NFT stands for 'Non-Fungible Token'. Fungibility is relatively easy to understand. It means that two or more things are interchangeable. For example a cash banknote of 10 euro. It does not manner which one you receive or pay with: all notes are the same and used the same. They are fungible.
This is not the case for non-fungible items. Two artworks might be both paintings, but they are not interchangeable. They are the same class of 'paintings' but two paintings are definitely not the same.
The 'token'-part means that all information about the artwork is put together in a so-called 'smart contract' and exists as a token on a particular blockchain. Read a more in-depth explanation here.
In short, an NFT is ideal for preserving the rarity and establishing the ownership of digital and real-world assets. This is why many artists, celebrities, and collectors are increasingly adopting NFTs.
NFTs make use of blockchain technology. It means that a NFT is traceable back to the asset's original creator. You can think of it as a digital representation of that creator's "signature" authenticating the asset as the original version.
Before it was very hard to impossible to prove ownership of digital assets, endless copies could be made of a digitally created image, video or sound without knowing which one was the original. The innovation in blockchain is tremendous for the art world: it is finally it is possible to have provable ownership of a digital artwork. The process of creating a NFT on a blockchain is called 'minting'.
In the context of art, creating a NFT (also called 'crypto art') of a digital artwork assures that is provably unique, scarce and only one person can hold ownership. You can just sell that particular artwork like you would have done offline.
NFTs have gained massive popularity in the media. The most famous example is "Everydays: The first 5000 days" by artist Beeply. It was sold for almost $70 million through an online auction by Christie's.
Are you ready to put your artwork on the blockchain? Colonia-Art has created its own NFTs (say 'Nifties') and created them for artists as well.
There are two ways to do this. The first option is that Colonia-Art creates the NFT for you, and then hand it over. We charge a fixed amount for this. Then we will proceed to send it to a wallet-address, that you manage yourself. You can decide to put it up for sale on one of the various NFT-marketplaces, gift the NFT or keep it for yourself.
This is what you need to do:
The second option is that Colonia-Art takes care of everything: creation, presentation ánd selling the NFT. A big advantage of this is that you do not need to manage a wallet yourself nor have the blockchain's native currency to pay for fees when you mint or transfer the artwork.
Usually, we put the artwork up for auction/sale through our gallery on one of the largest NFT-Platforms: OpenSea. If you prefer an alternative NFT-marketplace, i.e. Nifty Gateway, Rarible, or Foundation instead, let us know. This is also possible.
Of course, all crypto artworks will also be presented on Colonia-Art. The purchasing process will be handled via the NFT-marketplaces
View Colonia-Art's gallery and buy digital artworks at OpenSea.