INTANGIBLE ART

Not a tangible work of art, but a so-called 'NFT', or non-fungible token, was recently sold at auction for €495,000.

Not a tangible work of art, but a so-called 'NFT', or a non-fungible token, was recently sold at auction for 495.000 euros. An NFT is based on the same technology as bitcoin. This technology creates unique tokens that act as digital collectibles.  Text: Fleur de Jong
Image: MetagrailNFT is something different crypto currency. For example, there are millions of copies of a bitcoin that are interchangeable, have the same value and can be broken down into smaller pieces. This is not possible with NFT'S. Each non-fungible token contains a unique aspect, which can actually be seen as an untouchable certificate of authenticity. It cannot be multiplied and can only be transferred in its entirety to a new owner, of course only with the permission of the current owner. Because of this, NFTs often function as collectible. They are used for digital artwork, fashion items, sports pictures and computer game purchases. The unique thing about this concept is that as an artist you can also earn royalties. An artist puts their artwork on the blockchain, someone buys the NFT and if the owner decides to sell the NFT, the artist can earn royalties every time the artwork is resold. 

The Nyan cat

The well-known GIF 'Nyancat' is an example of one NFT. The digital artwork was recently sold at auction for 495.000 euros. According to market analysts, the entire crypto art market now worth around 1,4 million euros. Well-known brands such as Nike and Louis Vuitton now also offer digital goods and services based on the NFT principle. For example, Nike has used the principle to also create digital shoes.

Just like tangible sneakers, NFT sneakers are rare and expensive, but the biggest advantage is that they are not counterfeited. The Nyancat | Photo: Now