NFTs allow you to claim ownership to your original digital media

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Digital media has become as much a part of our everyday lives as brushing our teeth (or perhaps even more so since the pandemic hit). Between streaming channels, podcasts, audiobooks, digital art, and so much more, we are inundated with audios and visuals 24/7. Enter the world of crypto art and NFTs.

So what exactly is an NFT? Think of it as a certificate of authenticity. We all know how easy it is to download or pirate an image, a song, a video, or any media that is posted on the web. Artists of all genres are now taking control by claiming ownership to their work through NFTs. Think of the value of the original Mona Lisa versus a poster of it bought at the Louvre’s gift shop. We can apply that same principle to digital art.

The technology has been around for quite a while, but has become more popular of late when CryptoKitties, a site that allowed people to buy and “breed” limited-edition digital cats with cryptocurrency, hit the scene. Most recently, the artist Mike Winkelmann, also known as Beeple, just sold an NFT at a record-breaking $69.3 million, the third-highest price achieved by a living artist.

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NFTs are recorded on a blockchain, and each token holds information about a unique digital piece of art. It becomes an investment opportunity when you consider the art’s resale value. Similar to buying physical pieces of fine art, owning the art itself isn’t necessarily the moneymaker. It’s selling that art to the highest bidder that brings in the big bucks. Mark Cuban believes it’s an exciting and potentially lucrative way to invest.