NFTs in Plain English
Updated: Jun 20
The world of NFTs can be daunting to a lot of people. There’s a lot of technical jargon which can be downright boring and overcomplicated for many people to try and understand. ARTXV wishes to break down these walls and make the world of crypto accessible to everyone. We’re confident that this post has everything needed for any artist hoping to get started with NFTs.
So, let's get started. What are NFTs? It's really not as complicated as it sounds. Just like how every piece of physical art is one of a kind, NFTs are the technology that can make your digital art one of a kind. NFTs do this by containing information about your artwork such as who created it, who currently owns it, the list of previous owners, where each sale happened and monetary ($) value of each sale. It can also keep track of any subsequent sales that happened which guarantees that artists continue receiving commissions beyond just the initial sale.
One of the defining characteristics of NFTs is that they are extremely trustworthy and secure. NFTs guarantee artists full control over who gets to access their art. This is because NFTs treat your art like a metaphorical vault which can only be accessed by people to whom the artist has granted keys.
Just like the internet, no single company owns NFT technology. Through this, NFTs enable a world that doesn't require a middle man (who often takes a significant share of the pie) between an artist and the buyer.
And honestly there isn't much more artists need to know about NFTs to get started. Of course there is more to NFTs and the actual inner workings of the technology can get complex. That's where ARTXV steps in to take care of the more technical nuances and make it easy for artists to create their first NFT and find genuine buyers. This means that artists can focus on what they love i.e. creating magnificent pieces.
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