NFT stands for Non-Fungible Token: a non-exchangeable, unique, irreplaceable digital certificate of ownership.

You can link this - digitally created - certificate to a (digital) object such as a .JPEG image. But it can just as well be a video, 3D object, audio or (live)stream of a moment and so on…

This certificate can even be linked to a physical object using the right technology (e.g. NFC chips).

The registration of an NFT is a blockchain based technology. Such transactions are always linked to a digital crypto wallet. This wallet contains a digital key linked to that NFT. This key allows you to prove that the NFT is your property. This registered NFT is publicly visible.

Specifically for digital art, it is an ideal distribution system. For physical and/or traditional art, the technology can be used to link a digital certificate of ownership. This allows the physical and/or traditional artwork to benefit the same optimisations and benefits as a digital art NFT.

A crypto wallet is an app that allows users to store and retrieve their digital files and data - such as NFTs or private passwords - in a secure and accessible way.

It also allows you to send, receive and spend crypto coins. The app is an environment to keep everything in one place. You can also use this app as a profile to connect to web3 supported websites.

Democratisation

NFT’s are an ideal way to democratise art. Working with an NFT platform can be a great way to engage your core audience while reaching a wider audience as they not only serve professional collectors, but are accessible to all.

Multi-use

An NFT can be seen as a multifunctional asset, e.g. (entrance) tickets, fundraising means, membership cards, etc.

Royalties on (re)sale

The smart contract behind an NFT provides royalties for resale. When an NFT does well in the secondary market over time, it generates recurring revenue with minimal effort.

Funding and support

Museums and institutions can buy a work of art for their permanent collection and still sell NFT’s of those pieces. This allows their audiences to (literally) invest in the activities of the organisation. Both artist (foundations) and museum can benefit from a royalties system.

Efficiency

You can easily host digital exhibitions and initiate (artist) collaborations with an international context without having to deal with expensive shipping and storage costs. That makes it more scalable in some domains. NFT’s are really quick to transfer and there are no shipping charges.

Register and Authentication

NFT’s can be used to publicly register and authenticate (physical) works of art to distinguish them from counterfeits and verify their ownership (possibly in combination with physical trackers or labels).