What is NFT art? Everything you need to know

NFTs are a relatively new concept that burst onto the scene with the metaverse evolution. NFT stands for non-fungible token. When dealing with finance, fungible assets refer to easily exchangeable units, such as money and currency.

For example, you can exchange four US five-dollar bills for one US twenty-dollar bill, which will have the same value. However, any non-fungible asset has unique characteristics that cannot be exchanged for anything else.

NFTs are assets that can be bought or sold, just like any other object or property, but they are unique intangibles. NFTs are digital assets that are bought, sold and traded within the metaverse.

NFTs are not just one form – although they are not traditional art, they now very much exist in the art world. But how can something digital and immaterial be art? Continue reading to find out more.

Related: Here’s a Beginner’s Guide to Crypto, NFTs and the Metaverse

NFTs: A Brief History

To better understand NFT art, it is helpful to know how non-fungible tokens developed in the first place.

2012: The start-up

While there are some different ideas about who first invented NFTs, the movement started in 2012-2013. Many agree that colored coins were the first NFT to exist. Colored coins were introduced as part of a bitcoin and can be a small currency that represents multiple assets.

Colored Coin’s biggest flaw was its reliance on people agreeing on its value. Colored coins were not a perfect science, but they opened up a whole new concept in NFTs.

2014 – 2016: Trading cards and memes

After Colored Coins paved the way, several others realized the potential of blockchains. Blockchains are virtual ledgers that record transactions via virtual code. Transactions are recorded in the block, and the chain keeps track of everything.

Each cryptocurrency user has a unique blockchain that acts as their digital ledger. Blockchain technology is meant to prevent fraud in the world of cryptocurrency.

During this time frame, several companies tried their hand at NFTs.

• Counterparty: This NFT platform allowed users to build projects and assets, such as trading cards and memes, on top of the Bitcoin blockchain through a decentralized exchange. Eventually, the counterpart teamed up with the popular trading card game Force of Will, which showed the industry how valuable NFTs can be.
• Rare beeps: Weird Peeps introduced memes to a scene once dominated by trading cards. The platform became so popular that unique NFT memes were eventually traded on multiple blockchains, including the Bitcoin (BTC) and Ethereum (ETH) blockchains.

Related: Justin Bieber, Paris Hilton and Serena Williams among 37 to face lawsuit over backing Bored Ape Yacht Club NFTs

2017: Cryptopunks and CryptoKitties

Cryptopunks was the next step in the evolution of blockchain entertainment. Instead of just trading memes, creators produced characters that users could own as avatars. There were only 10,000 characters available, and the low supply fueled demand as people bought and traded the unique animations.

Around the same time, CryptoKitties arrived on the scene not just as stock characters, but as a virtual game where players could adopt, raise and trade virtual cats. The most expensive cat characters sold for over $100,000.

Related: Why NFTs will shape the future of gaming

2018 – today

With more and more digital elements such as animations, video games, gifs and memes available to crypto fans, NFT marketplaces and ideas continued to evolve. Some of the largest NFT marketplaces include:

• Open sea.
• Rare.
• Nice gateway.
• Solana.
• SuperRare.

These marketplaces have endless opportunities for people with all kinds of interests. From real estate to buying an NFT version of Jack Dorsey’s first Tweet, there’s something for everyone.

And when people realized how valuable pictures could be, the art community became interested as a new craze began.

Related: Multi-billion dollar real estate developer will tokenize over $3MM worth of real estate

What is NFT art?

Like all objects in NFT form, NFT art is digital art that is tokenized in the blockchain. The artwork is entirely digital, meaning that investors ultimately buy, sell and trade in the metaverse.

Just as there is only one original with physical art, NFT art has only one original. Although it is relatively easy to copy with downloads and screenshots, only the original has the unique value. How much money is there in the NFT art world? Keep reading to find out.

Related: How NFTs have changed digital art forever

10 Best Selling NFT Artists

NFT art has taken the art community by storm. Even if buyers and sellers never touch the art they own, they are still willing to pay top dollar to get unique works created by digital artists.

Many of these artists use social media to publicize their work, while others stick to the NFT markets. See the list below to see which artists have profited the most from this new movement.

1. PACK

With $291,732,674.58, PAK is the highest grossing artist in the NFT world. Only a little is known about the artist, as they have been anonymous throughout their time in digital media.

However, one of their most famous and best-selling pieces is a commentary called Clocka digital counter representing the number of days Julian Assange, the WikiLeaks founder, has served in prison.

2. BEEP

Until PAK surpassed him, Beeple held the record for best-selling NFT art. Weekdays: The first 5,000 days sold for $69,346,250.00 at a Christie’s auction house session. This auction is primarily credited with putting NFT art on the mainstream media map, and it also marked the first auction to sell cryptocurrency and accept cryptocurrency payments.

3. SNOW FROG

SNOWFRO is an artist and the founder of Art Block, a generative art platform that allows artists to present and sell their art NFTs as a digital art gallery. As an artist, his highest selling piece sold for $8,129.59, and his total artwork value is $71,428,522.72.

4. TYLERXHOBBS

Tyler Hobbs is an NFT artist who aims to convey positive messages in his art. His best-selling piece, Incomplete control, sold for $81,227.67 and told the story of letting go, allowing yourself to breathe and accepting the imperfections of life and self. TYLERXHOBBS has found success in his mediums of algorithms, paints and plotters.

5. XCOPY

This artist has collected $55,620,220.68 in NFT sales with his 9,575 NFT artworks that primarily focus on dystopian themes. His images incorporate movement rather than remaining still on a screen.

6. DMITRICHERNIAK

DMITRICHERNIAK lives in the abstract part of the NFT space. His highest grossing digital file sold for $2,682,000.00 and showed the digital art world how colorful, geometric and modern NFT projects can be.

7. HACKATAO

This artist creates physical and digital artworks and their work reflects this duality with themes of society and its changes involving human behavior and the metaverse. With $29,003,737.04 in revenue, the digital art community seems to be resonating with the artist’s work.

8. GET

This teenager is ahead of the game with $28,123,807.25 in earnings. They have used social media to leverage their work to over 100,000 followers across platforms. FEWOCIOUS lives in pop surrealism and has big plans for the future.

9. TREVOR JONES

Trevor Jones started working as a physical artist on canvas, but he quickly became fascinated with NFT art and began to move into QR codes and augmented reality.

Jones has seen tremendous success, as his best-selling work earned him $368,856.40, helping his total artwork value reach $23,472,483.23.

10. FOOD DISTRIBUTION

MATTDESL’s work is full of geometric shapes, landforms, small strokes of color and 3D movements. His total artwork value is up to $55,620,220.68, and his best selling piece, Meridian, sold for $14,427.69.

Related: The future of the book industry? Author publishes first novel NFT

What can NFT art mean to you?

The Metaverse has something for everyone. While digital artwork certainly lives in a higher price range for your digital wallet, looking at NFT artwork is still just as accessible as looking at a physical piece of art in a museum.

NFT collections in the art market have grown as new artists emerge every day with artwork that appeals to all genres. Whether you love art from the real world or are interested in finding a new medium, NFT art is definitely something to see for yourself.

Ready to learn more about NFTs and metaverse? Visit Entrepreneur.com.