You’re undoubtedly aware that NFTs aren’t merely jpegs by now (and a mint is not just what you eat after a meal). NFTs are a form of digital asset, to put it simply. The underlying code, or smart contract, is more significant than the image linked to them. The NFT’s usefulness is provided by the smart contract. That usefulness can serve as proof of ownership of a picture in some circumstances, or as a membership pass to a community in others. The blockchain, which serves as a record of all transactions, stores all of this information. 

NFTs can be created on a variety of blockchains (including Ethereum, Solana, and Flow), and blockchains are secure due to the way transactions are verified.

It’s beneficial to have a basic understanding of some of the technical principles, but don’t get too caught up in trying to figure out how they function.

NFTs, in any case, have swept the art world by storm. The whole market for NFTs is expected to reach more than $17 billion by 2021. Artists such as Damien Hirst and Tom Sachs have launched NFT initiatives, while galleries such as Pace, Jack Hanley, and Galerie Koenig have also jumped on board. Beeple (of Christie’s fame) and Pak are the only two crypto-native artists who have come close to breaking into the mainstream thus far. Pak is an unknown artist (or collective, we’re not sure) that issued an NFT collection that is rumored to be the most costly artwork ever made. 

If you’re ready to study more, the glossary of terminology below should help you have a better knowledge of the crypto and NFT field. The amount of slang available can be daunting, so here are some terms you might come across on different platforms. And, as a disclaimer, there are compelling arguments for why cryptocurrency is harmful to the environment, the economy, and society. 

There are also compelling arguments for why crypto is beneficial, the most compelling of which being that it allows artists to take control of remuneration. The selling of NFTs allows for quick funding of creative projects, as well as easy community building and bringing people together for a common cause.