Non-Fungible Tokens (NFT) have recently emerged as a revolutionary innovator in the world of art. Everyone from Tom Brady to WWE’s The Undertaker seems to be cashing into the crypto world through NFTs. But what are NFTs? To understand the concept of an NFT you first need to appreciate the concept of fungibility in commerce. A fungible item is one that can be freely exchanged for another identical item and will retain the same value. Crypto and Fiat currencies, for example, are fungible commodities. A particular dollar bill can be exchanged for any other dollar bill and both will have identical value. Likewise, no one Bitcoin is worth more than another.

NFTs however, are an entirely different type of commodity. Each NFT is a unique token that exists on the blockchain. They can be bought and traded but their value is independent of anything else on the blockchain. In this respect, NFTs correspond to physical pieces of art. Every painting has a value but it is determined by its quality, its painter and its history. Its value is totally unique to it and it alone. A perfect copy of a Picasso painted by someone else is not worth a fraction of the original. Similarly, NFTs carry their own value based on an easily traceable history that is recorded on the blockchain. NFTs are a revolutionary innovation in the world of digital art, such as illustrative arts, motion pictures, and music.

According to an article published in Forbes, Cathy Hackle[1] suggests that NFTs have changed how artists sell and trade their work. There has been a huge amount of buzz recently about NFTs and artists worldwide are getting involved. NFTs solve a problem that has plagued digital artists for as long as digital art has existed. Namely, that digital art is incredibly easy to duplicate. In essence, NFTs allow artists to put a permanent and unique digital signature on digital artwork and transfer it to the blockchain. This preserves its existence and its history.

NFT technology is only five years old and their utility as a means of delivering art is only just being realized. Pictures and gifs have been the primary source of most of the big NFT buys so far, but that could soon change. According to Rolling Stone[2], Kings of Leon will release the first music album to be published on the blockchain as an NFT. They will mint three types of tokens to launch their series called “NFT Yourself”. The arrival of music into the NFT space heralds another huge leap forward and demonstrates how quickly NFTs have been adopted by a mass audience.

The owner of an NFT can decide to either hold it, sell it, or gift their artwork to other people. However, the original file of the art is the intellectual property of the creator who developed the artwork in the first place. NFTs enable artists to both freely share their work but at the same time have no fear about losing ownership to copying. This concept has never existed in digital art.

If you’re looking to get involved in the world of NFTs, Roseon Finance is offering artists a simple way to showcase and manage all of their NFT creations. With Roseon’s NFT gallery, artists can share their entire portfolio with their fans. All you need is a wallet address and the NFTs stored there, whether they be pictures, gifs, collectibles or music, can be experienced in the gallery. There’s also a marketplace where artists can show their highest selling items and allow interested parties to make bids. The NFT gallery fully integrates with your camera meaning you can take pictures and instantly store them on the blockchain. Now you can share special moments with your loved ones by sending that moment in a form that is totally unique for that person.

The concept of revolutionary technology such as the blockchain, coupled with artwork, has revolutionized the art and music industry. Within the industry, the blockchain provides an effective reduction in instances of piracy and copyright infringement. In short, NFTs offer the security to artists that the internet and traditional media failed to provide.

References:

[1] https://www.forbes.com/sites/cathyhackl/2021/03/04/four-things-brands-need-to-know-about-nfts-non-fungible-tokens/?sh=b99d6d0222f8

[2] https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

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