a modern art museum on a global scale

What the fudge is a NFT?


We are so excited to announce the launch of our first NFT project, Art Galaxy NFT! We are collaborating with the talented owner of So Indifferent, Chad Hopkins, and our top of the line creative community director, Ilene. Since NFTs are a new and unique way to buy and sell art, we thought we could make the process easier by explaining how the community works. We’ll start by defining some common terms in the space.

NFT (non-fungible token): a digital artifact that reflects real-world assets such as art, music, videos and digital trading cards. The information recorded in an NFT is unique and essentially lets a creator digitally "autograph" their art. So even if an image or piece of music has been shared hundreds of  times, if you buy the NFT, you're buying something unique and that uniqueness can be verified and traced back to the original creator.

Blockchain: in simple terms, blockchain is a data structure that keeps records of transactions. It is also decentralized, meaning it isn’t held in one specific place. The data and records of transactions are stored on computers or systems across the network. These systems or computers are known as nodes. Each of the nodes has one copy of the blockchain or in other words, the transactions that are done on the network sans middleman institutions, such as banks.

Digital Ledger: a database that is consensually shared and synchronized across multiple sites, institutions, or geographies, accessible by multiple people. It allows transactions to have public "witnesses". Any changes or additions made to the ledger are reflected and copied to all participants in a matter of seconds or minutes.

Gas: is generally necessary to blockchains. It is the fuel that allows the computers and systems mentioned earlier to operate! It works the same way that a car needs gasoline. Gas is used to allocate resources to virtual machines, giving them the ability to keep track of transactions on computers throughout the blockchain. Gas fees on Solana are significantly lower than Ethereum due in part to high transaction speeds, benefiting everyone. 

In Summary: NFTs are tokens that represent a unique digital item. It allows you to verify ownership, while allowing the artist to retain the copyright and reproduction rights.

Now that the terms are explained, how does it actually work? To put it simply, the buyer is purchasing a token that verifies their ownership of the digital asset. You can collect, sell or trade artwork, the same way you would a collectible. NFT’s give artists full control of their work without the need of a middleman. Artists can set the prices and even add royalties/fixed commision. Each time there is a sale or resale involving their NFTs, a variable commission is paid to a creator based on the NFT's fluctuating price or auction bid. Not only are they purchasing the digital ledger, the artist can add unlockable content, links, videos, physical, or even digital items for the buyer. Some unlockable content could be free swag, physical items signed by the artist, virtual items, personal messages, and access to hidden online communities! These give the artist a number of ways to make that sale even more special for collectors and other creatives to hold onto their purchased collections and tokens.

How cool would it be to have the artist share their creative process with only you and 5 other people? Real life meet-ups with people that purchased your work? Joining in private communities with others that see the same value in art pieces that you do? All without a middleman like banking reserves or agents getting in the way?

NFTs provide artists with a way to not only connect with their audience, but to take all of the time they’ve put into their work into a tangible way of making a living. Being able to set their own prices, artists have full control of their creations from ideation to post-sales. The unique token associated with the NFT not only makes sure that the digital ledger is verified, but lets others see exactly who created the work and where it exists within the network.

We are excited to take this space journey with you all and we can’t wait to see what is possible! If you want to take part in the community while we countdown to launch, join our Discord server as we get our spaceships fueled up. While you’re at it, check out our website for our project at artgalaxynft.io and get a sneak peek of our roadmap for Art Galaxy NFT here on Youtube. 


Our references:

Fool

Investopedia


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