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Who is the NFT audience?
NFTs have been in the market for over a decade now, but they only got people’s attention lately. They have been widely welcomed by art lovers, gamers, collectors, and business giants. NFTs are considered digital assets that enable traders to trade digital artwork on an NFT platform with cryptocurrencies.
Are NFTs even worth it?
Like swapping baseball cards on the playground, NFTs are essentially trading cards for the super-rich. While there’s no inherent value in these cards other than what the market ascribes to them, their fluctuating worth makes their collectability and trading potential like a high-risk gambling game.
What are NFTs and why are they worth millions?
What are NFTs and why are some worth millions? A digital-only artwork has sold at Christie’s auction house for an eye-watering $69m (£50m) – but the winning bidder will not receive a sculpture, painting or even a print. Instead, they get a unique digital token known as an NFT. Where Bitcoin was hailed as the digital answer to currency,
What are NFTs and why should you care?
Traditional works of art such as paintings are valuable because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold.
Can you really sell your art as an NFT?
In theory, anybody can tokenise their work to sell as an NFT but interest has been fuelled by recent headlines of multi-million-dollar sales. On 19 February, an animated Gif of Nyan Cat – a 2011 meme of a flying pop-tart cat – sold for more than $500,000. A few weeks later, musician Grimes sold some of her digital art for more than $6m.
Are NFTS the digital answer to Collectables?
Instead, they get a unique digital token known as an NFT. Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables. But there are plenty of sceptics who think it is all a bubble that is going to burst.