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What is an NFT?

Everything You Need To Know

If you’ve heard the term NFT (Non-fungible tokens) talked about a lot within the last year, you aren’t alone. Some of these digital assets are selling for millions of dollars, featuring everything from music and art to recipes and even Youtube videos, catching the attention of news outlets around the world.

So, what exactly is an NFT, and how can you use them to your advantage as an artist or a buyer? In this article, we’ll explain everything you need to know about NFTs, including how they work, what they are, and how you can get involved with the process.

What Is An NFT?

An NFT is a digital asset that represents an item in the real world, such as videos, art, game items, music, sneakers, collectibles, and more. They are sold and purchased online, meaning they can be traded from person to person without the need for a physical transaction. Instead, these transactions rely on using a digital wallet to purchase and sell assets.

NFTs have been around for a while and were initially released in the early 2010s. However, NFTs are becoming more popular as many people prefer digital over physical items. In addition, NFTs offer new possibilities that make them an attractive investment opportunity, such as providing rare objects, collectibles, or limited availability items.

How Does An NFT Work?

NFTs are unique in that they can be owned and traded online, which is different from something like the money you have saved up in your bank account to buy a physical item. They are created using blockchain technology, creating individual tokens with the information of the digital art stored into them, allowing music, art, videos, and more to be stored into the individual token. Once they are created, they can be sold, purchased, or traded just like any other physical item.

NFTs are exceptionally safe because there’s only one digital version of the artwork available through the network, meaning that while copies can be sold, they won’t hold the original information that the initial token holds. This ensures that hackers or scammers can’t illegally download or steal NFTs that you create or purchase.

NFTs offer a unique way for artists to monetize their art instead of having to rely on an online gallery or physical location to sell it. Instead, it allows them to sell their art directly to consumers, increasing the amount of profits retained. Plus, since they’re digital assets, creators can even put a royalties program in place to continue to profit off the re-sale of the digital asset. 

How To Buy NFTs

The first step to buying NFTs is to create a cryptocurrency wallet to purchase and sell your assets. Once you have your own personal wallet, it will generate the address for where you’ll receive your tokens from when they’re purchased or traded. You can also use existing wallets that are already set up on marketplaces, such as Metamask and Temple. 

Once you find an artist who’s created a piece of art or another type of digital asset that interests you, send them the amount through your digital wallet. Make sure to read through all instructions about what to do next to ensure you properly execute the transaction. Be aware that there may be processing fees associated with selling or purchasing an artist tokenized work or exchange fees to accept it through your wallet.

Most frequently, NFTs are released as batches, allowing excited buyers to jump in and purchase exclusive collections before they’re sold out. Popular companies like Taco Bell and the NFL have already started to capitalize on the NFT trend by offering digital cards and GIFs. Even online gaming companies have begun to sell assets like avatars, swords, or upgrades as NFTs.

How Is An NFT Different From Cryptocurrency?

The only similarity between the two is that NFTs are built using the same type of platform that cryptocurrency uses. While cryptocurrencies have equal value and can be exchanged or traded for each other, such as one Dogecoin will have the same value as another Dogecoin, NFTs don’t follow the same type of rules.

NFTs will never be equal to one another because they have their own information stored and hold different values. This means that they are not worth the same on the NFT marketplace and can’t be traded as equals.

What Is Driving The NFT Market?

There is no one clear answer on what’s driving the market, but some of these reasons include:

  • Easy To Create: Instead of having to read through endless how-to tutorials on how to turn your artwork into NFT, well-known companies like BullishArt takes care of the entire process for you. This helps increase the ease of creation and eliminates issues that artists would typically run into during the NFT creation process. 
  • Faster Payments: Since everything is processed through cryptocurrency wallets, the payment system is a lot faster than using alternative forms of payment like PayPal or ACH payments.
  • Quicker Delivery: Just like faster payments, buyers are able to receive their NFTs instantaneously, allowing them to use the assets they purchased right after they finish the purchasing process.
  • Higher Returns: One significant driving factor is the ability for artists to receive higher returns than they may have been able to through a physical gallery or their own online store. This has been motivating artists to transform their works of art into NFTs.
  • Uniqueness: Many people are interested in NFTs because they do not have to worry about any duplicate items. This means that if you buy a digital asset, like an album or painting, it’s yours and yours only!

