NFT - Circles in the Water
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FAQs about NFTs
What is an NFT?
NFT stands for a Non-Fungible Token. NFTs serve as a digital authenticators of physical or digital assets. They are recorded on the blockchain and this is transparent, meaning you can always check who owns it, as well as the originator or creator. It protects the creator from having their work copied or stolen, it creates authenticity.
Aren’t NFTs the same as JPEGs?
Many ask this question a lot, so what is the difference? Unlike Jpegs, which is a format for storing digital files/images with no authenticity, it can be duplicated and shared with anyone, and it does not make you the owner of it.
NFTs are valuable because of their authenticity and traceability of ownership. This information is visible to anyone and the original creator of the work is credited.
Who is the current buyer of NFTs
NFTs are relatively new and have gained a lot of publicity with some top projects selling for millions of dollars. The market has attracted a number of crypto enthusiasts, celebrities, collectors, investors and flippers. The male audience has mainly dominated the NFT space. There has been a number of organizations that have been focused on getting women involved and I am looking forward to bringing you on this journey with me.
Why should I buy an NFT?
- It comes down to personal preference and reasons for one to invest in an NFT. I outlined below some of the ones I view as important:
- Support Artists that you like by owning a piece of their work. NFTs also have a royalty attached that when sold on a secondary market benefits the creator. This is a big step from the traditional way we buy art these days.
- It’s alright to show off. You can display NFTs on your apple watch, or other special digital screens around your home.
- You can re-sell them on the secondary market, and make a profit
- You become a part of the online community with Artists and brands you enjoy.
- One of my favourite ones is that people love to show off and brag about their latest purchases, be it a luxury watch or NFT.
- Some NFT projects that are 10K etc provide a utility that the owners of NFTs get with their purchase of NFT. At this time, I am stepping into this new space and want to focus on my artwork as an artist. There is no Utility attached to this, but it gives you chance to own a piece of my work for a fraction of the cost.
- NFTs also give an opportunity for you to own and become a collector of my work no matter where you are in the world.
What NFTs mean for the Artist?
There are a few factors why an artist sells NFTs. First of all, it credits the creator as the original owner of the artwork. It also allows them to reach new buyers in all parts of the world. It also allows artists to explore ways to build a solid online community.
How to buy NFT and setup a Wallet?
My NFTs will be launched on PayRue NFT Marketplace. I am listed as one of the Verified Artists on the platform. Being new to this space, I have worked closely with the team to make this happen.
Which platform are you using and why?
How to Purchase NFTs On PayRue: here
Will there be utility attached to the smart contract? (‘Members Only’ Perks)
The NFT collection is an extension and a chance to own some of my most requested art work no matter where you are in the world.
Can I resell the NFT afterwards? How?
Yes, of course, you can!
Visit the “PayRue NFT Exchange” section on how to list your NFTs on the secondary market.