What is an NFT?
And Why Are People Paying Millions To Buy Them?
What is an NFT?
It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain. It's how cryptocurrency like Bitcoin is bought and sold.
Still. What exactly do you get when you buy an NFT?
This question unleashes a fury of debate among NFT enthusiasts. The answer is not simple. Are you buying what amounts to an Internet trophy? Clout? A feeling? A digital collector's item? Perhaps, but you are also purchasing a kind of bar code, almost a certificate of authenticity that serves as proof that a certain version of something is uniquely yours.
"The underlying thing that you're buying is code that manifests as images," said Donna Redel, who teaches courses on crypto-digital assets at Fordham Law School. "You're buying a different format of art."
But note that when you buy an NFT, you're usually not getting the copyright or trademark to the item. Still, NFT enthusiasts say owning a piece of code in a blockchain has shown itself to be an incredibly valuable thing.
"You're not buying the picture," said Jake Brukhman, founder of cryptocurrency investment company CoinFund. "You're buying the property rights to the picture." But like with other collectables, whether it's baseball cards, rare book or fine art, having an original is special.
It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain. It's how cryptocurrency like Bitcoin is bought and sold.
Still. What exactly do you get when you buy an NFT?
This question unleashes a fury of debate among NFT enthusiasts. The answer is not simple. Are you buying what amounts to an Internet trophy? Clout? A feeling? A digital collector's item? Perhaps, but you are also purchasing a kind of bar code, almost a certificate of authenticity that serves as proof that a certain version of something is uniquely yours.
"The underlying thing that you're buying is code that manifests as images," said Donna Redel, who teaches courses on crypto-digital assets at Fordham Law School. "You're buying a different format of art."
But note that when you buy an NFT, you're usually not getting the copyright or trademark to the item. Still, NFT enthusiasts say owning a piece of code in a blockchain has shown itself to be an incredibly valuable thing.
"You're not buying the picture," said Jake Brukhman, founder of cryptocurrency investment company CoinFund. "You're buying the property rights to the picture." But like with other collectables, whether it's baseball cards, rare book or fine art, having an original is special.
So what's special about Don Rubin's NFTs?
Don has a unique idea about creating NFTs from selected pieces of his physical artwork. Each NFT, though a virtual image, is based on a physical piece of art and is a vehicle for the collector to broaden their portfolio. But more importantly, the owner of one of Don Rubin's NFTs will also receive physical ownership of the piece of art the NFT is based on.
NFTs will be released from time to time, each based on a special abstract painting.
I list NFTs on the Foundation NFT marketplace. Subscribe to my Twitter feed for notifications of new work.
NFTs will be released from time to time, each based on a special abstract painting.
I list NFTs on the Foundation NFT marketplace. Subscribe to my Twitter feed for notifications of new work.