Each of the following limited edition prints are available for purchase as NFTs on OpenSea marketplace.
What are NFTs
NFT’s are non-fungible tokens for digital assets stored on the Blockchain. They are usually photos, images, music, videos, or audio assets. Artists mint their original art as NFT’s on the Ethereum blockchain, which are available for purchase with cryptocurrency (ETH). Bidding and transactions take place on NFT marketplaces like OpenSea, Rarible.
Why Invest in NFTs
The NFT market is booming with investors, companies and celebrities investing in NFT tokens as their value steadily trends upwards. NFT’s grew from $100 million in 2020 to $21 billion in 2021.
NFTs are powered by smart contracts. Smart contracts are the function that manages the transferability of NFTs. This record of ownership cannot be changed since its existence is time-stamped on the blockchain.
If you purchase an NFT early, that asset is limited and only available through you being the owner. This scarcity is what allows the value of the NFT to grow over time. Similar to cryptocurrency, NFTs are held in crypto wallets. You can hold, receive and buy NFTs with your crypto wallet.
Investors can think about NFTs as a commodity-like asset similar to silver, gold and art. They follow the traditional principle of investing, buy low and sell high, which also applies to NFTs. Market participants can buy in NFTs early and turn around and sell them for a profit.
What Do You Actually Own When You Buy an NFT?
This article by World Economic Forum on owning an NFT versus copyright of digital artwork is an excellent one to read if considering investing in NFTs. In summary, when you buy an NFT the work is not owned, rather the metadata is.
An NFT is a digital certificate of ownership representing the purchase of a digital asset, traceable on the blockchain. But the NFT holder does not have any other rights to the work.
Works of Art traded as NFTs are protected by copyright. The creator of the work is the owner of the copyright, and can do what they want with it. This includes the right of communication to the public (for example, making the asset available to the world at large), or the rights of adaptation or reproduction.
To have the right to reproduce the image, you either need to be the copyright owner of the work or have the copyright assigned to you by the creator (in writing and signed). Buyers of NFTs need to understand that they would be infringing the copyright if they share, copy or reproduce digital art without the permission of the right holder.
Buyers therefore need to be clear that the main reasons to buy an NFT are the speculative investment.
Recommended Reading (Source of Extracts):
Digital Art: What Do You Actually Own When You Buy an NFT – Published World Economic Forum
Non-Fungible Tokens: NFTs and Copyright – Published World Economic Forum
Current List of Available NFTs – Grafitti Art by Rose Burnett
Click the image below to view or buy the NFT Artwork on OpenSea, my NFTs can be purchased with Ethereum (ETH) or credit card:
Current List of Available NFTs – Caricatures by Rose Burnett
Click the image below to view or buy the NFT Artwork on OpenSea, my NFTs can be purchased with Ethereum (ETH) or credit card:
