NFT's (Non-Fungible Tokens)
Sarah Jaynes Art NFT's are now available for purchase on OpenSea.
What is an NFT?
Non-fungible means unique or non-replaceable.
A non-fungible token is essentially a digital item, like art or music that has a unique digital code attached to it.
Currently as an artist I can copyright my work to help prove that it is mine. NFT's have provenance written right into them. Once these NFT's are attached to a blockchain such as Bitcoin or Ethereum the digital item and the provenance are there forever.
Why would you want to explore the world of NFT's?
This question is a bit complex. The easy answer is that I am endlessly curious. I love to learn and this new world of cryptocurrency and digital work and the metaverse is very new and very exciting.
The digital world also provides another venue for me to share my art with people. Making art makes me happy, and sharing it with the world is an important part of the process.
When someone purchases one of my NFT's we start a very unique relationship. They now have a special and unique piece of me. This digital artwork can be put on their Apple Watch, their TV, their computer screens. They can keep it in a digital wallet and look at it when they want to. They can add it to their wall in a virtual world. They can loan it out to a digital gallery for an exhibition. They can print the image on paper, canvas etc for their own use.
NFT's can have royalties built into their smart contract. This means that if the primary purchaser sells the NFT, a royalty (percentage of the sale) will be sent to me. This happens every time the NFT is resold. For an artist this is incredible because it means that we benefit when our work gains value.
What can I do with an NFT?
You can use the image on any screen you own. Think Apple Watch, phone, iPad. Your computer or your smart TV. You can have it printed on paper, canvas, mugs etc. You can do almost anything with it as long as it is only for you. You cannot reproduce it and sell the reproduction since the IP (Intellectual Property) remains with the artist. However, you CAN sell your NFT on the secondary market. Sites such as OpenSea function much like Ebay and provide holders with the opportunity to financially benefit from their collection. By actively promoting the work of the artists you collect through word of mouth, your social media etc you can increase the value of the work you own by raising the profile of the artist.
Will you continue to make analogue/physical art?
You bet! I am a classically trained artist with over 30 years in the business. I love the feeling of paint and charcoal under my hands. I can turn my physical paintings into NFT's by having high quality scans of them taken. So there is no reason for me to stop. I love to paint digitally on Procreate and sometimes I create solely digital works. There is so much possibility when you are open to both physical and digital art. The relationship between the two is fascinating.
How do I buy an NFT?
**NFT"s are coming to Instagram and OpenSea has announced that they will soon facilitate payment by credit card. Watch here for updates**
First, you will need to purchase some cryptocurrency. Then you will need to set up a crypto wallet such as Meta Mask. This is where you will store your cryptocurrency and where any tokens (art) you purchase are deposited. At this point you can go shopping. Currently there are several cryptocurrencies being used for NFT's so it will be important for you to purchase the right type of currency. If you were going shopping in the US you would need American Dollars, in Italy you would need Euros. To shop on OpenSea you will need to purchase Ethereum.
What should I consider before purchasing?
Firstly, purchase art that you love. While it is possible that the piece will go up in price it is not a guarantee. You do have some control over this. So when you buy work that you love, promote it. Talk about it. Be proud of your art collection because it is a curated selection of images that speak directly to YOU.
Research the artist before purchasing. Go to their website, their Twitter, their Instagram. Make sure that they are legitimate. There is a lot of money in the NFT market right now and that has attracted a lot of scammers.
Where can I find your NFT's?
You can find me on OpenSea and soon on Foundation.