ARTSPACE
WHAT IN THE WORLD ARE NFTS? Owning a rare and unique piece of art is often associated with wealth and superiority. In a rapid change to the status quo, a new world of digital art has changed the game for investors. Words: Darcy Watt
To answer the question, NFT stands for non-fungible token. NFTs are digital works stored on the blockchain and can be anything from an artwork, a piece of music or even a game. If you’re now wondering what a blockchain is – put simply, it’s an online system of recording a trail of data associated with an NFT. Every transaction that occurs with an NFT is verified by peerto-peer computer networks, which makes NFTs almost impossible to replicate or hack. It’s the same technology used by Bitcoin. It’s a seemingly daunting space to invest in for those only new to the NFT world. Michelle Grey who was the Global Creative Director for The New York Times has recently returned to Australia and launched Culture Vault alongside two business partners – Sam Linas and Sean Tolkin. Culture Vault is a new and exciting NFT curated platform and creative agency based in Sydney. “The idea of fakes and fraudulent behaviour is not specific to the NFT world. It’s ubiquitous amongst many different facets of fashion, art and music. Blockchain has been around for a number of years, especially with the fame and rise of Bitcoin and Ethereum. We thought managing and curating NFT collections was a really exciting and interesting space to get more involved with,” says Michelle.
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