The value of a NFT

What is NFT Art

A digital artwork can be owned by registering it as a NFT, an encrypted piece of code on the blockchain.
NFT stands for Non-Fungible Token, it is something unique and non-interchangeable.

Ownership over a digital artwork is possible by making use of the open and secure blockchain network. A blockchain consists of an open database with data that is impossible to change due to its millions of chained blocks and the millions of users that need to approve a change in it before the change can be made. Changing something inside a block will need the whole database to be modified, which is technically impossible.

When registering the ownership over a piece of digital art, me as the artist, and the buyer will agree on the purchase using a smart contract. This digital, secure, irreversible "document" is the proof of the buyer's ownership.
The smart contract is a piece of encrypted code that will be engrained in the blockchain network and live there forever. The same can be done when buying a real estate for example. You can include all the information of an asset inside this block, like the address of the property, name of the current owner and the transferal transaction to the new owner. A smart contract is a decentralised, international solution that replaces cadastres and carries out the work of a notary. Everyone can check the existence of the contract, but the private ownership key is only available to the owner of the block/contract. See it as a digital document with millions of international, non related witnesses who agree on the integrity and the existence of it.

The value of NFT Art

Financial Asset
Since the blockchain makes it possible to eternally engrain transactional data about a digital file, a digital artwork can now be seen as an asset that can be owned, traded and treated as an investment. Especially since the market value of a NFT as an asset can go up and be sold for a profit over time due to its exclusivity and the growth of the artist's profile.

Art Collection
Just like physical artworks; the piece itself might not be public because it hangs in the bedroom of the owner for example, but it is known that he/she owns the work, either from the media or by mentioning it to others as a collector. NFT art is actually easier to showcase the ownership of, since people do not have to enter your house, office or any other personal space where the work is located.

Support Of The Artist
Patrons/Sponsors have existed since centuries. They appreciate the artist and want to support and motivate her/him in making new works.

This is a personal preference. As the artwork is digital, there are many possibilities of how to showcase it as the owner. For my own work as an artist I have tried to create a clean and easy way to access and showcase the work that the collector buys. Is half website half mobile/tablet app. It can be installed as an app on your mobile device as followed: