“Much the same way people in the real world wear different brands to express themselves, [now] you see this level of personalization coming to profile pictures.” - Vice.
You may have heard about NFTs — the collectable digital assets that have taken the art world by storm. Everyone from Paris Hilton to Eminem to Odell Beckham Jr. has gotten in on the trend, growing the emerging status marker that’s defining the digital age. For those in-the-know, NFTs have amassed a major community of online collectors and fans, with increasing impact on the culture at large. NFTs are also trending as social media profile pictures (also known as PFPs) that allow collectors to express a curated version of themselves online. With everyone from Serena Williams to Emily Ratajkowski and Kate Moss jumping on the NFT craze, it's no wonder they are the internet's new must-have item. We are excited to bring valuable art at an accessible price to the NFT world. Our first collection will feature personalized NFTs — think high-style avatars meet fine art portraiture.
What is an NFT?
An NFT (non-fungible token) is a digital asset that can be bought and sold online, usually using cryptocurrency. They can appear as images, art, music, videos, and other digital objects.
How is an NFT different than cryptocurrency?
NFTs and cryptocurrency exist in the same digital world, but they're not the same thing! Cryptocurrencies like Bitcoin, Ethereum, and Cardano are built with the same type of programming as NFTs. BUT physical money and cryptocurrencies always have equal value (a dollar always equals any other dollar), whereas each NFT has its very own value that doesn't equal any other, so they can't be exchanged or used to conduct transactions on the blockchain.
Why own an NFT?
Anyone can view, download, or screenshot an NFT online for free, so why would you ever pay for it? Well, owning the original asset is a whole different ballgame. Every NFT is encoded with a verifiable authentication system, which allows a digital collector to stake a claim as the official, exclusive owner of a file. NFTs can also hold other data that only the owner has exclusive access to.
Do NFTs impact the environment?
There has been a lot of discussion around the harm that the two largest blockchains Bitcoin and Ethereum cause. Operating these outdated blockchains requires immense quantities of energy which is wasteful and bad for the environment. This has reasonably caused a lot of people to refrain from participating in this new industry. As a result, people have begun to develop new, environmentally-friendly blockchains that minimizes energy usage by incentivizing block creators to operate on a collective level. The largest and most popular is Cardano, which is said to use approximately 0.01% of the energy that Bitcoin uses. As a company committed to improving our sustainability, Spacey's NFTs operate exclusively through Cardano.
Why are NFTs valuable to artists?
NFTs are the new frontier for artists who want to reach a new, wide audience and finance their art. NFTs are a direct way for artists to sell their work to consumers, sidestepping galleries and auction houses, so they can keep more of the money they earn. Another unique feature is that, in many cases, artists can set up their NFTs so that they'll get royalties on resales of their work.
How can I buy an NFT?
The first step is to set up your digital wallet (this is where you'll keep your cryptocurrency and NFT info). Speaking of which, you'll need to get yourself some cryptocurrency to buy the NFTs. Buying crypto is easy — you can use your credit card to purchase it on a few different platforms such as Coinbase, Kraken, eToro and even mainstream platforms like PayPal and Robinhood. The process is actually pretty simple once you get used to it! If you need help getting started, schedule time to talk to our team and we'll walk you through it!
How are people using NFTs? What is a PFP?
PFPs are digital profile pictures that people use as their personal avatars to represent themselves on social media accounts. It's a fun way to spice up your presence online, express yourself, and experiment with playful, altered versions of your virtual identity. Think of it as a digital way to showcase your personal style and assert your status with an impressive digital art collection. Having an NFT as your PFP is a strong symbol of your interests, your investments, and your online community.