world of art, as you might know, it’s easier to fake a physical artwork or its certificate. When you do so, you won’t displace the work of art itself, but rather create digital data about the artwork, who owns it, instructions on how to care about it, and how much royalty will the artist receive when the artwork is resold.Īs NFTs can’t be forged, no matter where the artwork is, no one will question that you’re the owner. It is also possible to mint (tokenize on the blockchain) physical works of art as NFTs. When an NFT increases in value, so will the shares. You can, for example, divide an NFT into fractions and sell it as shares. They just help to add scarcity to the art and make it unique, so that it can be sold. NFTs are more like financial instruments. Digital art existed way before NFTs came around. NFTs may have revolutionized the world of digital art, but they are not a new art form. In the sense of a new art form like oil painting, photography or video art, NFTs are not the same. What refers to NFT art, it’s simply digital artwork that was “tokenized” as NFT. NFT could be any type of digital file: a digital artwork, an article, music, video, domain name or a meme (like the “Disaster Girl” photo, which was sold for $500k). NFTs are digital assets, they only exist in a digital form and you can’t touch them. NFTs can’t be swapped for any equivalent value, but at the same time, their value can easily increase or decrease depending on circumstances. The same goes with NFTs, each one is unique and different from others. It has some unique features that can’t be copied. There may be thousands and millions of copies of Van Gogh’s Starry Night, but only one is the original work. ![]() NFTs are different, each NFT is unique and you can’t replace one NFT with another. If you replace a $10 note with two $5 notes, then you’ll get the same value. A fungible asset is something that you can easily interchange with anything else, like money. ![]()
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