NFT Art Service
For the art market and the rest of the world, the phenomenon has been a great mystery since March 11, 2021. At Christie's auction house, an NFT file of 5,000 digital images by graphic artist Mike "Beeple" Winkelmann was sold to a bidder from Singapore under lot number 20447 for a final price of $69.3 million after a starting price of one hundred. This makes "Beeple" the third most expensive living artist in the world. NFTs are, via the detour of art, one of the first phenomena to demonstrate to the uninformed public how such things work.
The acronym NFT stands for "non-fungible token" - a term from the world of blockchain and cryptocurrencies. In contrast to exchangeable coins and notes, as is common in physical monetary transactions, NFTs are not exchangeable, but unique and represent a digital and come with a forgery-proof certificate of authenticity.
An NFT is thus to be understood as a digital fingerprint and is intended to put a stop to fraud in the art market. Once a work of art has been registered, it can always be recognized using NFT technology - a "digital birth certificate" is created. All transfers of ownership or ownership rights can be clearly tracked: They are logged on the blockchain and can no longer be changed.This leads to an appreciation of digital goods such as images, animations, films and other digital objects: The need for originality and clearly identifiable ownership increases their demand.
