What the hell is an NFT?!?!
- Sound Haven
- Mar 9, 2021
- 2 min read
So, as I’m casually catching up on my EDM news I start noticing that the term NFT keeps popping up a lot. First, I hear that several celebrities and people of influence received a special NFT from Daft Punk. Then I hear that 3LAU sales a NFT for 3.6 million dollars. Finally, deadmau5 uploaded a post of him working on an NFT. All of this led me to question…um…what the hell is that and why is it all up on my EDM? Turns out, it’s the future.
NFT stands for non-fungible token. This is a type of crypto currency token run on blockchains that’s used to represent a digital asset. When you purchase an NFT your ownership of it gets recorded into the blockchain where the original encryption of that image or asset is stored. It serves as the digital certificate of authenticity. This also means that it cannot be duplicated, and it really is one of a kind. An NFT can be anything from a digital image, a meme, a sports card, a video, virtual environments or even a song.
To put this into perspective imagine the Mona Lisa. Anyone can have a picture of the Mona Lisa but that doesn’t mean you own the actual painting. When it comes to music, anyone can have a copy of a song or stream one but it’s not the original master recordings of that song. So, anyone can still have copies of digital art online but what the blockchain does is prove that one particular person owns it. This is creating a new surge of Digital Artists. The creation of all art, digitally.
Once you own an NFT you can also resale it like you would regular art. As time goes on and that particular artist's influence increases, then the value of the NFT also increases. So you can only image the value of the NFT's Daft Punk released as they announced their retirement.
I believe it’s important to know where art is headed, especially for anyone interested in the more creative and artistic pursuits within the EDM culture. A culture that exists solely because technology makes it possible. It is a whole new space that is continuing to be explored and a space that assures that the art will live on forever! This is the continuation in the digitization of society. IT. IS. INSANEEEEE!!!
Check out these NFT images by beeple, a popular digital artist and leader in this new space.
