What are NFTs? - Smolensky Gallery

What are NFTs?

An NFT is a digital asset that exists completely online you can’t touch it but its yours. Ownership will be a record which is essentially an unchangeable acknowledgement of ownership embedded on the blockchain which offers a transparent recording of tracking ownership of tracking assets such as Art, Music and Collectables.


Damien Hirst - The Currency Limited Edition of 10,000


What does NFT stand for ? 

NFT stands for Non Fungible Token, Fungible refers to something that cannot be distinguished from another thing. Non fungible more or less means that it's unique and cant be replaced with anything else. For example bitcoin is fungible but if you trade one bitcoin for another you will have exactly the same thing where as each NFT is unique and can not be traded like-for-like.


Benefits of NFTs in art?

There are aspects of NFTs that I appreciate mainly the fact that creators are ensure that they receive a percentage of future resales which is completely different from the traditional art world. Mostly artists get no money from the resale of their work and the fact that the transparency of ownership means no forgeries or copies this can truly benefit the future of artist and musicians as digital ownership is an crucial for an increase in the digital world. 

The idea of is not new idea as there have been creatives working on solving the worlds late payment issue a negative impact on artists. There are many seeds being sowed which will be changes the in the art world.


XCOPY - Right Click and Save As guy - Edition 1/1


Where can you buy NFTs?

They can be bought and sold on NFT marketplaces such as KnownOrigins, OpenSea, Rarible, Nifty Gateway, Super Rare and Foundation. Crypto exchange Binance has launched its own NFT marketplace, while rival Coinbase announced its own plans for an NFT marketplace in October 2021, with over 1.4 million users signing up for the waitlist in the first 48 hours.

KnowOrigin are a Manchester based platform, they are one of the earliest and fastest growing NFT art platforms. Established by Andy Gray, David Moore and James Morgan in 2018 to date they have sold over 14 million dollars of assets to collectors they represent. 


Andrew Footit - Happy Pills - Edition 1/1 

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