Non Fungible Tokens (NFT's)
Just a few months ago, Jazmine Boykins was posting her artwork online for free. The 20-year-old digital artist’s dreamy animations of Black life were drawing plenty of likes, comments and shares, but not much income, aside from money she made selling swag with her designs between classes at North Carolina A&T State University.
But Boykins has recently been selling the same pieces for thousands of dollars each, thanks to an emerging technology upending the rules of digital ownership: NFTs, or non-fungible tokens. NFTs—digital tokens tied to assets that can be bought, sold and traded—are enabling artists like Boykins to profit from their work more easily than ever. “At first, I didn’t know if it was trustworthy or legit,” says Boykins, who goes by the online handle “BLACKSNEAKERS” and who has sold more than $60,000 in NFT art over the past six months. “But to see digital art being bought at these prices, it’s pretty astounding. It’s given me the courage to keep going.”
NFTs are having their big-bang moment: collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes and GIFs in the past month alone, according to market tracker NonFungible.com, compared with $250 million throughout all of 2020. And that was before the digital artist Mike Winkelmann, known as Beeple, sold a piece for a record-setting $69 million at famed auction house Christie’s on March 11—the third highest price ever fetched by any currently living artist, after Jeff Koons and David Hockney.
NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger. But like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. 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). Doing so usually costs anywhere from $40 to $200. They can then list their piece for auction on an NFT marketplace, similar to eBay.
The artwork shown here has in each instance had its original digital file minted as a blockchain token, and will shortly be available to purchase from this site, In addition a limited edition no.1/100 will be prepared and sent to the NFT purchaser allowing a tangible versionto be hung 'at the NFT owner's home'.
There is much to picture in this latest topic of the world - but the main factor in the choice of image is the special light which enhances and enriches the encapsulation of its finite existence in time.
BUT the final choice is yours to make..