The word “digital art” has become a mainstream term these days largely due to the computer generated NFT art. However, many artists are upset with this huge hype because now people are buying NFT art only to speculate on prices. However, there are still platforms that want to challenge this and promote real art. The goal is for users to bet on art, not price. The PINSL Fine Art NFT platform aims to do just that and first launched on September 8, 2022. In this post, we share what PINSL NFT is and how finding true NFT gems can be a game-changer.
What is NFT?
NFT stands for “Non-Fungible Token”. Here is a brief overview of the words it consists of:
- replaceable: This word means an adjective that makes something interchangeable. An example is a redeemable dollar bill where you can give it to someone else without changing its essence or value.
- Icons: Cryptocurrency tokens are cryptocurrency assets that represent something other than monetary value. An example would be loyalty points or ownership of something else… Think of a token as a stock, but instead of owning a company’s ownership – it could be ownership of something else.
NFTs are basically digital proprietary tokens that run on the blockchain that support smart contracts (like Ethereum). Its non-interchangeability is comparable to real contracts, where you cannot exchange one contract for another because the “actual contents” are different. The same goes for redeemable NFTs, as the primary ‘node’ changes with each new contract, which is why they are not replaceable.
NFTs – Could they become a future technology?
In today’s fast-paced world of cryptocurrency, many concepts and applications are constantly evolving. As for non-fungible tokens, the real applications of smart contracts are still mainly in the future. While cryptocurrencies like Bitcoin transfer monetary value, NFTs can digital property Transfer. Therefore, NFTs cannot be split like cryptocurrencies, because it would not make sense to send half a contract or half a ticket.
Now you may be wondering why NFTs are needed. The key word here is “decentralized smart contracts”. Many processes can be automated and improved with NFTs. Below is a list of current application areas:
- identity management
- Artistical works
- its origin
- Media and entertainment
- Toys …
Why are NFTs a game changer for art?
The authenticity of a work of art can be called into question at any point in its history. The papers referred to as the source, which often accompanies a work of art, corroborate their authenticity primarily by the ownership structure. The originality of the artwork and the fact that it was created by an artist bearing his name or signature is borne out by its clear provenance (date of ownership). Unfortunately, a large number of false or misleading artworks of fictitious or questionable origin are sold at online auctions and in stores, where it is often impossible to prove 100% that a particular work was actually painted by a particular artist.
This is where NFTs come into play. Thanks to smart contract integration, information fraud is impossible. It also grants the true creators their full rights by providing proof of originality and ownership at the same time.
What is Pinsl Fine Art Market?
PINSL is a new NFT platform on Ethereum Layer-1 that connects the metaverse and the traditional art industry. Thanks to their online platform, they offer artists, galleries and collectors many new opportunities. Their mission is clear and simple: To provide reliable and trusted access to the entirely new artistic environment for everyone while bridging the gap between the physical and digital worlds of art.
The official launch of the PINSL Fine Art Platform
PINSL officially opened on September 8, 2022 in association with “Brussels Gallery Weekend”. You can start collecting Fine Art NFTs directly via this invitation link.