Welcome to the World of NFT Art!
This page will help you gain a basic understanding of NFT’s so you can feel comfortable promoting your NFT bundles and answering any basic questions you might be asked by your supporters and donors.
Don’t worry we will be there to answer anything you don’t know!
The world of NFT’s, blockchains, and crypto is not hard to understand, but it does have its own language which can make it seem more complex than it really is.
We have tried to keep the explanations on this page in ‘layman terms’ as much as possible, but if there are things you don’t understand, please reach out and ask. We would be only too happy to jump on a call with you or get you some more information.
We have created a donor version of this page to help educate your audience about NFT’s.
Please feel free to share the page link below with your donors and supporters when we go live with the NFT bundles.
We trust this information answers most of the common questions that might arise for people considering investing in an NFT.
The link for the page to share is: https://buy.wearablenftart.com/donors-about-nfts/
So, What is an NFT?
NFT stands for Non-Fungible Token.
In a nutshell, an NFT is a digital asset that is hosted on the blockchain (we have an explanation of the blockchain below).
The term ‘Non-fungible’ means something cannot be replicated, duplicated, or divided in any way. So unlike documents and images that get shared around the web that can have thousands of copies and rip-off versions, NFT’s are far more protected in their original form.
NFT’s can be music, games, videos, artwork, documents, contracts, playing and trading cards … basically any thing digital. Someone even added their “last will & testament” to the blockchain and made an NFT out of it!
What is NFT Art?
In our case here, we are talking about NFT art, which is just like a physical piece of art, but digital.
So it could be an illustration or drawing that was scanned and made into a digital version or something designed on the iPad with iCreate, or even just a bunch of pixels put together, as we will see below.
They can be static images (like we are doing with you), moving images or video, or a mashup of all of that together. Holograms are also being created into NFT’s right now in some very funky ways.
NFT’s have truly taken creativity and art to the next stratosphere.
Why Are NFT’s So Special?
The key value of an NFT is once it is ‘minted’ to the blockchain, it is given a special token so it cannot be replicated, and its authenticity is guaranteed.
It can also be traced to the original owner or artist, no matter how many times it changes hands.
So it becomes a one-of-a-kind.
Thus creating value.
And sometimes, massive value, particularly in the art world.
Check out how much these Art NFT’s sold for recently …
Beeple, here on the left, sold at Christie’s Auction recently for $69 million.
Yes, you read that right!
And the bunch of pixels above here, known as Crypto Punk Collectibles … well you can read there how much they sold for. Yes, the dude with the pipe in #1 sold for $7.57 million!
Beeple, in the top image, sold at Christie’s Auction recently for $69 million. Yes, you read that right!
And the bunch of pixels below that, known as Crypto Punk Collectibles … well you can read there how much they sold for. Yes, the dude with the pipe in #1 sold for $7.57 million!
A quick lesson on the blockchain, before we go on …
For every cryptocurrency and NFT that is bought and sold anywhere in the world, those transactions are completely traceable.
And more importantly, all transactions are verified by hundreds of thousands of computers around the world, all running the same ledger verifications, all at the same time.
That’s what makes up the decentralized system known as the blockchain – basically a series of computers around the world that verify transaction ledgers.
You may have heard the terms ‘mining’ and ‘Bitcoin mining‘.
They are terms used for verifying the transactions.
‘Miners’ use special computer equipment set up to verify the transactions. Thousands or millions of verifications a minute.
And anyone can be a miner. Everyone from large corporations to people in the basements of their houses in the US, Australia, and loads of countries around the world, are mining 24/7.
But the big key to the blockchain and why it’s so special, is it’s completely open-source and owned by everyone. No one person, government, regulator, or corporation can interfere with the running of the blockchain.
Yes, the blockchain is giving the power back to the people!
Common blockchains you might hear of are Bitcoin, Ethereum, and more recently Matic.
We use the Ethereum blockchain, the biggest one, for our NFT’s.
Why Are NFT’s So Important to the Art World?
Never before have we seen such a time in history like this, where everyday artists can take their rightful place in the art world.
Not in a gallery where few people ever get to display their work and even fewer people ever see it, but now on digital art platforms where they can display their art to anyone in the World, and finally, make a solid living from it.
NFT’s and the blockchain are very quickly changing the art space, and what is unfolding is very exciting, especially for artists from countries where their financial system is so heavily regulated by dictators and corrupt governments, that they never get fair pay for fair work in the traditional fiat currency system.
NFT art marketplaces allow artists to add their artwork to the blockchain for little cost, and cryptocurrencies (how an artist gets paid from their NFT’s) allow them to participate now in an equitable way, alongside their peers from free economy countries.
So yes, your participation in this project is far more than just developing and promoting an NFT bundle with us. It helps educate everyday folk about the existence of NFT’s and also directly helps our resident artist Santi, make a living in the corrupt financial world of Argentina where he lives with his family.
Who’s Creating NFT’s?
It’s interesting to see the number of celebrities and market influencers getting into the creation and investment of NFT’s to illustrate how big the market is, even though it is still very much in its infancy.
In fact, NFT’s are becoming priceless assets to celebrities, artists, and influencers as they ensure that original works cannot be tampered with, duplicated, or replicated in any way. Finally, there is a way to ensure authenticity and originality.
Notable market influencers who’ve released NFTs or invested in them, include:
- Finance giant Visa, kicked off their NFT collection in August 2021 by announcing the purchase of a USD 150,000 CryptoPunk.
- Budweiser has joined in with a beer rocket NFT from artist Tom Sachs.
- Snoop Dogg and his “A Journey With The Dogg” collection.
- Lindsay Lohan has released a few NFTs including one of her songs ‘Lullaby’.
