Bitcoin art

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The CryptoKitties game, where players traded digital kittens on the Ethereum blockchain, was very popular in Why are people doing this? For some artists, NFTs are a way to make money from digital art. Royalties can be built into the artwork directly, so that each time the artwork is sold the creator receives a cut. For potential meme dealers who want to make money out of the images they create, this can be an attractive prospect. Depending on how easy, or difficult, it is to create artwork, it can also be a fast way for celebrities to make money.

Moreover the volatility of the market, where NFTs can surge and drop very rapidly, means that only people with enough disposable income to be protected from a bad investment. This, once again, puts it in favour of the rich. What are the drawbacks? It is estimated that the energy used to mine bitcoin is more than that used by entire countries. In economics, fungibility is the property of a good being interchangeable, or replicable. For example, if you shared a photo from your phone to another person over a text message, the data and image would be replicated.

Simply owning an image of your passport does not make that person you, and the principle applies here for NFTs. While NTFs exist on a blockchain, like the cryptocurrencies used to buy them, there are a number of other differences: NFTs are indestructible on the blockchain, cannot be divided, and can always be traced back to the original creator.

What are some examples of NFTs? The CryptoKitties game, where players traded digital kittens on the Ethereum blockchain, was very popular in Why are people doing this? For some artists, NFTs are a way to make money from digital art.

Royalties can be built into the artwork directly, so that each time the artwork is sold the creator receives a cut. For potential meme dealers who want to make money out of the images they create, this can be an attractive prospect.