What you should know about creating an NFT art work

Provenance and ownership.

TEXT BRYTEHALL EDITORIAL

 

As digital assets that live on blockchain, ‘non-fungible tokens’—for example, an NFT art work—contain digital signatures signifying proof of ownership. So imagine: there exists a virtual public hall of records or ‘ledger’ somewhere in the digital universe that allows virtually anyone to trace a specific NFT art work’s backstory. 

 

NFT art is differentiated by virtue of the fact that the token can’t be separated from each piece of digital art it represents. The token is the art. But instead of having a physical art work for display at home, the NFT is proof of ownership.

 

NFT art is created through the tokenisation or minting of digital art on the Ethereum blockchain. Upon creation, the digital token—usually in JPG, GIF or video form—is then put on the marketplace.

 

After registering on the marketplace—for example, Brytehall—potential NFT art buyers will need to link their accounts to an Ethereum wallet for holding the NFT, as well as potentially any crypto currency made from the sale. The file containing the digital asset (image or video) then needs to be linked to a decentralised storage service called InterPlanetary File System.

 

For a unique cryptographic signature to be forged on the blockchain, a digital art creator would mint a token mapped to that file. It’s the only way to guarantee the file that’s uploaded is the real one. Next comes the listing of the NFT art work, setting the minimum acceptable price and the auction’s time frame.

 

NFTs are the next frontier for creative individuals looking for a dynamic medium to showcase their design messages. The limitations of this new realm are merely a person’s imagination. On the commercial side of things, the NFT art work can be detailed with smart contracts with provisions that give the artist, for example, a portion of any future sale of the token. Or an opportunity to offer a percentage stake into their collectible NFTs. This will invariably give rise to legions of artists creating limited-edition digital fine art works.