Tree of Life, Guava
Acrylics and oil on canvas painting
NFT stands for “non-fungible token.”
“Non-fungible” means that the item described is unique and cannot be replicated or subdivided. However, some NFTs are now being fractionalized, which means they can be co-owned by multiple collectors.
The purchaser of an NFT possesses the original work — but with the added benefit of a built-in verification of ownership. An NFT can offer an opportunity to own a rare digital asset or represent an investment that can be resold for a profit. “NFTs provide a way of creating verifiable relationships between artists and collectors. They enable individuals to form a unique bond that is traceable through their artwork.
The collectors of NFTs are a rather fine breed of risk-averse, digitally native futurists who are drawn to integrity and originality. You can really express your weirdest ideas and find people who connect with them.
NFTs are also a way to financially support artists you admire.
After being purchased, an NFT can be resold on a secondary market, where collectors can continue to buy and sell it. Some collectors plan to display the NFT works they own in virtual-reality museums in the digital “meta-verse.”
NFTs are making a huge splash in the art world and the cryptocurrency space and will certainly have a lasting impact on both. Physical galleries, museums and auction houses will need to step up their technological capabilities, including in virtual reality, to bring NFTs into their spaces in meaningful ways.
Although it’s difficult to see what the future holds, right now NFTs are a developing field full of opportunities for creators and collectors alike.