What are NFTs?

 Hello everyone 

Simply put, NFTs (Non-Fungible Tokens) are a way to prove digital ownership. Here are the top 3 things we think you should know about them, so you can use them safely and easily as an artist or art collector.

They are built on blockchains. These are distributed public ledgers that record transactions. Each NFT is stored on the blockchain with an identification code and metadata that makes it as unique as a fingerprint. In this context, “metadata” means “data about data” and is simply a bit of extra information that describes the NFT and is stored alongside it.

They’re an excellent way to mark digital assets and control their supply. Whether you’ve created a piece of music, a digital artwork or video, “minting” it as an NFT means that you can prove ownership over it (as each NFT is distinct and traceable). Previously, digital assets were fairly easy to steal. This is huge as it means artists can’t be cheated out of royalties anymore and collectors don’t have to worry about investing in something that’s a fake or a forgery.

This is also an excellent way to control supply of digital content, which is key to driving up its price. Because it attributes one owner to one piece of content, even if others can see the NFT, only one person can own it.

Think of them as digital receipts or signatures. If you’re a collector, NFTs can be considered the digital equivalent of the kind of receipt you’d get after you’ve bought something physical (like clothing or food) from your favourite store. As an artist, turning your work into an NFT is a way of adding a digital signature that can never be forged or removed.

So whether you’re able to purchase limited first edition prints for large sums or starting up your collection with a piece that costs $1, working with NFTs makes sure that everybody wins. The artist is credited for their work (and are paid royalties in perpetuity), you’re credited as the rightful owner, and nobody is being priced out of the market by (or losing money to) elitist intermediaries.

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‍How NFTs work

When an artist chooses to mint their work and turn it into an NFT, they turn it into a digital collector’s item.

So whether you’re minting a one-of-a-kind piece of content or sharing a limited edition of 25 prints, you’re able to create digital scarcity — allowing your work to gain in value. So, if you’ve minted a digital artwork, someone who has a copy of it they’ve pulled from a Google Image search may enjoy it privately but they won’t be able to sell it and cut you out of the royalty chain (or claim the work as their own). Unless their copy is an NFT, it’s immediately identifiable as a fake — NFTs can only have one owner at a time, and each one is unique.  

Can NFTs be copied, stolen or hacked? Copied? No. Hacked? Unfortunately, yes they can. But that’s only if your NFT platform suffers from slack cybersecurity measures or user accounts aren’t properly protected with strong passwords.

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‍Why NFTs are here to stay

‍The art world has certainly experienced a bubble around NFTs that’s fuelled some drastically inflated values. However, we believe that the core technology driving NFTs will prevail and thrive.

The true value of NFTs lies in their ability to prove who created a piece of digital work, and to track its history of ownership. Content is regularly stolen from talented creators online and reposted by others without credit or compensation. Using Momint, NFT content is easy to post, collect and share for all. Every piece on this platform has a provable ownership history, traceable right back to the creator.

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