It may confer licensing rights to use the asset for a specified purpose. The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event. CharacteristicsĪn NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded. By September 2023, one report claimed that over 95% of NFT collections had zero monetary value. In 2022, the NFT market collapsed a May 2022 estimate was that the number of sales was down over 90% compared to 2021. During their peak, the three biggest NFT platforms were Ethereum, Solana, and Cardano. The NFT market has also been compared to an economic bubble or a Ponzi scheme. NFTs have been used as speculative investments and they have drawn criticism for the energy cost and carbon footprint associated with some types of blockchain, as well as their use in art scams. The trading of NFTs in 2021 increased to $17 billion over just $82 million in the previous year. An NFT does not restrict the sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. Proponents claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible. NFTs typically contain references to digital files such as artworks, photos, videos, and audio. NFTs can be created by anybody, and require few or no coding skills to create. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. It cannot be copied, substituted, or subdivided. Illustration of a non-fungible token generated by a smart contract (a program designed to automatically execute contract terms)Ī non-fungible token ( NFT) is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity. For other uses, see NFT (disambiguation). This article has been viewed 943,859 times."NFT" redirects here. This article has been fact-checked, ensuring the accuracy of any cited facts and confirming the authority of its sources. There are 16 references cited in this article, which can be found at the bottom of the page. She also teaches at the Boca Raton Museum Art School - formerly at SVA in Manhattan. Renée has even painted a portrait of celebrity, Vanilla Ice. She has garnered numerous awards including “Artist of the Year” from The Bloomfield Art League and First Prize from the Boca Raton Museum Artist’s Guild. Renée is featured in over 68 shows and galleries including a one-woman museum show at the Paterson Museum. She has studied under internationally renowned portrait artists John Howard Sanden, David Leffel, Robert Beverly Hale, Clyde Smith, and Leonid Gervits. With over 50 years of experience, Renée specializes in painting realistically in oil and capturing the soul of the person. Renée Plevy is an Internationally Acclaimed Portrait Artist from New York/Palm Beach who has painted The Grand Dames of Palm Beach and various celebrities and community leaders. This article was written by Renée Plevy and by wikiHow staff writer, Devin McSween.
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