What Is NFT And How Does It Work To Earn Money In 2022

NFT Non-Fungible Token

What Is NFT Non-Fungible Token

        Today we're going to talk about NFT, a trending topic of the last year and an area where millions of dollars are flying in the air. NFT stands for Non-fungible token. Which means non-interchangeable tokens. NFTs depend on crypto technology, where all transactions take place in the form of a connected chain. And therefore, the action you take there cannot be changed in any way. When you convert a digital asset or work of art to NFT, you actually turn it into a digital code and get it certified. And that means you're adding one more link to the chain in this crypto technology. Plus, this link can never be changed anymore. 

What can be listed as NFT?

        The NFT world is about to change both; the concept of artwork and its understanding of art. Because when we think of a classical work of art, for example, a painting or a sculpture, the original work is the first work that the artist makes. And when someone else copies that work later, the new copies will be copies of the original work. In other words, it is very clear which work is original and which are copies. But when we think of digital works, let's say an artist has made an illustration. Well, yes, this is the first original illustration he made. But, what if he creates, let's say, ten copies or one hundred copies of it? Or if I, as a ​​user, download it to my computer and make copies of it. All these works are actually the same. In other words, it is not clear which work is the original and which are the copies. Actually, it doesn't matter, as they're all the same. So, by converting their own works to NFT, artists affix their own signatures to their original works. And by encoding them into NFT, they get these works certified as non-interchangeable. Thus, thanks to NFT, original works are separated from their copies. So the artist's signature is affixed to the original work. 

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What can be sold using NFT?

        Well, what actually makes a work of art valuable is the signature of its artist. Artists can set different rules when converting their works to NFT. For example, an artist may decide; that he will make one copy of his work, or sell ten or one hundred copies of it. And that is entirely up to the artist. If he decides to sell ten copies, he generates an NFT code for each copy. This means, all these ten copies are actually original pieces of that work. So, it is very different from classical works of art. Also, when artists convert their works into NFT, they may set a rule such as getting x commission from each sale of this work. Let's say when converting to NFT he decided that he wanted a 10% commission from every sale. In this case, no matter how many times this work is sold, 10% of each sale is automatically transferred to the artist's digital wallet.

        Let's say I have a digital illustration. And when I converted this to NFT, I asked for a 10% commission from every sale. Then I sold it for the first time. Let's say I sold it for a low price, $10. Then the person who had bought it from me sold it for $1000. 10% of this sale will automatically go to my digital wallet. Thanks to crypto technology. So, should artists or investors get into NFT? The answer to this question is not the same for artists and investors. Should artists enter NFT? I believe now is the best time for artists to get into NFT and digital art. Because digital art was not something that emerged with NFT. It's been around since the 1960s. We can foresee that digital art will even grow much more in the future, and become a much larger market. Today, digital art has become much more valuable with NFT. 

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Is selling NFT profitable?

        We don't know. There would be no NFT in the future. Something else would come up in another form. But we can foresee that digital art will become much more valuable in the future. Based on that, it's very logical for artists to enter digital art and the NFT promptly. Well, should investors get into NFT? The answer to this question is a bit risky. It's like asking if you should buy crypto or not. This market is like gambling. Unpredictable. If you enter NFT, You may win a lot or very likely lose. Just like cryptocurrencies. 

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        How much will it be worth? Which artwork will be valued? How soon will it be valued? We cannot predict this in any way at the moment. Because of that, if you have a very low budget to invest, then it wouldn't be logical to get into NFT as it's too risky. But if you got a bigger budget for investing, especially if you're selling cryptocurrencies, then it makes sense to invest in NFT with some of that budget. Because we saw how an NFT work went from a thousand dollars to a million dollars. We will continue to follow the NFT market together.