Coming soon – Crypto Art (NFT’s)

Margo Humphries has always wanted to bring her artworks to life and now that her 2D works are becoming animated it is exciting to see how they move. To share these with the world they will be available exclusively through the Ethereum blockchain.

Crypto art collectibles are also known as NFTs (non-fungible tokens). Like Bitcoin, NFTs are cryptocurrencies. But whereas individual bitcoins all have the same value, NFTs are more like baseball cards. Each token has a different value and they can’t be used to buy things. They exist on your computer as digital representations of artworks, songs, films and games, and other things.

NFTs have been around since 2017. An NFT is a work of art that has no tangible form, and exists only as a digital token that’s no more “real” than a file on your computer.

When you buy an NFT, you’re buying a unique certificate of ownership, which is locked away on an immutable distributed database known as a blockchain. The creator of the artwork generally retains the copyright and in most cases, you own little more than bragging rights. Creators are also likely to pass the costs for creating your NFT files (“minting” them) on to you (around US$120).

NFTs depend on a blockchain. Ethereum is a blockchain secured using a similar proof-of-work system to Bitcoin. This involves an energy-intensive computer function called mining. Specialist mining computers take turns guessing the combination to a digital lock (a long string of random digits). The computer that correctly guesses the combination wins a reward paid in a cryptocurrency called Ether. The digital lock resets roughly every 15 seconds, and the competition continues. Due to the competitive nature of proof-of-work mining, booming NFT markets are encouraging the construction of reliable coal-fired power stations, so that crypto miners don’t have to suffer intermittent access to renewable generation.

The collection will be available here:

https://opensea.io/collection/margohumphries

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