Magzoid Magazine - Leading Art Magazine of MENA | May 2021
MAGZOID is one of the Leading Premium Art Magazine of the MENA region which has it’s presence Online as well as on the Print Media. Leading Art Magazine for all the Art News, Art Exhibitions, Artist Feature, Art Knowledge, History in Arts, Recent findings in Art world, Global Art Facts and many more.
MAGZOID is one of the Leading Premium Art Magazine of the MENA region which has it’s presence Online as well as on the Print Media. Leading Art Magazine for all the Art News, Art Exhibitions, Artist Feature, Art Knowledge, History in Arts, Recent findings in Art world, Global Art Facts and many more.
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INDUSTRY BUZZ<br />
What's an NFT?<br />
NFT stands for non-fungible<br />
token. Non-fungible is an economic<br />
term that one could use to describe<br />
things like their furniture, a song<br />
file, or their computer. These things<br />
are not interchangeable for other<br />
items because they have unique<br />
properties. Fungible items, on the<br />
other hand, can be exchanged<br />
because their value defines them<br />
rather than their unique properties.<br />
NFTs are tokens that we can use<br />
to represent ownership <strong>of</strong> unique<br />
items. They let us tokenize things<br />
like art, collectibles, and even<br />
real estate. They can only have<br />
one <strong>of</strong>ficial owner at a time and<br />
they're secured by the Ethereum<br />
blockchain – no one can modify the<br />
record <strong>of</strong> ownership or copy/paste<br />
a new NFT into existence.<br />
Some NFTs can mechanically<br />
pay royalties to their creators<br />
once they are sold. This is<br />
<strong>of</strong>ten still a developing concept<br />
however it’s one <strong>of</strong> the foremost<br />
powerful. Original owners <strong>of</strong> Euler<br />
Beats Originals earn an 8%<br />
royalty every time the NFT is<br />
sold on. And a few platforms,<br />
like Foundation and Zora, support<br />
royalties for his or her artists.<br />
This is totally automatic therefore<br />
creators will simply sit back and<br />
earn royalties as their work is<br />
sold from person to person. At the<br />
moment, reckoning out royalties<br />
is extremely manual and lacks<br />
accuracy – plenty <strong>of</strong> creator’s don’t<br />
get paid what they deserve. If their<br />
NFT features a royalty programmed<br />
into it, they’ll never miss out.<br />
<strong>Art</strong>ists can move from one<br />
blockchain to another blockchain<br />
platform with less ambient impact.<br />
They already find ways in which<br />
they can bend NFT technology in<br />
different yet helpful ways. Some,<br />
for instance, are fixing their tokens<br />
so they’re compensated whenever<br />
their work is resold, like an actor<br />
obtaining a royalty cheque when<br />
their show airs as a rerun. And<br />
artists, who are a part <strong>of</strong> NFTbased<br />
social media sites, receive<br />
fragmental possession within the<br />
platform and may receive direct<br />
compensation for the work they<br />
produce through the network,<br />
in sharp contrast to existing<br />
tech giants like Facebook and<br />
Instagram.<br />
How does NFT relate with art?<br />
Digital art has been underrated<br />
for a long time; as a result <strong>of</strong><br />
it’s so freely available. To assist<br />
artists create monetary worth<br />
36 <strong>May</strong> <strong>2021</strong><br />
www.magzoid.com
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