Critics have dismissed the NFT art craze as just the latest bubble, akin to this year’s boom-and-bust mania around “meme stocks” like GameStop. They can then list their piece for auction on an NFT marketplace, similar to eBay.Īt face value, the whole enterprise seems absurd: big-money collectors paying six to eight figures for works that can often be seen and shared online for free. Doing so usually costs anywhere from $40 to $200. ![]() Artists who want to sell their work as NFTs have to sign up with a marketplace, then “mint” digital tokens by uploading and validating their information on a blockchain (typically the Ethereum blockchain, a rival platform to Bitcoin). By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. But like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. Like cryptocurrencies such as Bitcoin, they exist on a blockchain-a tamper-resistant digital public ledger. NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed.
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