What is NFT in Art?

NFT stands for non-fungible token.

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At the beginning of this semester, I’ve heard about NFT for many time. However, I have no idea about what it is and how NFT can create value. First of all, NFT is a digital asset published on block chain, and the asset can be paintings, art craft, tickets and etc, and all of these assets are non-replicable and unique. In addition, NFT is easy to store and transaction so that the artists and investors can use NFT to create make money.

By Beeple

The above is a good example of NFT art by Beeple. From 2007, Beeple created a piece of digital art everyday and in 2021 he used 5000 digital art to create one JPG file. On March 11 2021, this NFT digital work was sold at $69,346,000 USD. However, the painting called Water Lilies only sold at $54 million USD. From the comparison, it is obvious that the digital art is so expensive.

It’s interesting that the CEO of Twitter sold his first tweet at $2.9 million. What’s more, the previous NBA player Ming Yao sold his winery’s NFT art piece called “the Chop” on NFT exchange platform. The form of NFT assets are diverse and interesting. However, some people destroyed the art work when they purchased the digital version. I definitely don not support the actions like below. I think it’s a form of wasting.

From my own perspective, NFT can mainly satisfy the commercial need and the personal entertainment of the artists or creators. However, it somehow can protect the artists’ creation and works, because the NFT work cannot be duplicated and replaced. It’s the improvement of digital world.

What do you think about NFT?

Graduate Student at New York University