You're an artist, heard about NFTs, and want to explore if this is something you want to do?
This page is built for you. I'll describe:
I'll also get into what the benefits could be and what the risks are. This document is very much a work in progress. Subscribe to my newsletter to receive updates, or check back here often. If there are any questions you have or if you have feedback send me a mail, or DM me on [Twitter](https://twitter,com/raphbaph).
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Let's get straight into it:
NFTs, plural of NFT, often pronounced nifty, is the abbreviation of Non Fungible Token. This is not related to food, or sporing plants :) Fungible means the ability to be exchangeable for something else without loss of function. A Snickers bar is fungible with other Snickers bars. You wouldn't mind if somebody exchanged your Snickers bar with another Snickers bar, given that the other hasn't reach its expiry date.
A snickers bar is fungible with other snickers bars.
Non-Fungible means that you'd notice the exchange. Your spouse is a prime example of non-fungible. I'm sure you'd notice if you're spouse gets exchanged for someone else.
So what's a token? A token is another word for a representation. In our context tokens represent a piece of information. We all use tokens on the internet all the time. When you type in google.com, this is a token - representing the IP address of Google's server. Notice: Google.com is in fact a non-crypto example of a non-fungible token. If I exchange the token (name) for bing.com or goggle.com the result is different. The function has changed with the name.
A non-fungible token or NFT is a unique representation of a digital asset.
In the context of crypto currencies tokens represent digital assets. To keep it simple and actionable for you, the artist, we wont't explore this in more depth here. If you want to read further, check the two bookmarks below. A non-fungible token or NFT is a unique representation of a digital asset. This distinction is important, because most crypto tokens are digital cash. (That's not 100% correct, but please humour me, for the sake of simplicity) Nobody cares, or could, differentiate one Bitcoin from another. Just like it's hard to differentiate one quarter from another. But paint the side of a quarter with lacquer and the quarter becomes unique. That's why NFTs were referred to as colored coins in the beginning.
The Non-Fungible Token Bible: Everything you need to know about NFTs - OpenSea blog