Magzoid Magazine - Leading Art Magazine of MENA | May 2021

HOW NFTS WORK:
Someone creates a piece of
art
This is the first step: the art
in question could be a digital
painting, a piece of music, a
short story, or really anything
you can trade and sell via the
internet.
The deal
A buyer agrees to purchase the NFT, and they will be the sole
owner of the original. The artist will retain copyright. The original
NFT an be copied, like a 2nd edition of a novel or a reprint of
a work of art, but there will always be proof that it’s not the
original, and the art may be lower quality than the original NFT.
Re-printing
From here, the NFT can
be copied and sold as a
non-original piece without
the exclusively, and will
be worth less based on the
amount of times they’ve
been traded.
The Middlemen
The piece of art is turned
into an NFT, or a Non-
Fungible Token. It’s the digital
equivalent of an original
Monet, or the first edition
of a novel, and turning it
into an NFT acts as proof of
authenticity.
Why are they
controversial?
There is some evidence that the
production of an NFT can use
as much electricity as it would
take to power a standard house
in the EU for a day, meaning
the greenhouse gas emission
from creating an NFT are huge.
NFTs will be accustomed purchase and sell
possession of physical properties in a digital
marketplace because they are a digital archive of
a real-world asset.
for his or her work, NFTs add the
crucial ingredient of scarcity. For
a few collectors, if they grasp the
initial version of something exists,
they’re more doubtless to crave
the “authentic” piece. Insufficiency
explains why baseball-card
collectors, for example, are willing
to pay $3.12 million for a chunk of
cardboard with an image of Honus
Wagner, a legendary Pittsburgh
Pirate. It can be more durable to
understand why digital art, or any
other digital file, has value. Some
digital-art collectors say they’re
paying not only for pixels however
additionally for digital artists’ labor–
in part; the movement is an attempt
to economically countenance
associate rising art form.
How are NFTs created?
Are you interested in learning to
make and sell NFTs? The process
of creating an NFT is known as
“minting,” which refers to how a maker
creates a physical coin. NFTs are
generated in an NFT marketplace,
where a creator uploads a digital file
and decides whether it is a unique
item, has many copies, or is part of
a series, for example a painting or a
sculpture.
The owner of the NFT will sell it in
an auction on the marketplace after
it has been produced. While the
majority of NFTs are currently run
on the Ethereum blockchain, other
blockchains, such as WAX, can mint
digital tokens on which developers
can connect files.
How to buy and sell artworks on
NFT?
If one is an artist or content creator
of some kind, looking to make a
buck (or potentially several million
bucks) off of work that is otherwise
www.magzoid.com May 2021 37