The creation of digital art, known as Non-Fungible Tokens (NFT), has become more than a passing fad. It’s popularity among collectors, investors and art lovers is spilling into other segments as well. People from all walks of life are getting into the fray of buying these digital assets. You don’t have to go looking for NFTs, they are finding you. If you use any sort of digital media such as iGaming or the like, you’ve likely seen or been invited to purchase an NFT. Recently, sports betting app DraftKings dropped a round of special Tom Brady autographed NFTs to kick off the NFL season.
Of course, with any new “thing”, a hoard of celebrities tends to jump in and hype it as a status symbol more than anything. The good news is that you don’t necessarily need to have celebrity money to get in the game of collecting or even creating NFT art. There are some real values to be had which also adds to their popularity. Nothing more than a few dollars in your pocket can get you a nice piece of digital art.
NFTs are created in similar ways to a crypto currency and stored on the blockchain. Each NFT has a unique digital signature which means it has its own value and that value is set by the owner or seller. They can be bought and sold online through a crypto exchange using some form of cryptocurrency. Because they are stored on the blockchain, which provides immutable evidence of ownership, your asset is safe provided you store it in a digital wallet. The most secure place is to use a hard wallet off chain.
If you have a creative side, you can even create NFTs to keep for yourself, share or sell. A great place to get started creating one is MoneyButton or RelayX. There are apps that have been released that allow someone to take an image they have on their phone or tablet and have it digitized into an NFT. Be cautioned that you must own the rights to an image to avoid copyright infringement.
Where does it go from here? So far hundreds of millions of dollars have been spent on NFTs since their inception. There seems to be no end in sight. As long as there are people willing to create digital works of art, there will be people willing to spend money on them.