An NFT is a unique digital good or the digital version of a real-life object in an image or video. Literally, NFT stands for a non-fungible token, meaning that nothing can serve in the place of the NFT, or token. And these tokens are linked to a creation or design that is accompanied by a concept. The range is broad and varied, like the first tweet in history being sold as an NFT, or the first digital home (Mars House) created by artist Krista Kim’s that sold as an NFT. These examples demonstrate the expansion of conceptual art and design, proving that its access and reach are being heavily influenced by the NFT boom.
Two important attributes that make NFT art desired are scarcity and uniqueness. Whether it be a GIF, .jpeg, or mp4; they can only be minted by an individual or collective one time, making it both unique and scarce. But if it is so easy to copy images and videos from the internet, what guarantees these characteristics? The answer is blockchain technology. The blockchain is a digital record book- it records which people mint the piece and put it on the digital market. Releases are usually limited to low numbered series and these factors lock the NFT into a specific space and time via the blockchain. This process means an NFT work is ready to be auctioned off on platforms like Zora or OpenSea, just to name a few. Now collectors, or any curious person, can bid to win and become the sole owner.
What sets this image or video apart from just any old image file or video, is that digital piece, or good, along with the concept tied to it can never be reproduced on the blockchain. If it is sold again, the blockchain creates a whole new record. You may ask: But why not just download a copy of the same exact image or video and either keep it for yourself, trade it or even sell it? Yes, you can possess it, but it has not been registered or recorded on a blockchain, therefore it is not the original. You have the postcard version and the buyer of the NFT holds the original, anchored by the blockchain.
We have seen recent examples from the Arab world art scene, too. Activists/artists are using NFT art to further the conceptual reach of their work, demonstrating how concepts and meaning behind digital art can be re-considered and presented.
