Former First Lady Melania Trump recently launched a new platform which will release NFTS regularly. The first digital art piece to be sold on her platform is titled Melania’s Vision
Melania’s platform aims to assist children aging out of the foster care system by way of economic empowerment and access to resources needed to excel in the fields of computer science and technology.
Digital data
NFT stands for Non-fungible token. It is fuelled by block chain technology, meaning it is a unit of digital data. What makes NFTS different from bitcoins is that they are non-fungible. An NFT is unique and cannot be replaced with something else For example, a bitcoin could be traded for another bitcoin but you get the same thing – 10 bitcoins = 10 bitcoins or something worth 10 bitcoins. However if you trade an NFT, you get something that is completely different – an NFT art piece = whatever rate is paid for it.
NFTS can represent digital files such as audio. video, drawings/artwork, a piece of writing, items a video game and any other forms of creative work It can be used to commodify digital creations and fetch money for digital creators.
The first NFTS were based on the Ethereum open source blockchain and appeared around 2015 More recently, NFTS have become hugely popular with collectors and speculators having spent over 200 million dollars on NFT-based artwork in February March 2021. This, compared to 250 million dollars throughout 2020,
How does it work?
Since NFTS are digital data, artists who wish to sell their works as NFTS need to register with an NFT marketplace and then mint digital tokens by uploading and validating their information on a block chain. This can cost an artist anywhere between 40 and 200 dollars. After this, the artist can list his or her work for auction on an NFT marketplace, similar to Amazon or EBay.
What’s the benefit?
A piece of digital art can be uploaded or circulated by anyone on the Internet. So what is the benefit for a collector buying an NFT? While the artworks can be reproduced or circulated by anyone, NFT gives the buyer the ownership rights to the original artwork. Like physical art, the artist can still retain the copyright and reproduction rights, but the person who has bought the NFT owns the original artwork.
Picture Credit : Google
