The video below featuring a naked former president lying on the grass, is free to download for anyone with an internet connection but was still sold for a stunning amount of $6.6 million dollars which is Rs.48 crores Indian rupees. You may wonder why to buy a video clip for 48 crores when you can watch it for free. Here's why:
A digital artist Beeple's NFT (Non-Fungible Tokens) piece, "CROSSROAD" which recently sold for $6.6 million, making history as the most expensive digital art sale ever made, but what makes NFT so special?
What are NFT's?
NFT stands for "non-fungible token." NFT are cryptographic tokens where each token is unique and stores unique information which cannot be duplicated. To explain it simpler terms, two NFT's cannot be similar just like how two 100 rupee notes will be, which have different serial numbers.
You possess the NFT token that says you own something, it maybe an art piece, video, or an image and you can trade it, but if you do, you'll be getting an entirely different piece which will not be same as the previous one.
You maybe wondering, why to buy something for millions, when you can watch it freely on Instagram or elsewhere. The features provided by NFT's are what makes them special:
It strengthens it's authenticity of an asset.
Maintains ownership rights.
The value changes on the uniqueness of the asset
For example, an NFT of Sachin Tendulkar raising his bat on the occasion of his 100th century would have higher value when compared to normal picture of his, as 100th century is something which is unique
Artists like Beeple (Mike Winkelmann) are embedding digital unique codes into their digital art piece and auctioning them and earning millions of millions of dollars.
This way every-time when someone auctions the art piece, the original artist would get a percentage of revenue from the auctioned money as he is the original one who has created the art.
An NFT (in this case, a video clip) of basketball star LeBron James performing a dunk for his team was sold for a huge amount of 1.4 crores. NBA has made $230,000 dollars in NFT's by selling match highlights like this.
Here everyone can watch it for free, but it gives the buyer the bragging rights of actually owning it. Several artists, musicians and organizations have jumped onto NFT's and auctioned their items for fans without any third party involvement.
Some of the NFT's and their prices:
1. Nyan Cat - $603,000 (4.3 crores)
2. CryptoPunk #6965 - $1,608,032 (11.67 crores)
3. Hashmask #9939, with the name ‘sex,’ - $844,216 (6.1 crores)
How to make and sell digital art NFTs:
There are several types of NFTs that have their own setup process. In case you want to set up digital art NFTs, here's how you can do so through one of the popular online markeplaces, OpenSea.
Next, head to OpenSea and hover over the profile icon on the top right to select My Profile.
Then, click Sign in and follow the instructions on screen to finish setting up your account.
Once done, you should see your account page and then hover over Create in the top right and select My Collections.
Under Create new collection, select Create and enter the details for your collection.
After finalising your collection, click on Add New Item and you will be asked to upload metadata which includes image, video, audio file and then give your NFT a name.
Finally, click Create and your digital art NFT is set up.
The list keeps going on....Even you can just create and auction them off to earn millions.
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