How did NFT come about?
The recent NFT trading boom mostly covers digital art assets such as still images, GIFs, songs, videos. Most importantly, these products become salable as the uniqueness of digital artworks has been proven thanks to NFTs.
Using NFTs, artists, musicians, and influencers have become capable of monetizing digital assets that were previously distributed cheaply or for free. Moreover, while it becomes more and more difficult to prove the authenticity and origin of a work in the digital world, a permanent bond is established between a digital file and its creator thanks to NFTs.
When I buy NFT, do I also buy the digital artwork?
Sorry but no! The person who buys NFT cannot buy the copyright of the work with the current legal regulations and does not have the right to be the only person who can access that work. The author may also make copies of the content or product they produce and sell them as original works in separate NFTs. It can also be shared online for free. It is still possible to find many recently sold products easily and for free on the internet. All you buy is the feeling of having “something that can be proven true” for millions of dollars.
Rodriguez Fraile, who was the first to buy the digital artwork because he knew and liked the work of the American artist Beeple, answered the question why he did this:
“You can go to the Louvre and take a picture of the Mona Lisa and put it on your phone, but it’s of no value. Because that digital version has neither a source nor a history. But if you can prove who is behind this digital data and to whom it belongs, it will make it very, very valuable. makes it.”
What size has the NFT market reached?
David Gerard, author of Attack of the 50-foot Blockchain, argues that NFT vendors are “crypto crooks”:
“They were always there. He always had the goal of inventing a worthless new magic bean and turning it into money. The rapid rise of the crypto art market is also leading to predictions of the possibility of a “crash”. Charles Allsopp, a former employee of Christie’s auction house, says he doesn’t understand the concept of buying NFT.
Thanks to NFT, digital artists get a share of sales
Thanks to this system, the artist can not only reach the buyers directly by eliminating the auction companies, but also receive the commission for the re-exchange of the sold digital work.
At this point, we can give the following example; A painting by British painter David Hockney, the richest living painter, changed hands for $90.3 million in 2018. However, Hockney did not get a share from this sale. Because in 1972, the same painting was sold for 18 thousand dollars.
The number of people who see the sales frenzy of NFT-certified digital assets, which have changed hands and reached incredible numbers, is an investment bubble.
Rony M.
