The Concept of NFT and First NFT by Artist Delia
NFT — translated non-fungible token — is a digital certificate of authenticity and represents ownership of a unique digital object that can be traded. Blockchain, being a digital ledger, presents the opportunity to own virtual works of art.
How much would you be willing to pay for an object of art that does not exist in the real world? For some people, the answer would be millions of dollars.
A digital painting by artist Beeple has sold for more than $69 million at auction, setting a record for such virtual works. This opportunity presents great rewards, but also great risks.
Image sourceFreepik
What are NFTs?
NFTs are a digital asset that represents the certificate of authenticity of an intangible art object.
Content creators can choose to sell the copyright to a single person or turn that item into multiple authentic digital copies, creating a limited run.
Blockchain, essentially a digital ledger can network digital art objects and thus authenticate them as unique or from a limited series, although that object can be easily downloaded and duplicated.
A work of art is primarily valuable because of its uniqueness. Although there are many copies of the Mona Lisa, only the original painting has value. While this did not apply to digital objects in the past, the NFT stands to change that.
How does it work?
While you might think that owning an NFT on a digital art object gives you all the rights to it, the reality is different. NFTs are very easily seen online and no one can be stopped from making copies.
Hence the question: "So what do we get?" . In theory, it is nothing more than the right to own and sell the ownership of the object or token itself.
Delia, the first Romanian artist release NFT on March 22, 2021
The single "Racheta" was released on March 22, 2021, that brought the concept of Non-Fungible Token to Romania as well. With the coming of the pandemic, artists were looking for new methods of income, and thus, the NFT concept fits perfect for their needs, but it is important to create unique NFTs that gives artist's art most value.
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I love the explanation you just gave about NFT in the cryptocurrency space. With what I am seeing right now it seems like NFT is gradually dying off.
yes because people are now focusing on upcoming BTC halving that is the most important thing in crypto space. After that we will see metaverse and NFT time again.