Non-fungible tokens caught the world's attention after the $69 million sale of a digital artwork by Beeple at a Christie's auction last month. Many artists and musicians have been dropping NFTs on online platforms recently and more are lining up to enter this seemingly lucrative market.
Artists, including a number from the Middle East, have been drawn to NFTs, because the technology allows their digital artworks to be certified and collected, something that was previously difficult, if impossible, to do. But how does it all work and what are the consequences of "minting" them?
Here, The National explains how they are made and why they are shaking up the art world.
What is an NFT?
An NFT is a type of digital asset that is part of a blockchain and acts as a certificate of ownership for specific items. These items can be images, videoes, music, gifs, even tweets and articles.
Unlike cryptocurrencies, which are interchangeable or fungible, and can be broken into smaller parts, NFTs are non-fungible and cannot be replaced with something else. Each NFT is unique.
When it comes to NFT art, the token is not the work itself. Rather, it is the digital certificate that represents ownership of the work. Cryptoart is another term for NFT art (though not all NFTs are artworks).
How do I buy an NFT?
The process differs according to the platform from which you buy.
Interested buyers will need to have a digital wallet into which they can add money or store cryptocurrency to purchase NFTs online.
They can be bought on marketplaces such as OpenSea, Nifty Gateway, Rarible, SuperRare and more. Some of the marketplaces are more selective about the work they approve and display than others.
How do I make an NFT?
Artists and creators can “mint” – upload and certify – digital media such as videos, animations, music and images on a blockchain, with the Ethereum blockchain being the most popular.
To do this, they need to have a digital wallet and mint their works on the online marketplaces mentioned above.
Once it exists on the blockchain, the NFT theoretically remains there permanently (as long as the chain exists, too).
What has been the impact of NFTs on the art world?
NFTs present an opportunity for digital artists to sell works that previously did not have a big market. The technology allows these digital works, which can be easily downloaded and duplicated, to have a certified “original” and a way to claim ownership.
Artists will still need to register copyrights for their work to protect themselves against counterfeiters, but NFTs allow collectors to buy and resell works like they would paintings, sculptures and other physical items.
Another advantage with NFTs – and possibly the biggest game-changer for artists – is that creators can continue to earn a percentage of the resale of their works. This differs from the traditional art market, where artworks are sold through auction houses and galleries to collectors, who can then resell them for much higher prices without having to give artists any royalties.
NFTs allow artists to keep earning from their work in perpetuity.
What are the environmental concerns with NFTs?
There are several, including the environmental costs around cryptocurrency and blockchain. It is not the NFTs themselves that are producing carbon emissions, but the underlying blockchain technology that has been criticised for fuelling greenhouse gas emissions.
When artists mint an NFT or upload their work, the process of adding that asset to the blockchain requires a lot of computing energy. This is even truer for heavier artwork files.
Computational artist Memo Akten has calculated that the carbon footprint of an average NFT is the same as a month's worth of electricity for a person living in the EU. Akten arrived at this figure after analysing 18,000 NFTs.
While talks of powering mining operations with clean sources are under way, the ecological costs of blockchain technology remain high. There is also a movement towards “Clean NFTs” online, which involves taking small steps to help alleviate the carbon footprint of each work, such as minting an NFT only when the artwork is ready to be purchased and using more energy-efficient blockchains rather than Ethereum.
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Civil%20War
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THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Habib El Qalb
Assi Al Hallani
(Rotana)
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
Zayed Sustainability Prize
COMPANY%20PROFILE
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SHAITTAN
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Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Killing of Qassem Suleimani
How%20champions%20are%20made
%3Cp%3E%0D%3Cstrong%3EDiet%3C%2Fstrong%3E%20%0D%3Cbr%3E7am%20-%20Protein%20shake%20with%20oats%20and%20fruits%0D%3Cbr%3E10am%20-%205-6%20egg%20whites%0D%3Cbr%3E1pm%20-%20White%20rice%20or%20chapati%20(Indian%20bread)%20with%20chicken%0D%3Cbr%3E4pm%20-%20Dry%20fruits%20%0D%3Cbr%3E7.30pm%20-%20Pre%20workout%20meal%20%E2%80%93%20grilled%20fish%20or%20chicken%20with%20veggies%20and%20fruits%0D%3Cbr%3E8.30pm%20to%20midnight%20workout%0D%3Cbr%3E12.30am%20%E2%80%93%20Protein%20shake%20%0D%3Cbr%3E%3Cstrong%3ETotal%20intake%3A%3C%2Fstrong%3E%204000-4500%20calories%20%0D%3Cbr%3E%3Cstrong%3ESaidu%E2%80%99s%20weight%3A%3C%2Fstrong%3E%20110%20kg%0D%3Cbr%3E%3Cstrong%3EStats%3A%3C%2Fstrong%3E%20Biceps%2019%20inches.%20Forearms%2018%20inches%3C%2Fp%3E%0A
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
