New technologies appear every day. Some of them fail to get to mass adoption; some find a limited group of fans. But the third rare group of developments becomes a turning point in the whole industry. This is NFT.
NFTs. The birth certificates for the offspring of creators
NFT stands for Non-Fungible Tokens, cryptographic assets developed on blockchain.
That’s the very place where most people think it’s too complicated and give up reading.
But wait. It’s not as complicated as you think.
Let’s replace ‘Non-fungible’ with ‘non-replaceable.’ This means that it is absolutely unique and totally yours.
Suppose you are a famous street artist like Banksy. And you want to sell your art online. You choose one of your unique assets to sell as an NFT. Then you create NFT by minting it (we’ll talk about this process in our future articles).
By the way, the first Banksy work to appear as an NFT was a 2006 edition of Morons (White).
The artwork was bought by blockchain company Injective Protocol in March 2021 for $95,000. The original art was burnt and replaced by an NFT sold with a 300% increase in price! A buyer purchased it for $380,000 via NFT marketplace OpenSea.
NFTs can represent both tangible and intangible items, so you can also create NFTs on the basis of:
- Graphic art
- Videos and sports highlights
- Virtual avatars and video game skins
- Designer sneakers
Thus, Banksy can mint not only his art but also a video of art creation, the merch he produces, and many more.
After creating an NFT (let it be ‘Love is in the air’), Banksy can sell it to any person who has a crypto wallet. Once the auction is complete, the NFT is automatically transferred to the buyer’s possession, and he’ll get the transaction proceeds.
But what happens with the rights? The copyright for the artwork is still kept by Banksy. Usually, intellectual property or usage rights are not transferred with the NFT. However, there are some exceptions. For instance, Bored Ape Yacht Club has stated publicly that all BAYC NFT owners have full commercial rights to that Ape.
But in most cases, NFTs can represent ownership or possession of the token itself, not of the artwork.
So you have the right to place the NFT with Banksy’s artwork everywhere you want. But you don’t have the right to do something with the original artwork as well.
But let’s come back to the selling process. To sell an artwork, Banksy has to place it on some NFT-selling platform. Many artists choose big platforms like OpenSea or Nifty Gateways.
However, these platforms lack some feedback from the audience. Many artists seek a place where they can both showcase their art and get reviews, find like-minded people and simply chat about NFTs. That’s why Bitorbit App was created.
Bitorbit App. Socialize and monetize your art in a couple of clicks!
As we said before, Bitorbit App is a platform to sell your NFTs and make friends with like-minded people: content creators, streamers, bloggers, artists, NFT artists, collectors, and other people interested in this sphere.
Banksy would definitely like it as well. So suppose he wants to sell his art on our platform. Where should he start from?
The Bitorbit App registration process
Banksy goes to the App Store or Google Play to download the app.
We stake on Android when it comes to Banksy, but anyway.:)
Tap the app icon on your phone and open the app.
Press on the ‘Start’ button.
Press ‘Create New Account’.
Now you need to complete your account. Press on ‘Edit Profile’ and choose your name.
Add some BIO and additional website info if you want. Press on ‘Save’.
Now press the menu in the upper right corner of your app to choose the Settings section.
Time to change the Sign In method. It’s always better to choose the Seed Phrase as it is the best way to secure your data.
By the way, every seed phrase is taken from a list of 2048 simple words. The idea of a seed phrase originates from the Bitcoin Improvement Proposal (BIP39) in 2013, which is a standard for a “deterministic wallet” — the majority of wallets used today.
Click on ‘Generate New Phrase’ or choose the existing one.
Agree with the rules and proceed with ‘Continue’.
Write down or copy the words in the right order and don’t show them to anyone.
Verify your seed phrase by tapping the words in the right order in the next window. Press ‘Continue’.
Now your account is safe!
Next time we’ll tell you more about the Bitorbit App functionality.