What is NFT art?

For the first time ever, blockchain technology has made it possible to verify ownership of a digital file (video, image file, etc.) which has never been possible before. An NFT (Non-Fungible Token) is a kind of certified journal, which documents ownership and authenticity of a file – in this case, a digital artwork by Mikael B. The previous and current owner of the artwork will appear in this journal.

The technology behind the NFT is based on the Ethereum blockchain. As the word ‘blockchain’ indicates, the information is stored in small connected blocks. Each block contains information from all the other blocks and ensures that any attempts of illegal alterations are detected and removed. Proof of ownership can therefore never be altered, even though the file is digital.

An NFT is unique and can never be tampered with or replicated.

How to use NFT art

NFT artwork can be displayed on a phone, computer or transform the living room TV into a live representation of Mikael’s artistic universe as an image or video file.

Besides the visual aspect, the NFT also documents authenticity, ownership and shows the direct sale from Mikael B. This aspect has value for collectors, and should one wish to resell the NFT, a large variety of NFT marketplaces, like Nifty Gateway, will be at your disposal to help you with the transaction.

How did it all begin?

Larva Labs were one of the first companies back in 2017 to gain attention using the Ethereum blockchain technology with their ‘CryptoPunk’ series. Later the same year the distinguishable ‘CryptoKitties’ became extremely popular and some of the virtual kitties sold for over $100,000. Since then, the market has continued to gain momentum. Earlier this year, the artist Beeple broke the record when auctioning off his NFT artwork “The First 5000 Days” at Christie’s for a staggering $69.3 million.
The purchase resulted in the third-highest auction price achieved for a living artist, after Jeff Koons and David Hockney.

This year, the market value of NFTs has increased by over 800% and continues to gain ground in the art industry.