1)NFT and Blockchain

The Non Fungible Token (NFT) is a tool to prove the uniqueness of digital assets.This allows digital assets to be treated like real supported by a blockchain in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
Cryptocurrencies are also backed by the blockchain technology as NFTs.

2)Appearance of NFT art

As ownership of digital assets could be claimed by NFTs, digital art became an asset value. Then, in 2017, an art project called Cryptopunks and a platform called Opensea were born, both essential to NFT art. They led the NFT art boom of 2021.
​CryptoPunks 10,000 unique collectible characters (24*24pixel)with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement.

3)Cryptocurrencies, Metaverse, and Complicating the NFT Art

In addition to blockchain, other new concepts that make the NFT art difficult to understand include cryptocurrency and metaverse. In particular, cryptocurrencies (virtual currencies) are circulating in the virtual space known as the metaverse, and land and items whose ownership is recognized by NFT are being bought and sold, and the speed at which technology is evolving is astonishing. In addition to these various newly emerging concepts, what makes the NFT art even more challenging is the mix of "memberships" and "land" in the metaverse in the NFT market. For example, the famous Bored Ape Yacht Club (BACY) NFT art is both art and a membership in the BACY community. In this way, NFT art is juxtaposed with things that have functional value.
The reason why NFT art is such a new concept has to do with the fact that contemporary art is always a new endeavor in the first place.

4)Things to consider when purchasing NFT art

NFT art is like all other assets, its value is determined by scarcity and demand. In other words, it is necessary to have an eye for artistic value and potential. On the other hand, since transactions are made in virtual currency, the value of the asset is affected by the price fluctuations of the virtual currency itself.
These NFT characteristics must be understood before purchasing.
If you are looking for a stable NFT art, we recommend the aforementioned cryptopunks and BAYC, which are already trading at an astounding price of $100,000. Note that BAYC sold for 0.08 ETH at the beginning of April 2021, so the transaction value is almost 1,000 times higher.
It should also be noted that not only NFT artists but also Damien Hirst and Takashi Murakami, who are leading contemporary artists in the real world, have entered the NFT art market with great success.
Takashi Murakami CLONE X
Damien Hirst