The Briefing

Memes and GIFs for Millions €€€

The digital art trade is booming! Will it soon be possible to buy thoughts?

June 8, 2021
Reading time 2 min.

🌈 A quick taster for you:

  • Each NFT is a one-of-a-kind product
  • Blockchain technology makes this possible
  • The most expensive NFT sold for $69 million

🧐 Why do I care?

  • Are you human?
    YES! Great, then you also have the possibility to buy and sell NFTs. You can already buy most NFTs for little money.
  • WHERE?
    Very good question! The largest marketplace for NFTs is Opensea.
  • And HOW can you earn money now?
    Due to the unique nature of NFTs, many buyers hope to increase their value and make a profit when they sell them again. NFTs and cryptocurrencies are not hype, but are expected to be very present in the future.

🔍 What exactly is happening here?

  • Let's start at the beginning. What are NFTs?
    NFTs are digital objects for which you get a certificate of authenticity. Okay, a certificate of authenticity certifies the authenticity, but how does it work? The certificate is created using blockchain technology.
  • Here’s an example:
    You can buy a copy of the Mona Lisa, but this is only a copy, the original is still in the Louvre. The same is now true for NFTs. Everyone can own a copy, but there is only one original.

🤓 What does this mean for me?

  • Where are NFTs popping up everywhere?
    Many artists, musicians, and companies use NFTs. Nike, for example, wants to use NFTs with their ‘Crypto-Kicks’ to assign the shoes to their owner. If you buy artwork, songs, videos or other things from your idols, it gives you the opportunity to own something unique from them.
  • But isn't there an end somewhere?
    No. Anyone can make anything into an NFT and sell it. So, you can earn money yourself by selling vacation pictures, your own music or whatever as an NFT. As with physical artworks, the question now naturally arises as to how far the system can be exploited? Remember ‘The Emperor's New Clothes’ from school? Same story, different century.

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