Learn Concept: Understanding Non-Fungible Tokens (NFTs) and their Impact on the Art World

By: Eva Baxter

Non-fungible tokens, or NFTs, have made a significant impact on the art world recently. Unlike standard cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a like-for-like basis, NFTs are unique. This means each NFT can have a different value.

NFTs have provided an alternative platform for creators and artists to sell their work. The artist can sell their work directly to the consumer via the blockchain, cutting out intermediaries and even garnering royalties every time the NFT changes hands.

Some critics are concerned about the environmental impact of NFTs as they use similar energy-intensive processes like cryptocurrencies. Despite this, the digital art world seems to be embracing this new technology.