Physical Art vs. NFTs

If you’re an artist, you might be wondering what the difference is between NFTs and physical art. Physical art will be physically sold to buyers, requiring them to come in person or receive your work through shipping. NFTs are digital works of art and do not require any shipping or physical interaction with the buyer.

Some artists choose to produce both physical artworks and turn them into NFTs so as to diversify their income streams and expose their artwork to a more extensive network. Plus, artists have been able to sell their NFTs at higher values than they would be able to if they were just in a traditional gallery or advertised through an online store.

What Benefits Does An Artist Get From Minting Their Own Tokens?

One of the benefits to creating your own tokenized work is that you get complete control over everything about it from start to finish, including how much they cost when they’re released and how they’re sold.

An artist typically has two ways of monetizing their digital assets: selling them outright or charging an access fee that allows others to view or use the work digitally without needing ownership rights to do so. Both help to increase the amount of profit an artist makes while keeping the integrity of the work intact.

How Can BullishArt Help With The Process Of Minting An NFT?

If you’re interested in turning your physical artwork into NFTs, then BullishArt is the perfect solution for you. To get started, an artist needs to submit their work to the platform. If the artwork is accepted by our curators, then your artwork will be turned into an NFT.

Not only does BullishArt handle the entire process of minting the artwork, but they promote it to ensure that potential buyers are exposed to it. Additionally, BullishArt operates across all the NFT marketplaces in Tezos, Ethereum, Klaytn, Bitcoin, ensuring that you find the perfect platform to host your artwork to show buyers around the world.

With this increase in viewership, there has been an increased interest from investors who want access to these works of art on global marketplaces. This generates new opportunities for artists not only by providing them with higher returns but also by ensuring their art is seen by a bigger audience.

The Future Of NFTs

Although the market is still new, it’s quickly growing into a billion-dollar industry, allowing both buyers and sellers to profit from NFTs. The future of this technology looks bright, especially with video game companies, sports leagues, and franchises investing in them as well.

NFTs have a lot of potential for growth, especially when you consider how much they differ from physical artwork on display that hangs on your walls or stands in a gallery. It offers some valuable points, such as ensuring there are no duplicate items and increased accessibility due to instant transactions from buyers around the world. Plus, it allows artists to have more control over their artwork and continue to retain profits as the works are re-sold.

As the market continues to grow, digital assets will likely continue to become more popular and widely used in many different ways — from becoming official payments for physical items or collectible items that increase in value over time, the potential is endless.

Are You Looking for Artwork to Hang on Your Walls?

If you’re not ready to purchase a few NFTs just yet, and you’re looking to hang some original artwork, such as fine art prints or posters in your home, check out our partner site which specializes in wall art: Winter Museo. Winter Museo offers wide range of illustrations and travel photography, selling limited edition fine art photography prints and posters of famous artists, philosophers, national parks, flowers, antique stamps and iconic cities. 

If you have any questions, don’t hesitate to contact our team at BullishArt or leave a comment below. 

This article was written by Shea Winter Roggio for BullishArt

Categories
Artwork

The Baker, Maikeul

The Baker is a work of Maikeul inspired to Tezos blockchain, a PoS (Proof of Stake) where the staking is referred as “baking”.

The baker is a very important figure on the Tezos blockchain.

MAIKEUL is an artist born in the mid-90s. In 2015, he graduated in jewelry design from the prestigious Gemological Institute of America. Several years later, he decided to share his artwork by tokenizing digital versions of them on blockchain.

Some of his works have been recently sold at a major auction house in Europe.

Physical works are currently on display at Eternity Gallery in Paris, France.

Artist’s website: http://www.maikeul.net

Categories
Artists Artwork

Roma Soida

Today we introduce one of our artist who actually joined few months ago: Roma Soida. From his own website:

My name is Roma Soida, in the reflection of the mirrors – adioS amoR, artist from Krasnoyarsk, now I work and study in Moscow. I study contemporary art at the British Higher School of Art and Design, where I won a grant for studies at the Untitled Prize 2018. I collaborate with commercial publications and participate in project activities, I try to live a full artistic life since 2008. In my free time I do research and experiment at the junction of various art disciplines.

and Roma Soida on his philosophy:

An important concept in my work is sublimation – the expression of unconscious instincts (sometimes destructive) by transforming them into works of art; art can at the same time “direct it in a different direction” and express all my emotions and experiences.

