Here’s my first NFT. Uncle Sam Devouring His Children. If you dig digital scarcity, built-in authentication, proof of ownership ie … digital bragging rights, and infamous p@triotic art then you’ve landed on the right post today. Whoever purchases this NFT will also get the original painting.
(Note that the image here is watermarked.)
You can buy it here:
We know a lot of you have some questions.
What exactly is an NFT?
Some of you not familiar with Goya’s original painting will also be wondering, ‘what the heck am I looking at’? Let’s start with the technical question about NFTs.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
NFTs exist on a blockchain — typically Ethereum blockchain — so you’ll need a digital wallet.
Forbes explains how to buy NFTs:
If you’re keen to start your own NFT collection, you’ll need to acquire some key items:
First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.
You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.
For anyone wondering, the inspiration for Uncle Sam eating his children comes from the repurposing of Goya’s painting of Saturn Devouring His Children. It drew from a dark story in Greco-Roman mythology.