The acronym NTF stands for non-fungible token is one that is crossing boundaries in the digital world. An NTF is a unit of data stored on a blockchain so that it certifies as unique and non-interchangeable digital asset. Although, NFTs can be used to represent items such as photos, videos, audio and other types of digital files, it was its novel application in the digital arts and the resultant high-profile sales on cryptocurrency marketplace that have given acronym a headline status.
In 2021 there has been increased interest in using NFTs and the market value fort hem tripled in 2020, reaching more than $250 million. The digital avatar “CryptoPunk #7804” was recently sold for US $7.5 million and the digital avatar “Ape, Fedora #6965” was for US$ 1.5 million. Specific token standards have been created to support various blockchain use-cases. These include the Ethereum ERC-721 standard and the more recent ERC-1155 standard. The the blockchain for open worlds FLOW and the Bitcoin fork Bitcoin Cash blockchains support NFTs.
NFTs are challenging the norms of contemporary art with an approach to creative expression that is entirely digital and certifiably unique. The phenomena is opening up new possibilities in contemporary art. The number if NFT marketplace sites are increasing and that ability to facilitate the transactions between all those interested in cryptoart and increases the potential in cryptoart in art industry for artists, buyers, and collectors. Clearly, NFTs are changing not only the way in which we perceive and consume arts today but are opening up the possibilities for culture and social interaction that are on the digital horizon.
Links
Non-Fungible Tokens (NFT): Beginner’s Guide, Melanie Kramer and Daniel Phillips
https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain
Art’s NFT Question: Next Frontier in Trading, or a New Form of Tulip?, Scott Reyburn
https://www.nytimes.com/2021/03/30/arts/design/nft-bubble.html
Krypto-Kunst wird für Millionen verkauft, Sabrina Weiss
https://www.nzz.ch/technologie/hype-um-nft-digitale-kunst-zieht-eine-neue-art-von-kaeufern-an-ld.1610487?reduced=true
Who are the CryptoPunks?, larvalabs
https://larvalabs.com/cryptopunks
What Critics Don’t Understand About NFTs, Jonathan Zittrain and Will Marks
https://www.theatlantic.com/ideas/archive/2021/04/nfts-show-value-owning-unownable/618525/
Art and the Blockchain, Carolyn Edlund
https://www.artsyshark.com/2021/04/14/art-and-the-blockchain
Niftygateway, the digital art auction platform for non-fungible token art.
https://niftygateway.com/marketplace
Non-Fungible Tokens: Auch in der Schweiz ein Big Business, Brigitte Ulmer
https://www.handelszeitung.ch/panorama/non-fungible-tokens-auch-in-der-schweiz-ein-big-business
Hashmasks – wie Schweizer NFT-Pionieren der Durchbruch gelang, John Stanley Hunter
https://financefwd.com/de/hashmasks-nft-hype