Feelings are original, they come from nowhere or go against the background of memories, assessments and life circumstances. This is an irrational part of the life of each of us – a feeling, this is the most secret part that we hide not only from other people, but sometimes also from ourselves. The reason for concealment does not always come from a distrust of others or a person’s denial of this feeling, sometimes we don’t have enough tools to express it. Creativity comes to the rescue, not an art institute and craft, creativity I would single out as a separate aspect of expression, which can be refined to one degree or another, but its original essence is an attempt to reproduce the original feeling of the creator. That is why creativity is so important for a person, it is a point of contact between consciousness and the subconscious, rational and irrational. At this point, you can see what does not deceive, it just is and it says love or hate, but this is part of you, this is what my works show. In childhood, there I also saw in drawing a means of expressing my feelings and thoughts. To this day, drawing remains this language, with experience more complex forms of expression of one’s inner world arise.

Many of my works were created in sensual expansion, in an attempt to find shelter in images and forms. It was the desire for security that shaped my artistic role, with which I identified myself, thus art became a logical continuation of my creative career, if I am an artist, it means I am engaged in art. This is the path to a perfect and independent form. I seem to go deeper, beyond the limits of normality. With age. I can be anyone, and all responsibility will rest with me, whether I will be decent and kind, or whether I will be the facade of decency and kindness. Under the control of the brain, information and complexes that I get rid of, because the higher I climb, the harder it is to fall, to some extent I am afraid of myself, the void revealed the essence of the illusory nature of every person, there is no one to strengthen and improve, you can be anyone and occupy either side because the boundaries of good and evil are blurred. It is as if to get to the page of my books, changed places and began to notice that the paintings became complete, they have an internal volume, and I myself become hollow, without internal content. Someone is inspired by the filling process, but I am fascinated by its antagonism – devastation, when nothing personal remains.

Roma Soida NFTs have been minted on every blockchain we use: from Tezos to Klaytn and recently to BitCoin. Our collectors love the work of Roma Soida. Many new NFTs are coming from him.

For now let’s explore the NFTs already minted

Tezos

Click on the image to open the NFTs.

Snake is an NFT that has been received very well on the Tezos blockchain
Enlightenment https://www.hicetnunc.xyz/objkt/50831
Hattrick https://www.hicetnunc.xyz/objkt/47675

On Klaytn

Roma Soida NFTs has been selected on an article by Klaytn foundation regarding their NFT functions.

Dharma Communa – the Buddhist theme is very present in Roma Soida artworks.

BitCoin BSV

More recently Roma Soida’s NFTs landed on BSV as well with the Monkpath artwork.

Monkpath inspired on the Tibetan book of death minted as 150 editions for 0.02 BSV on the BitCoin blockchain.

We will share with our community on Twitter and Instagram the new minting by Roma Soida, so keep checking our page and site.

Categories
Artwork

GST 001, Momo

After the upgrade of HEN smart contracts we have waited for checking the stability of the system and finally now we are confident that everything is set to mint again.

We begin with Momo, with his new collage collection.

GST 001
https://www.hicetnunc.xyz/objkt/203117
GTS002
https://www.hicetnunc.xyz/objkt/203118
GTS003
https://www.hicetnunc.xyz/objkt/203120
mm003
https://www.hicetnunc.xyz/objkt/203110
mm004
https://www.hicetnunc.xyz/objkt/203113

The price is 6 Tezos and each NFT have 100 editions.

Categories
Updates

Kolibri

In the last few months, Tezos has been experiencing a very intense development related to Defi and NFT.

A project that here at BullishArt we have been very interested since the beginning is the stable coin Kolibri.

What is Kolibri?

Kolibri is a Tezos based stable coin built on Collateralized Debt Positions (CDPs).

If you are familiar with DAI on Ethereum, probably you are already familiar with this concept.

The good news is that being built on Tezos, Kolibri is very fast and inexpensive.

Kolibri lets you save a lot

For our NFT marketplace, Kolibri is an excellent choice, in fact on BullishArt we list our artists NFTs in US dollars, offering the option to purchase with PayPal. Since the NFTs are quoted in US dollars, adding Kolibri with the benefits of almost zero fees, we can provide a discount of 10% on the US dollar price.

10% Discount with Kolibri

Take a look at the NFT market on BullishArt

Categories
Uncategorized

New NFT Drop

We added one more artwork by Ales Lyalush on Tezos.

Meditation (2019)

This mint is more limited only 10/11

If you are a NFT collector interested in purchasing this artwork you can visit this link https://hicetnunc.xyz/objkt/10140