Last updated on December 17th, 2022 at 02:01 pm
“NFT art”, which combines blockchain and digital art, is attracting attention. The market size of NFT art is expanding, and it has potential as an investment target. We will explain a wide range from the mechanism of NFT art to the purchase method.
“NFT (Non-Fungible Token) art,” which combines blockchain and digital art, is attracting attention. The market size of NFT art is expanding, and it has potential as an investment target.
In this article, we will explain a wide range of topics, from how NFT art works to how to purchase it.
What is NFT Art?
NFT art is a type of digital art. Digital art is an art work created using a digital device such as a PC or tablet, including
What is digital art in the first place? In a nutshell, it is an art work created using a computer, and includes the following types.
- Digital illustration: Illustration drawn using a computer
- Digital painting: A painting created by digitally applying traditional painting techniques such as watercolors and oil paintings.
- Digital Photo: A photo taken with a digital camera or processed on a computer.
- Electronic music: Music created using a computer
- VFX: Processing live-action video by CG or compositing
- Projection mapping: Projecting an image onto a space or object using a projector
- Algorithmic art: Visual art created by algorithms
These digital arts are recorded as digital data. Normally, digital data can be easily duplicated and spread. This means that the essential uniqueness of the work of art (there is only one) is not guaranteed. NFT art has overcome that shortcoming.
works created from scratch on a computer and works created by processing existing materials such as photographs. It will be.
The combination of this digital art and the “blockchain” technology used in virtual currencies is called “NFT art”. Some NFT art works have been sold at a high price of 58,911,750.00 United States Dollar, and are attracting a lot of attention.
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NFT art, a type of digital art
What is digital art in the first place? In a nutshell, it is an art work created using a computer, and includes the following types.
- Digital illustration: Illustration drawn using a computer
- Digital painting: A painting created by digitally applying traditional painting techniques such as watercolors and oil paintings.
- Digital Photo: A photo taken with a digital camera or processed on a computer.
- Electronic music: Music created using a computer
- VFX: Processing live-action video by CG or compositing
- Projection mapping: Projecting an image onto a space or object using a projector
- Algorithmic art: Visual art created by algorithms
These digital arts are recorded as digital data. Normally, digital data can be easily duplicated and spread. This means that the essential uniqueness of the work of art (there is only one) is not guaranteed. NFT art has overcome that shortcoming.
Features of NFT art
NFT art is a unique development of digital art that could be duplicated and tampered with. This was achieved by applying a technology called “blockchain” used in cryptocurrency technology (blockchain is explained below).
NFT is an abbreviation for Non-Fungible Token and is called “Non-Fungible Token” in Japanese.
NFT art has three main characteristics.
- Can prove uniqueness
- Impossible to tamper with
- Can record creator / owner
These three elements preserve the value of the work of art, make it possible to track the history of the creator / owner, and allow digital art to be bought and sold at a high price like traditional works of art. It means that it has become.
NFT art that is also popular as an investment target
Historically, art works have attracted attention not only for appreciation purposes, but also as investment targets by investors. However, digital art was not an investment target due to its copyable nature.
Nowadays, as mentioned above, the application of blockchain technology has ensured the uniqueness of digital art, and NFT art is also becoming an investment target.
Legal notes
NFT art is not impossible to copy. The data itself can be copied, but its ownership has become clear. In other words, even if many of the works were spread on the Internet, it became possible to prove who the ownership belongs to.
Please note that this ownership is easily confused with copyright.
Copyright is called Copyright in English, and can be said to be the “right to copy” a work freely.
Ownership is the right to own the “art work itself” as an object. For example, if you buy a CD, the copyright belongs to the composer, but the ownership of the CD is given to the person who bought the CD.
Purchasing NFT art only gives you ownership, not the copyright itself. Therefore, purchasing NFT art does not mean that you can copy and sell the work or make a profit from secondary use.
Since NFT art has no substance, it is difficult to interpret this area, and the current situation is that it has not yet been developed legally.
About blockchain
The technology called blockchain has realized NFT art. This is a technology developed to realize virtual currency (cryptocurrency).
Cryptocurrencies are assets that exist on digital networks. If you think in the conventional wisdom, the question arises: “Does a malicious person copy / falsify the data?” “Does the administrator terminate / deteriorate the service for his / her own convenience?”
Previous systems have been centralized and could be modified at the convenience of the administrator or abused by anyone with unauthorized access to the administrator.
On the other hand, blockchain is called an autonomous decentralized system, and all participants continue to copy transaction history autonomously. Even the service provider cannot erase or tamper with the recorded data, nor can participants erase their transaction history.
To put it simply, in the previous system, the leader owned one ledger, whereas in the blockchain, all participants own the ledger, and one of the participants illegally tampered with the ledger. However, the correct records are kept for the other participants, making it virtually impossible to tamper with.
By applying this technology, NFT Art enables reliable buying and selling by keeping a history of ownership even though it is digital data.
How to buy NFT art
NFT art is bought and sold on a platform called “NFT Marketplace”.
There are multiple NFT marketplaces like the one above. Many NFT marketplaces do not support Japanese Yen, so if you want to trade in Japanese Yen, you need to create an exchange account to use virtual currency.
The general flow of purchase is as follows.
- Create a cryptocurrency exchange account ( Coincheck , bitFlyer , etc.)
- Create a virtual currency wallet ( MetaMask , Coincheck wallet (automatically created when opening an account), etc.)
- Linking NFT platform and wallet
- Buy NFT Art on the NFT Platform
Featured news of NFT art
Below are some of the latest hot news about NFT art.
・ NFT art work won a bid for about 58,911,750.00 United States Dollar
The NFT art work “Everydays: The First 5000 Days” by digital artist Beeple was sold at an online auction for about 58,911,750.00 United States Dollar. With this news, NFT art got a lot of attention.
・ A 12-year-old girl has sales of about $1.6 million in NFT art.
Nyla Hayes started painting at the age of four, and at the age of nine she used her smartphone to create a series called “Long Neckie Ladies”. The series, which depicts a wide variety of women with long necks, sold out just hours after listing, for a total of about $1.41 million . She has sold about $5.18 million in NFT art so far.
・ Japan’s first museum dealing with NFT art
The “Naruto Galle Forest Museum” in Tokushima Prefecture has been renamed to the “NFT Naruto Museum” and has restarted as the first museum in Japan to handle NFT art. It means not only exhibiting works of art and works of art, but also issuing, judging, selling and distributing NFTs related to works of art.
・ 1000 NFT art works by Osamu Tezuka sold out in 1 hour
Tezuka Pro’s first official NFT project “From the Fragments of Tezuka Osamu” series 1st “Astro Boy” NFT art 1000 items were exhibited and sold out in about an hour.
Potential for artists
Until now, ownership of digital works has been vague, and creators and artists have been worried about monetization. But with the advent of NFTs, it has become possible to clarify their ownership.
By clarifying ownership, investors and high net worth individuals find value in “buying / holding” digital works and are priced higher. This has opened up the possibility of securing profits for those involved in digital art.
