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What are NFTs and how can they help artists make money

Written by nftlady

What are NFTs?

Non-fungible tokens (NFTs) are a type of technological asset. Think of them like baseball cards, but with the added feature that each is unique in some way. The most obvious example of NFTs are CryptoKitties, but they can take many forms. Generally, when someone starts talking about “NFTs” they’re referring to the specific ERC-721 token standard for smart contracts.

That doesn’t tell us how NFTs can help artists make money, though!

Let’s take a look at CryptoKitties: one of the core concepts is that each Kitty is unique and you can breed them to create new Kitties. This gives the Kitties value, since you can sell them for more than one would pay for a non-rare Kitty. Furthermore, if an artist ever wanted to put their art into CryptoKitties they could do so relatively easily – all they’d have to do is make it into a Kitty!

This could allow someone to create an NFT of any art they’ve created and sell it as a rare, limited edition Kitty. Cryptokitties works because people can breed them to create new kitties, but that’s not required for other artists who want to make their own limited-edition series.

There are other ways NFTs could benefit artists, but the point is that NFTs are a specific kind of digital asset that can be bought or sold to other users – they’re non-fungible tokens.

What are NFTs?

Non-fungible tokens (NFTs) are a type of technological asset. Think of them like baseball cards, but with the added feature that each is unique in some way. The most obvious example of NFTs are CryptoKitties, but they can take many forms. Generally, when someone starts talking about “NFTs” they’re referring to the specific ERC-721 token standard for smart contracts.

That doesn’t tell us how NFTs can help artists make money, though!

Let’s take a look at CryptoKitties: one of the core concepts is that each Kitty is unique and you can breed them to create new Kitties. This gives the Kitties value, since you can sell them for more than one would pay for a non-rare Kitty. Furthermore, if an artist ever wanted to put their art into CryptoKitties they could do so relatively easily – all they’d have to do is make it into a Kitty!

This could allow someone to create an NFT of any art they’ve created and sell it as a rare, limited edition Kitty. Cryptokitties works because people can breed them to create new kitties, but that’s not required for other artists who want to make their own limited-edition series.

There are other ways NFTs could benefit artists, but the point is that NFTs are a specific kind of digital asset that can be bought or sold to other users – they’re non-fungible tokens.

Thanks for reading! That’s all for today, this is an article on Non Fungible Tokens (NFTs) and how artists can use them to make money. I hope you enjoyed – stay tuned for more from NFTsLady!

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