If you’ve been on the internet recently, you’ve probably heard of NFTs. Everyone from celebrities to big brands like Marvel and Adidas are getting involved, and they’re hard to ignore. But NFTs are still a relatively new concept, and you may well be wondering, ‘exactly what is NFT art, and why is everyone talking about it?’
In this article, we aim to answer all your most common NFT questions – including what is an NFT art, how does it work, and how are NFTs created, bought, and sold. Once you’re all clued up, start browsing NFTs on the Scopio platform to support photographers and artists around the world!
What is NFT art
NFT stands for Non-Fungible Token. Non-fungible means something unique that cannot be easily replaced with an item of identical value. For example, the Mona Lisa is a non-fungible item, because da Vinci painted only one. Meanwhile, a $5 bill is fungible, because you could replace it with another $5 bill, and still own the same thing.
NFTs are non-fungible digital assets that can be created from a digital file such as a JPG, GIF, or MP3. Examples include music, videos, games, memes, and there’s even been an autographed tweet NFT from the founder of Twitter - but a lot of excitement exists around digital art NFTs and the impact they may have on the future of fine art collecting.
NFT art is a form of artwork that exists entirely in the digital space – you can look at and own it, but never physically touch it. Crucially, it is non-fungible because it has a unique unit of data assigned to it that establishes its ownership, similar to cryptocurrency.
Creating NFT art
If you’re wondering how to create NFT art, the answer is that you first need to create a single piece or collection of digital artwork. Anyone with access to a computer can do this, but it represents a particular opportunity for photographers, artists and graphic designers. Once created, you must then ‘mint’ your work through blockchain cryptocurrency technology.
When your artwork is minted or ‘tokenized’ on a blockchain, a digital transaction takes place that records you as the creator and copyright owner of the art. Blockchain is extremely difficult to hack, and so this process should allow you to be forever recognized as the creator of the artwork.
The cost of minting your art varies depending on the time and current value of the cryptocurrency. In the Ethereum blockchain, a typical cost to mint an NFT is around $80. However, Scopio is aiming to drastically reduce these costs for creators, by partnering with the Solana blockchain, which offers much lower minting fees ($0.10).
When considering turning your art into an NFT, it is worth bearing in mind that this form of copyrighting is still new, and these contracts haven’t yet been tested in court. There have been some reports of scammers targeting artists and minting their artwork fraudulently. The energy required by blockchain technology to create and sell NFTs has also led to concerns about their environmental impact, so the system is not perfect. To learn more, check out our Guide on How To Make NFT Art
Selling NFT art
Once a designer has minted their work and established legal ownership of their digital art NFT, they are then able to sell it on an NFT marketplace. It is advisable for artists to also list any accompanying information which can add to the story of themselves and their art. This will help to increase interest from prospective buyers.
Initially, most NFTs were sold in the cryptocurrency Ethereum, although other blockchains, including Solana and Bitcoin Cash, also now support them. This characteristic of NFTs means that their value is dependent on the value of the crypto coin. Artists will also need to allow for fees that will be deducted by the NFT marketplace. For more information, check out our in-depth article on selling NFT art.
As well as the purchase price of the art, some platforms also offer creators the option to collect future royalties, if the artwork is sold on. Before selling your NFT, you’ll need to set up a crypto wallet to store your original payment and any royalties from future transactions. For Scopio, this simply involves setting up a Phantom wallet, which is the crypto wallet for Solana. We will then make all your published photos on Scopio available as NFTs.
The digital art space is more inclusive, accessible and opens up new possibilities for artists around the world. This is why we at Scopio decided to add NFT functionality to our platform, to help us in our mission to support global creators. This new way of selling art may help to eliminate some of the problems often faced by artists, such as lack of control, chasing for payments, and the expense of exhibitions. To learn more, check out our Guide on How To Sell NFT Art
Buying NFT art
When buying NFT art, you are purchasing the proof that you own that asset over the appropriate network (Ethereum or Solana). You can purchase NFT crypto art through a dedicated NFT marketplace. Popular examples include OpenSea, Rarible, Mintable, Nifty Gateway and Magic Eden.
Scopio uses the Magic Eden marketplace to support its NFTs, which is the number one marketplace on the Solana blockchain. It has 15 million users and average transactions totalling $15 million a day. The low minting and transaction fees of Solana mean the artist receives more compensation for their hard work. To learn more, check out our Guide on Where & How To Buy NFT Art
What does NFT mean?
Why is NFT art so expensive?
There have been reports of multi-million-dollar sales of NFTs, including musician Grimes selling her digital art for over $6m, and Christie’s setting a new record by selling a Beeple digital art NFT for a cool $69m. However, these are exceptional cases and not the norm.
What is the point of owning NFT art?
Purchasing NFTs allows you to support artists and as demonstrated above, can prove to be a lucrative investment. In our increasingly digital world, more and more of us are likely to explore owning an NFT; meaning art, and our understanding of it, will have to adapt. Get ahead of the game by selling or purchasing NFT crypto art through Scopio today.
Why should I buy and sell NFTs through Scopio?
We have the largest range of NFTs available on the Solana marketplace and our curated collections both promote the talent of the artist and highlight important causes and events. Check out our NFT FAQs for more information.