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What Is An NFT?

Suong
  • Updated

LGND and artists are working together to digitalize their art into NFTs. Our mission is to empower artists around the world to secure their legacy, reach a larger audience, and enable their own future utilizing blockchain technology.

This article will cover:

  1. What is an NFT?
  2. Ownership of digital artwork
  3. What can I do with my digital art NFT?

What is an NFT?

  1.  What does NFT mean? NFT stands for non-fungible token. They are unique digital asset that covers art, music, game-items and videos. They are bought and sold online, often with cryptocurrency. NFTs have unique identification codes creating digital scarcity. The NFT can be traced, differentiating the original from subsequent copies.
  2. How is an NFT different from cryptocurrency? Fiat money and cryptocurrencies are "fungible" meaning they can be traded or exchanged for one another. They are equal in value, where as artwork NFTs differ in value as they are different pieces of work. 
  3. How do NFTs work? NFTs are digital collectibles minted on the WAX blockchain and records transactions of the NFT. It shows the relationship of owner to collector, to the next collector and so on.

Ownership of digital artwork

NFTs can be seen as an evolution of fine art collecting, with digital art. It allows the buyer to own the original item. NFTs can only have one owner at a time. LGND ensures a Certificate of Authenticity, certifying the artwork is 100% genuine and authentic and has been minted as an NFT on LGND.art using blockchain technology. Collectors are able to own a digital piece of artwork from some of their favorite artists and interact with their NFTs on the blockchain. 

Some artists may include a physical print with their NFT. Be sure to read the description of each NFT.

*You are not gaining copyright or intellectual property ownership of the work. 

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What can I do with my digital art NFT?

  1. Display your NFT - You can download your NFT directly from LGND and display your digital art physically or online. This article by Kapwing Resources does a great job providing a sizable list of options of displaying your NFT and more.
  2. Sell or trade your NFT -  You can sell or trade your NFT on WAX markets. New to WAX? Take a look at our WAX Cloud Wallet Guide.

If you have any questions or feedback, please reach out to support@lgnd.art.

 

 

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