An article written by Lee Sonogan
People making jokes about this not understanding are ignorant to its possibilities in the positive for artists. This acronym stands for ‘ Non-fungible tokens’. Is a fancy way to explain it different to the nature of decentralised cryptocurrency. Such as did you know that jpeg above “Everydays: The First 5000 Days” sold for over $88 million at an auction like a fine art piece of painting? These new kind of digital assets are still confusing to me but that is because the economy of this stuff like the stock market is still very unstable (Gambling risk).
So an NFT is fragmented (Tokens) of the online currency or coin and the value is determined in many complex computer algorithms associated with how it is mined/programmed. How many neural systems with trading and investment is going into it. And the good design in how it attributes pure ownership of this intellectual property to one single person. Overall it is a kind of money anyone can generate but limit to only services that accept those kinds of payments publically or discretely.
To consider turning my stuff or any media into these NFT’s I could expand the existing and comment on the greater context of the particular product? Anyway, this is just of a few ways you can integrate any body of work into a more outside the box monetary system. Watch the video below but it only contains the specifics of what I have summarized with their examples.