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The ABCs of NFTs!

Beeple (b. 1981), Everydays: The First 5000 Days, 2021. Non-fungible token. Photo: Courtesy of Christie’s Images Limited.

The artist Beeple creates a digital work every day, and has for more than a decade, to make his digital collage Everydays: The First 5000 Days. The images, which are sometimes controversial, are a commentary on technology and society.

Some people collect coins, baseball cards, figurines, or paintings. In recent years, a new collectible has become popular: non-fungible tokens, or NFTs.

An NFT isn’t usually a physical object. It’s a unique computer code associated with a digital image, video, sound clip, or artwork. When someone buys an NFT, they become the verified owner of the original media file, which they can use or display. But the artist usually still owns the copyright and can reproduce and share the work. So just like anyone can buy a poster of a painting by Vincent van Gogh but only one person can own the original, anyone can view an NFT but only one person can own the verified NFT.

NFTs act like digital receipts for these transactions. They’re recorded on a blockchain—a public digital database where information is stored on different computers. This makes it nearly impossible to make illegal copies. 

NFTs rocked the art world last year when the NFT for a digital collage, shown at top, by the artist Beeple sold for a record $69 million. NFTs can sell for huge sums—and can become more valuable as people trade them. But most sell for less than $400 and are kept by the original purchaser.

Some people worry that digital files are vulnerable to hacking. Others fear that the amount of energy it takes to run blockchain computers will not be sustainable in the long-term.

NFTs are changing the art market. Anyone—including kids—can make and sell them. In the past year, artists have sold approximately 6 million NFTs for more than $40 billion total. Beeple, whose real name is Mike Winkelmann, views NFTs as “the next chapter of art history.” What do you think: Are NFTs the future of art or just a passing fad?

Yuga Labs, Bored Ape Yacht Club: #8817, 2021. Non-fungible token. Photo: Courtesy of Sotheby’s.

Collectors are crazy for NFTs from Yuga Labs’ Bored Ape Yacht Club. They compete to buy the cartoonish chimpanzees—especially the ones with rare traits, like this ape’s golden fur, which fetch the highest prices.

Names You Know:

Katy Perry has created NFTs related to her behind-the-scenes videos, photos, and props from performances.

Tennis star Serena Williams and TV host Jimmy Fallon purchased NFT profile pictures—unique artworks they can display on social media.

Damien Hirst, an artist, recently launched an NFT series, The Currency. He painted dots on 10,000 sheets of paper and issued an NFT for each.

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