How does NFT art work?

NIFTYHYPE Editors
Answered 
05 January 2022

NFT artwork is just like physical pieces of art except that they exist in digital form. After creating a piece of art, the artist should mint it into an NFT which shows proof of ownership.

Minting means the artwork now exists on the blockchain where people can’t copy or destroy it. Instead, anyone can verify the authenticity of the artwork, tracking the various transactions related to it.

The creator of the artwork has many benefits, as they can claim a percentage of the royalty whenever people purchase the NFT in the future.

Other than this, the artist doesn’t need a third party to facilitate the sale of the art. In fact, they can even search for buyers around the globe.

It’s important to note that an NFT artwork can only have a single owner at a time and the record of such ownership exists on the blockchain.

However, the NFT does not give the holder the proprietary right to the underlying physical assets such as artwork.

Therefore, the NFT holder can’t reproduce the underlying asset or distribute it since he/she has limited rights to the original asset.



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