“TECH & SCIENCE DICTIONARY
NFT
[ en–ef–tee ]
NFT stands for non-fungible token. An NFT is a digital asset that has a unique identity recorded in a database. Translation? An NFT is a special bit of Internet content that has a “record” that allows its ownership to be tracked as it is traded from person to person.
As of 2021, NFTs often take the form of digital content, such as a JPEG, GIF, or video. In the early 2020s, NFTs dramatically increased in value as collectors started paying millions of dollars for them. NFTs work similarly to cryptocurrencies like Bitcoin or Dogecoin.
Example: Did you hear about the digital artist who sold a cat meme NFT for $30 million?” from https://www.dictionary.com/e/tech-science/nft/
We have been seeing reports of digital images being bought and sold with cryptocurrency for large dollar amounts. Investors in this realm are spending a lot of money. There is a lot of hype and interest around NFT Art and Digital images. We get it. We love art and we love to support artists who digitize their works.
According to Wikipedia, (https://en.wikipedia.org/wiki/Non-fungible_token#Digital_art) NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with proof of ownership that is separate from copyright. Digital art was an early use case for NFTs, because of the ability of blockchain technology to assure the unique signature and ownership of NFTs.
With Nimbus Frames, personal uploads of images that you own, photos you’ve taken, memories you have scanned in or saved on the cloud, these images can be uploaded into the Nimbus Portal via an account. Personal uploads are not viewable from any frame that is not connected to your account unless you use the share feature to share with a friend that has a Nimbus Frame. You can add keywords and a description into the Details sections of your image. Nimbus encrypts the data sent to the Nimbus Frame and protects your images in your account. An NFT image works the same way. The only difference is the ownership record or blockchain will be recorded in the database as part of the image details.
There are no options to download images from the Nimbus Portal. You can delete an image from a playlist or even from your account if you no longer wish to view it on your Nimbus Frame. But you cannot download it to save it on another device.
Premium Art on Nimbus Frame is offered from modern-day artists for subscription or purchase to view on your Nimbus digital art frame. We invite Artists to set up a Virtual Studio (currently in Beta version) by uploading digitized works of your originals. Offer collections to subscribers and individual pieces to collectors. Perhaps these pieces will be minted on an NFT site before being uploaded to the Artist Studio. It is effectually the same as offering Premium Art on Nimbus Frames without an NFT. The artist can set the monthly fee according to your criteria and collect royalty income as a new revenue stream. As an artist, you retain ownership of your work and allow subscribers rights to view it on their Nimbus Frame.
So, will NFT change how NimbusFrame handles Premium Art from Artists? Yes. There will probably be updates to our Studios coming soon. And we are certainly willing to work with collectors to help them have a stunning way to view their NFT artwork.
It’s been suggested that NFTs are the new gold rush. We at Nimbus, LTD see ourselves as the pick and shovel providers for this exciting and changing new frontier. We provide the best way to view your NFT investment on your wall. Nimbus Frames are available in two sizes. The Polaris is our largest 1080p frame and the Orion is larger than the competition but slightly smaller than the Polaris. We are working on new 4K versions coming soon. Let us know if we can assist you with your digital images.
