Non-Fungible Token Artists
A fungible object is one that is identical, replaceable, and interchangeable with other objects. Traditional currencies are an example of a fungible object (for example, one U.S. dollar equals another U.S. dollar). A non-fungible object is one that is unique and irreplaceable. A work of art—such as a painting—in its original form (not prints or copies) is an example of a non-fungible object. A non-fungible token, or NFT, is a digital work of art that is original and unique and that has been published to the blockchain (typically the Ethereum...
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Earnings for NFT artists range from $0 to tens of millions of dollars for a single work or groups of works. For example, the artist Beeple sold Everydays—The First 5,000 Days, a series of digital artworks, for $69.3 million—the top price received for a NFT as of the publication date of this article. A video clip of Lebron James dunking a basketball sold for $208,000, and an early YouTu...
An artist has a lot of flexibility regarding his or her work schedule. For example, some artists choose to allot a set amount of time each day to create and market their art. Others take a more free form approach and work when the inspiration hits. Many artists work from home studios, while the most-successful ones have off-site studios and assistants to help them create their masterpieces. Wor...
The jury is still out on whether non-fungible tokens will remain popular or if they will be replaced by yet another art/technology sensation. Some believe that the processes of creating, buying, selling, and storing NFTs will become increasingly frictionless—which will encourage more people to get involved with NFTs. On the other hand, others don’t understand what all the fuss—and multi-million...