NFT : Collecting

Collecting NFTs

What Are NFTs?
The term 'NFT' stands for 'Non-Fungible Token'. This simply refers to the fact that an asset can be traded for any agreed upon amount. A 10 Pound note can only be traded for another 10 Pound note and therefore that 10 Pound note is referred to as 'Fungible'. In the case of NFTs, the seller and the bidder agree upon the purchasing value of the token, in this case the digital artwork as a finished file.

Digital images, animations and videos can now be certified as a unique 'one-off' item and appropriately valued as such via a process called 'minting'. To mint a digital work of art, the creator generates and signs a digital contract that is permanently attached to the digital file. This becomes the equivalent of both the 'Certificate of Athenticity' and the provenance, providing a permanent record of the origin and on-going history of the creator, the buyers and the sellers (and the fluctuating value) of that token.

This is nothing short of a revolution in the art world.


Unlockable Content
On most NFT art platforms the work, when minted, can include in the contract another item which can only be transferred once the buyer has made the purchase. Typically this is either a higher resolution version of the work, a signed print version, the original painting or some other concrete item related to the NFT. It can be absolutely anything the creator wishes to offer. Often it is only available to the first purchaser of the NFT. This sweetens the deal and helps to encourage potential buyers to submit a bid or make the direct purchase.


How to Purchase
The process of buying NFTs will differ slightly by platform but generally once you have signed in to the platform using your cryptocurrency wallet and found work that you would like to own or an artist you would like to invest in, you will be guided through that platform's purchasing or bidding steps. You will need to familiarise yourself with associated 'gas fees' and any terms and conditions that apply. There are platforms that are makng it possible to buy with a regular credit card, avoiding the need for a crypto wallet or for purchasing cryptocurrency. In any case, it is best to watch the live trading values as the value of many cryptocurrencies fluctuate with the market. The price of the NFT will be stated in the cryptocurrency under which it was minted.

I strongly suggest you research the fine art of buying or investing in NFTs by watching YouTube videos or reading reputable financial trade articles on the subject. I cannot provide any financial advice other than 'do your reasearch'.

It is important to note that what you have purchased is the digital file as an item. It does not grant you copyright over the image or right to sell anything created with that file. The creator still owns the copyright. It is very much like buying an oil painting and should be treated with equal respect in terms of ownership and reproduction rights.


Works To Be Minted
This site showcases both the work I have minted and the works in the collection that I intend to mint. On each catalogue page you can sort the images by Minted and Not Yet Minted at the top of the page. The description of the item on the individual pages will display a link to my collection on the NFT platform where it can be purchased. Minting can be an expensive process and so artists typically wait for low gas fee trends. During these financially challenging times of the pandemic, I have only been able to mint a few pieces to get started. If you see an image in one of these collections which you might be interested in collecting, please email me and let me know so that I can move it up the list of items to be minted as funds permit. It is always good to get feedback on which images people are connecting with and why.

Thank you for coming to this site and if you have any questions or comments, please feel free to send an email to wendy (at) wendyfarrow (dot) art.