The word “digital art” became too mainstream nowadays because of computer-generated NFT art. Many artists feel disappointed about this big hype, as people started buying NFT art for pure price speculation. However, there are still platforms that want to defy that and promote real art, allowing users to bet on art rather than price. The PINSL Fine Art NFT platform aims to do that, as it launches its debut on the 8th of September 2022. Let’s talk more about what is PINSL NFT and how it can become a game-changer when it comes to real NFT gems.
What are NFTs?
NFT stands for “Non-Fungible Tokens”. Let’s break down the words that compose it:
- Fungible: this word represents a property, and gives something interchangeability. An example would be the fungible Dollar bill, since you can give it to someone else without its core or value changing.
- Token: cryptocurrency tokens are cryptocurrency assets, that represent something other than a monetary value. An example would be loyalty points, ownership of something else…Think of it as a stock, but instead of having ownership in a company, it can be ownership in anything else.
NFTs are basically digital ownership tokens, that run on blockchains that support smart-contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract for another because the “actual content” differs from each other. Same things for NFTs, where you can interchange them as their underlying “contract” changes with each one, hence their non-fungible nature.
NFTs – Representations of the Future?
In today’s fast-moving cryptocurrency sphere, many concepts and applications are constantly evolving. Digital assets and their classifications are evolving right alongside cryptographic and blockchain technology. For Non-Fungible Tokens, real-world applications of smart-contracts lie ahead. With cryptocurrencies such as Bitcoin transferring monetary value, NFTs transfer digital ownership. That’s why you can’t divide NFTs the same way you would do with Bitcoins, like for example sending 0.5 Bitcoins, as sending half a contract or half an entrance ticket wouldn’t make much sense.
You might be asking, what’s the use of NFTs if those applications already exist? Well, the keyword is “decentralized smart-contracts“. Here is a list of real-life applications:
- Identity Management
- Artwork
- Real Estate
- Media and Entertainment
- Gaming…
Why are NFTs a Game Changer when it comes to ART?
A piece of art’s authenticity may be questioned at any time in its history. The paperwork, known as provenance, that frequently accompanies art verifies its validity primarily through ownership history. A piece of art’s authenticity and the fact that it was created by the artist whose name or signature it carries are both demonstrated by its clear provenance (ownership history). At online auctions, fixed-price art websites, and physical stores, a large number of false or misleading pieces of art are unfortunately being sold with fictitious or dubious provenance.
That’s where NFTs come in. Thanks to their smart-contract integration, they tamper with any information. They’ll also give the true creators their full rights, establishing proof of authenticity and ownership at the same time.
Meet PINSL – What is PINSL NFT?
PINSL is a new NFT platform on Ethereum layer-1 that connects the metaverse and the traditional art industry. They make many new options available to artists, galleries, and collectors thanks to their online platform. Their mission is clear and simple: provide trustworthy and dependable access to this brand-new art environment to everyone while bridging the gap between the physical and digital art worlds.
PINSL Fine Art NFT Platform’s Official Launch
PINSL is officially launching on the 8th of September, 2022. This will be done in partnership with Brussels Gallery Weekend. Users can request a personal invite here and start collecting Fine Art NFTs
