NFTs are some of the most sought-after investment opportunities in 2021 and they are only growing from now. We are going to break down everything NFT from what it means to how you can purchase Urban Stones NFTs.
What is an NFT?
NFT stands for Non-Fungible Token and is a unique code that is imprinted digitally on a piece of artwork. A fungible token is one that can be readily interchanged by an identical item. A non fungible token, therefore, is one that cannot be replaced by an identical item as it has an inimitable token that marks it as unique. For example, what bitcoin or ether is to currency, NFTs are to collectibles and artwork. In simple terms, an NFT is a piece of digital art that cannot be copied or forged, it is completely unique and can be proven as such whenever required.
How does it work?
Traditionally, both digital and physical artwork could be forged or replicated. If the quality of the replica is good enough, it was impossible to distinguish between the real and the fakes; this was particularly easy with digital art. NFTs use blockchain to digitally store ownership and transactions that occur with the art. This makes it possible for the artist to retain a percentage of all future sales of the artwork. Although it is possible to 'copy' the art itself, the original is the only one marked with the NFT and the owner has evidence of such.
Where is the value in this?
For centuries, art has been a fantastic store of value for enthusiasts and collectors worldwide. This has made it an incredibly good store of value with a good chance of increasing worth due to rarity. Simply, a quality piece of art that is limited in access will increase in worth.
Urban Stones NFTs
At Urban Stones, we will be launching NFTs for all our collector's items, custom commissions and for all items up for auction. These NFTs are rewards for our exclusive members and for the many people who are willing to follow the growth of the brand.
When you purchase a collectors item, you will not only receive a bespoke, handmade piece of jewellery, but you will also have a digital piece of art that can grow in worth as your collection also increases in worth. This way we make sure you get your money's worth for believing in the brand vision. You can look out for any available NFTs by checking our AUCTION section of the website.