The word “digital art” has become a common term these days, mainly because of computer generated NFT art. But many artists are saddened by this huge hype as people are now buying NFT art purely for price speculation. However, there are still platforms that want to defy 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 launched its debut on September 8, 2022. In this post, we share what PINSL NFT is and how finding real NFT gems can be a game changer.
What is an NFT?
NFT stands for “Non-Fungible Token”. Here is a brief summary of the words that make it up:
- interchangeable: This word stands for a quality that makes something interchangeable. An example would be the fungible dollar bill, as you can give it to someone else without changing its core or value.
- Tokens: Cryptocurrency tokens are cryptocurrency assets that represent something other than monetary value. An example could be loyalty points or ownership of something else… Think of the token as a share, but instead of owning ownership of a company – it could be ownership of something else.
NFTs are basically digital property tokens that run on a blockchain that supports smart contracts (e.g. Ethereum). Their non-fungibility can be compared to real contracts, where one cannot exchange one contract for another because the “actual content” is different. The same applies to NFTs that are tradable, as the underlying “contract” changes with each new contract, thus they are not tradable.
NFTs – Could they become a future technology?
In today’s fast-paced world of cryptocurrencies, many concepts and applications are constantly evolving. For non-fungible tokens, real-world applications of smart contracts are currently still primarily in the future. While cryptocurrencies like Bitcoin transfer monetary value, NFTs can digital property transfer. Therefore, NFTs cannot be split as cryptocurrencies, as it does not make sense to send half a contract or half a ticket.
Now you might be wondering why NFTs are necessary. The key word here is “decentralized smart contracts”. Many processes can be automated and improved through NFTs. Below is a list of current areas of application:
- identity management
- works of art
- media and entertainment
Why are NFTs a game changer for art?
The authenticity of a work of art can be questioned at any point in its history. The papers referred to as provenance, which often accompany a work of art, prove its validity primarily through the structure of ownership. The authenticity of a work of art and the fact that it was created by the artist whose name or signature it bears is established by its clear provenance (property history). Unfortunately, a large number of fake or misleading works of art of fictitious or dubious provenance are sold at online auctions and in stores, as it is often impossible to prove 100% that a particular work is really painted by a particular artist.
This is where NFTs come into play. Thanks to their smart contract integration, falsification of information is impossible. They also give the true creators their full rights by providing proof of authenticity and ownership at the same time.
What is PINSL for Fine Art Marketplace?
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 trustworthy access to the brand new art environment for everyone while bridging the gap between the physical and digital art worlds.
Official launch of the PINSL Fine Art Platform
PINSL was officially opened on 8 September 2022 in collaboration with the “Brussels Gallery Weekend”. You can start collecting Fine Art NFTs directly via this invite link.