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An Understanding of NFT Digital Art

In the previous article, I mainly used a record-breaking digital art online auction held at Christie’s in New York in March 2021 to briefly describe the future trend of NFT digital art and encourage everyone to grasp it in a timely manner. If you live for the opportunity, you can make some investments rationally.

Today, I will try to explain to everyone about the knowledge of NFT digital art in the simplest way.

  1. What is NFT digital art?

NFT means non-fungible token. In fact, it is the use of blockchain technology to ensure its authenticity, legality and digital assets that guarantee its ownership. The reason why it can be used in the art industry is that this technology can ensure the uniqueness of the artwork. And this is the basic point of art trading.

  1. How to Purchase NFT Digital Art Work ?

This whole process is not complicated. First, you need to buy cryptocurrency. For example, Ethereum or Bitcoin. When buying, just follow the instructions step by step. Secondly, you can enter the NFT digital art trading market. For example, KnownOrigin, Rarible and OpenSea are all good choices. After entering the market, you can bid on the works of art that you are interested in through auctions, and the higher price will be awarded. In fact, what you can get is that a set of codes. For digital artists, they only need to log in to the market, and then upload their own work to participate in the sale. For some people, this is not a bad way of making money, so why not do it! Looking forward to the future, maybe in addition to the artwork attributes, the NFT may also be given financial attributes by the market, allowing it to apply for loans.

  1. The Risk of NFT

The most important thing is the impact of the incredible NFT transaction on the environment. Because it is driven by a computer, NFT blockchain transactions consume excessive amounts of electricity. Experts have calculated that the electricity consumed during an encrypted transaction process may exceed the average daily electricity consumption of an ordinary household. A NFT artist once estimated that the power consumption for creating 6 NFT works even exceeded the total power consumption of his studio for two years. It can be seen that the emergence of NFT will pose a challenge to the global power system if it is not dealt with properly. The second risk we need to face is the risk of its depreciation. After this wave of NFT digital art craze recedes, it is very likely that a large number of swimmers will become naked swimmers, and some will even die on the beach. But for those NFT loyalists, this can be ignored. Because they believe that the value of the NFT blockchain will continue to rise.

The above is my explanation of NFT digital art today. I would like to remind everyone that the NFT market is risky and you need to be cautious when entering the market.

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