- Artist Damien Hirst announced ‘The Currency Project’ which consists of 1000s of NFTs for planned future paintings.
- NFL star Rob Gronkowski has sold a card collection of NFTs to honor his career.
- UFC fighter Francis Ngannou made more from NFTs following his fight against Stipe Miocic than he did for winning the actual fight!
- DJ Aphex Twin sold an NFT he calls “afx/weirdcore/blockscanner” for $128,000.
- Singer and Elon Musk’s girlfriend, Grimes, has sold a collection of NFTs for a total of $6 million.
Why Would Your Donors Want to Buy an NFT Bundle?
People buy NFT art for all sorts of reasons, just as they would for any piece of physical art.
2. They like the piece
3. They like the artist and want to support them
5. They want to show off their art collection
In this instance, donors & supporters might be excited to own one of your NFT’s because:
The value of the NFT will go up over time, explained more in the section below.
2. They LOVE to support you
People love to support organizations and movements that share their values and make a stand for what they believe in. These NFT’s are your chance to portray your unique message in art and have your donors support that message by purchasing one of your NFTs.
3. They just really like the Artwork
We really trust the artwork we create with you is awesome, and that your donors and supporters might just really love to own one!
Yes, the Fear of Missing Out will be high because the NFT bundles are in strictly limited supply … and once they are gone, there is literally no more left to sell.
5. Show Off!
People love to show off that they scored a limited NFT when someone else missed out … basically giving someone else FOMO!
How Many NFT Bundles Will We Release in Round I?
NFT itself means non-fungible, that is, one-of-a-kind that cannot be duplicated.
However, for the first time ever, we can create original artwork in multiple copies using the blockchain. Each piece having its own authenticity token.
Something that has never been done before in the physical art world.
Like any artwork though, the NFT’s true value comes from a limited supply and greater demand.
That’s why we create a very limited and exclusive supply of NFT’s of your designs, so there is a greater chance that the NFT’s value will go up over time.
The number of bundles released in round I (of the NFT plus product) is determined in consultation with you, based on your donor/supporter numbers and other factors.
But it is important to note, bundles are strictly limited purely by how many NFT’s we mint of that design. Once the NFT’s are minted, that is it. No more will be created of that design.
Will the Value of the NFT’s Go Up, and How?
The value of your NFT’s could go up over time, just like real art does.
This happens in a few ways:
1. As the value of the crypto market rises so does the artwork, as the art is valued in Ethereum cryptocurrency.
2. NFT’s are increasing exponentially in their reach and demand, thus pushing up future prices. As NFT’s and the blockchain become mainstream for the masses, the demand for NFT’s will automatically push up prices.
3. As Santi’s social profile as an artist increases so too does the value of the NFT art, just as any physical piece of art benefits when the artist becomes more known and even famous.
That is why we encourage and incentivize our influencers and non-profits to spread the word about Wearable NFT art, beyond their project. With their strong followings and donor bases, we all know rising tides float all boats!
And as we work with more Influencers and non-profits with this project, this effect will multiply exponentially. Thus pushing up the value of all previously minted NFT’s, including yours!
4. And lastly, the art marketplace we use has a secondary re-seller market. This alone pushes up the value of the NFT. On the secondary market, your donors can sell your NFT for cryptocurrency.
* And don’t forget, we always ensure the value of any NFT bundle we offer is already greater than the price your donors pay for it, on the day they purchase. So they are already ahead before they even start!
How Do We Pass Ownership of the NFT Over to a Buyer?
It is a very simple process actually.
When your donors order the bundle of the NFT and merchandise, their merchandise will be automatically sent separately, direct from the printers in the US.
For the NFT, we simply need their crypto wallet address so we can transfer ownership to them. (Please note, this does not allow us to access into any of your donors crypto holdings – only to transfer into their wallet).
If they do NOT have a crypto wallet we ask them to set up a Metamask wallet. It is free, accepts NFT’s easily, and they can see their NFT assets with one click on the mobile version.
If they already have a crypto wallet, we ask them to check if it can hold NFT’s (not all wallets have that function). If not, we encourage them to get a Metamask wallet also.
All details for setting up Metamask, plus their ‘Certificate of Authenticity’ are in the welcome email, sent automatically when they purchase their bundle.
And by the way, this is what their Certificate of Authenticity looks like (example only):
How Do Buyers View Their New NFT?
Their NFT will always sit inside their Metamask (or equivalent) crypto wallet and is available any time they wish to view it – as seen to the right here.
Some people also love to display their NFT’s inside an electronic photo frame. There are ones built specifically for NFT’s these days and can be purchased quite inexpensively on Amazon.
Don’t forget the whole world of NFT’s is very ground floor right now. Technology for displaying NFT’s is only new and being developed at an extremely rapid rate. More and more options are opening up every week for showing off NFT’s which is super exciting.
The Future of NFT’s
NFT’s are not going away! Period.
The increasing amount of applications that the blockchain and NFT’s are now opening up for medical services, governments, corporations, and even the financial markets, have now, even in this early stage of adoption, already secured NFT’s and the blockchain as the way of the future.
Soon nearly everything will be hosted on the blockchain rather than local computers where things can be copied, replicated, ripped off, hacked, and where security is a constant issue. The blockchain simply does not have these issues that our current solutions have.
Not to mention the day when we probably won’t even have fiat currencies anymore … all of it will be cryptocurrency. And that day seems to be coming sooner than we think!
We hope this has given you a reasonably solid introduction to NFT’s and the confidence to share this incredible movement with your donors and supporters through our joint venture project.
At the end of the day, we are here to assist so if you get asked questions you can’t answer then be sure to reach out to us HERE.
Jonathan & Nat
FOUNDERS OF WEARABLE NFT ART™