What does NFT mean? An explanation of NFTs and Minting

Written by Neil Reily
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In this blog post we would like to introduce you to the world of NFTs. We explain you the basics - very simple, step by step.

NFT is the acronym for "Non-Fungible Token". "Fungibility" is relatively simple to understand: it means that two or more things are interchangeable. For example, a cash banknote for 10 euros: it doesn't matter which one you take, they all have the same value: they are interchangeable.

This is not the case with "non-fungible items": two works of art may both be paintings, but they are not interchangeable. Both belong to the genre "painting", but they are definitely not the same thing.

The term "token" in this context means that all information about the artwork is combined in a so-called "smart contract" and exists as a "token" on a special blockchain.

So what is an NFT?

In summary, an NFT is ideal for ensuring the rarity and authorship of a digital or real work. This is the reason why more and more artists, celebrities and collectors are adopting NFTs.

NFTs use blockchain technology, which means that traceability to the creator of the original work is ensured. So you can think of it as a digital representation of the artist's signature that authenticates the originality of the work.

Before, it was very difficult to nearly impossible to verify authorship flawlessly. Endless copies of a digital artwork, video, or sound recording could be created, obscuring the origin of the work. The innovation of blockchains has therefore had an enormous impact on the art world: at last it is possible to ensure unambiguous attribution of digital artworks. The process of making an NFT on a blockchain is called "minting."

NFTs in the art world

In the context of fine art, creating an NFT (also called Crypto Art) to a digital artwork is the assurance that it is verifiably unique, a rarity, and owned by only one person. The artwork can therefore be sold 1:1, just as it would be sold "offline."

Most recently, NFTs have also gained great notoriety in the media: the most famous example is "Everydays: the first 5000 days" by artist Beeply. It sold for around 70 million dollars at an auction at Christie's.

Take a look at our NFT Calendar to find upcoming NFTs. If you have any further questions or suggestions, feel free to drop us a comment.

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