What is an NFT?

For many outsiders the big question remains: What is an NFT? An NFT or non-fungible token is essentially a unique digital asset that cannot be replicated. The ability to create collectible and rare digital artwork relies upon this blockchain technology to identify that each artwork is authentic and therefore ensures that collectors are buying into a digital art marketplace that has real value in the long term.

Or put more eloquently by Cryptoart expert Jason Bailey (Artnome) :

CryptoArt are rare digital artworks, sometimes described as digital trading cards or “rares”, associated with unique and provably rare tokens that exist on the blockchain. The concept is based on the idea of digital scarcity, which allows you to buy, sell, and trade digital goods as if they were physical goods.

Jason Bailey – https://www.artnome.com/news/2018/1/14/what-is-cryptoart

The following link to coinmarketcap also explains what a non-fungible token is in more detail. https://coinmarketcap.com/alexandria/article/what-is-a-non-fungible-token-nft

For this author, NFTs and more specifically NFTs that are created by artists (i.e. cryptoart) have enabled many digital artists to monetise their content in ways that reassure a collector of their provenance. It’s always important however to check what you’re buying on NFT platforms. That Bored Ape you’re about to purchase may or may not be genuine, so it’s important to do some background research, find out who the artist is, are their social media accounts genuine, and do they have a legitimate following (i.e. they’re not followed by 10,000 bots they’ve purchased to boost their Instagram or Twitter account).

CAN hope to provide some insight into the working practices of genuine artists working in the NFT landscape. Our 2021 collaboration brought together 18 artists to create a stunning mosaic based upon the concept of Andy Warhol’s Campbell soup cans, and once a week we endeavour to interview and review an artist. Our twitter feed is a great way to keep in touch and get notifications on new articles. @cryptoartnfts1