If I say a person can earn a heavy amount from memes or digital arts, would you believe it? Well, the answer is yes. Till now, digital arts or memes were used just for fun, but now because of NFT, one can earn money without using the originality of its art. For example, Beeple, an artist, sold his paintings for worth five cr. through NFT.
WHAT IS NFT?
NFT is NON-FUNGIBLE TOKEN. NON-FUNGIABLE means unique and cannot be copied, and TOKEN means any physical or digital form of asset.
Its craze started in 2007 due to a game called CRYPOTOKITTIES, where one can sell, feed, buy and breed kitties virtually.
HOW DOES IT WORK?
The working of NFT can be understood by the following examples.
Any clip or art form purchased through NFT can be downloaded and used by anyone but on one condition: each time it is used or purchased, part of the money will automatically be given to the original creator of that clip or art.
NFT works on one principle: to establish the artist’s ownership by giving credit both in the form of monetary and non-monetary forms. The experts suggest that an asset is valued only when they are 100%certain about its owner.
For example, if we replace a Rs. 2000 note with another note of the same value, its value would not be affected, but the painting of Monalisa has its value and exclusivity, and that is why people are keen to buy the original painting of Monalisa.
CRAZE IN INDIA
NFTs are special because they are certified on digital diary called block chain which is nothing but a diary which has all the information about every art form – who has to buy it, who is the creator etc. It is very hard to manipulate it.
Its craze in India has also gone high.
Recently, Nucleya launched a 12-sec clip as NFT earned heavy money out of it.
Art Pal Singh sold 2 digital art forms for 1.8 million.
The reason for its craze and popularity is that it gives recognition to the original creator and money, which was not possible otherwise. After all, they were restricted to social media likes and subscribers.
NFT gives social status to the digital creator because of which 3rd parties have emerged, who use their reputation to buy content through cryptocurrency.
The buyers get exclusivity, whereas the creator gets its credits in every form.
The craze for NFT has also been because of the speculation activities. People who want just to invest can buy NFT and sell them when the prices go up – of course, giving credit and some part of the money received to the original creator. In the times where originality is sidelined, NFT makes us realize that how it is an important element of creative content. In easier terms, one can say it is just like a certificate that tells you whom a particular content belongs.
NFT has changed the future of art, and many say that it is the future of digital art. Also, the days are not too far where these can be used as a physical asset and used for loan purposes as collaterals securities. In short, it is a new concept but, over time, can be a very good tool for investment and art. It can be a very good financial investment tool.
Although this concept has not had a very strong legal ground, there is no specific law governing NFTs in India. Some experts also say that its craze is a temporary fever that will ultimately subside with time, but there is no denying that it is a very interesting and eye-catching topic. Its uniqueness is its USP. It is easily transferrable, invisible, ownership is maintained, and content is protected.
There is no creative field where NFTs are not present, and people are not crazy about them. When everything has gone digital, it’s high time that every creative field should at least once try it. If you are an artist unaware of NFTS, you are surely missing the probability of making million dollars.