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What is NFT ?

Would you like to listen to NFT which is a new fenomen jumped into our lives all of a sudden from me? Then read on.

NFT is the abbreviation of the initials of the English term "Non Fungable Token." It is possible to translate Non Fungable Token as a unit of value that cannot be exchanged. Unlike the crypto currencies on the system called Block Chain, NFTs cannot be converted into each other. NFT has its unique property. Normally digital files themselves can be handled and reproduced endlessly, while NFTs are traced with a nine digit number on the underlying blockchain and offer buyers proof of ownership as same as an original signed artwork but furthermore has a series number also.

Anything digitally created such as images, audio, text, video, code (JPG, MP4, MP3, HTML etc…) can be defined as NFT as long as they will be loaded on the platforms such as Rarible (Digital Coking Parts), OpenSea (Digital Marketplace), Nifty Gateway (Digital Art), SuperRare (Digital Art), Enjin (Game) etc.. For this process a digital wallet is needed ( Metamax, FortMatic ....) Purchases and sales are made in crypto currencies.

Unlike the traditional art work trade, the artist who first produced the NFT can request a commission on the subsequent handover of the artwork. Thus, the artist benefits from the possible value gain.

The value of the work is formed by the creator and the buyer appraising the work same like the traditional art market. Therefore the value of the artworks can be in a huge scale. there are very succesful trades in the market for example Turkish artists have also begun to make a name for themselves. As an example, Murat Pak's NFT piece found buyer in the market for 1.360.000 USD.

Life itself is built on continuity of information. Generations create themselves to transfer the knowledge of the previous generation. Life is actually a platform of creating knowledge, experience and value in this sense. Each of us creates values ​​every day with our own being and our works. The NFT system, on the other hand, as a platform where certain types of values ​​are created and bought and sold, encourages the creation process, which is a basic human nature, and makes it possible to reach out the world easily through the platforms.

As this market is very new at the moment, the rules are not yet fully formed. For this reason, it is not checked whether the work uploaded to the system is the real creator of that work or not, in other words whether it has copyright issues. This is the most important current deficit of the system. However, it is inevitable that copyrights will be regulated over time. Otherwise, the reliability of the system cannot be continuous.

We will live and see this system all together, what possibilities, doors and miracles will it open to us?

My NFT works can be seen from the link below.

Ahsen Kucukçalık

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Visual Artist / Creative Entrepreneur
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