Can Maldivian digital artists profit from the NFT rush?

You may have heard of NFTs a million times before, and it may not have made any sense, if at all. NFTs or non-fungible tokens are the latest cryptocurrency products that have seen mainstream success at a phenomenal level.

But what are NFTs?

A research paper sums it up by stating that non-fungible tokens are essentially what it means, non-fungible. This means asserting that the token is one of a kind and can only have one definitive original. NFTs differ from cryptocurrencies such as Bitcoin in nature in that bitcoin is fungible in which one bitcoin can be exchanged for another.

While NFTs essentially have an original copy, what if you were to trade an NFT; which has the watered-down description of a digital trading card, then you’d swap it out for any other trading card – not the same two!

Another way to look at NFTs is that they turn digital artworks and other collectibles (videos, clips, digital illustrations, and similar material) into one-of-a-kind “verifiable assets” that are easily traded on the blockchain. of cryptocurrency.

Most NFTs are part of the Ethereum blockchain – and Ethereum is a cryptocurrency like Bitcoin although the two do not share the same intrinsic or commercial value. Meanwhile, there are several other notable blockchains that may also implement their own versions of NFT.

Now, what is a blockchain?

For the uninitiated, blockchain is actually described as a distributed database shared between nodes in a computer network. Now, how it works is that the crypto assets which are data in this context, are actually what form the blockchain which stores information electronically – and their purpose is to maintain a secure and decentralized transactional system.

Unlike conventional databases, blockchains store data together in groups or “blocks” that contain specific sets of information. These blocks have certain storage capacities and when filled, they are then closed and linked to the previously filled block – forming a chain of data, and hence the name blockchain.

Why is NFT so popular?

There may be little or no definitive or singular answer to this, but the ease of access and digital transition of an artist’s work; into something that can’t be ripped into cheaper copies is very appealing to creative geniuses when selling their work.

Perhaps that is why it has become so popular among artists, musicians, and influencers around the world.

With many high profile celebrities jumping on the NFT rush and their works taking off to huge numbers has given this cryptocurrency based asset a newfound popularity. A tweet from Twitter founder Jack Dorsey has been confirmed to turn into an NFT that sold for $2.9 million while a decade-old ‘Nyan Cat’ GIF went for $600,000. .

NFTs have become the modern trend to support independent artists on their works, and art lovers and art lovers with large bank balances can show their love and support by purchasing these works as unique trading cards which cannot be mutually interchangeable.

This set “cannot be mutually interchangeable” is what makes NFTs so appealing, meaning that the actual original copy belongs to whoever pays top dollar for the purchase. This means that even if the digital image were to appear elsewhere, the original copy is still with the owner, regardless of how many numbered copies of the same artwork may go around. But the owner has some basic usage rights unlike those who may have copies of the same work in a different form.

How to make an NFT?

It’s the simplest – anyone can create an NFT. Achieving this requires having a digital wallet (crypto-based wallets in this case) and a small purchase of Ethereum with a proper connection to an NFT market.

The marketplace is where you will upload and turn your content into NFT or otherwise and currently better known as “crypto-art”. Some of the most popular NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible which are used by my artists of all colors and shades.

Can Maldivian digital artists profit from the NFT rush?

The simple answer; Yes why not? But most are still speculative and skeptical about the integrity and legitimacy of cryptocurrency assets and markets. This is why individual assessment and research are helpful.

There’s no denying that NFTs have become a surprisingly popular way for artists to sell their work to eager buyers and while some may wonder if a certain power or popularity is what would sell your work, isn’t it? case everywhere?

However, if your work stands out and is unique, putting it on popular marketplaces will get your work through keen eyes that appreciate fine art. This right is an incentive to check out given that many aspiring digital artists in the Maldives are trying to find intrinsic value in their art on a larger scale.

Marilyn M. Davis