WHAT IS NFT AND WHY IS IT BEING USED FOR ART?

Source | Independent

Digital images are being sold for thousands of dollars, but critics point to the harm it does to the environment

Grimes, Beeple, Logan Paul, the creator of Nyan Cat, and many other artists and celebrities are making huge amounts of money selling the ownership of digital images.

Chris Torres, the artist who first created Nyan Cat, recently ‘minted’ a new GIF of the famous internet meme which sold for over $470,000 worth of the Ethereum cryptocurrency in February 2020.

Grimes sold 10 images of digital artwork, the most expensive for nearly $400,000, to someone who wanted ownership of the online goods.

These artworks are called NFTs, or “non-fungible tokens”, and they exist on a similar blockchain technology to bitcoin as a way to prove “ownership” of them.

NFTs Are the Hot Craze in the Art World

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Acid House | Collectible NFTs