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What’s an NFT? Julian Pena explains
They’re the new frontier for artists. There are no rules (yet) and artists love them. So, what’s an NFT and how can the LGBTQ community benefit from them? Since you’re here, grab your free copy of the 5 Building Blocks of a Happy Gay Life here.
What’s an NFT and how can the LGTBQ community benefit
Hear Julian explain what’s an NFT
Julian Peña is the visual artist and graphic designer behind J. Peña Studio and the Julian Peña Gallery. He offers a space of opportunities for underrepresented artists, including traditionally under-resourced ethnicities, women, first- and second-generation immigrants, and the LGBTQ community. Julian was twice recognized as South Sound Magazine’s Best Artist of the Year, and he has a particular interest in using technology to make art.
On this episode of Queer Money®, Julian joins us to demystify the concept of a non-fungible token or NFT and walk us through the benefits of creating and collecting digital art. He describes the other types of creative projects (beyond imagery) being minted as NFTs and addresses the top concerns around buying and selling non-fungible tokens. Listen in for Julian’s insight on the collaborative nature of the NFT creative community and learn what queer artists can do to overcome the financial barriers to creating digital art.
“There’s always going to be people that hate your artwork and love your artwork. And if they really love it, there might be small chance that they might try to steal it.”“There’s always going to be people that hate your artwork and love your artwork. And if they really love it, there might be small chance that they might try to steal it.” - Julian PeñaClick To Tweet
Topics covered on what’s an NFT
- What inspired Julian’s interest in using technology to make art
- How Julian defines the terms non-fungible and token
- How NFTs are digital assets unique to one artist or artist group
- Why does the scarcity of given NFT benefit both the artist and the collector
- How artists can earn royalties every time their NFT is resold
- Other types of creative projects (beyond imagery) that are being minted as NFTs
- The potential for companies to use NFTs for marketing
- The collaborative nature of the NFT art community
- How Julian thinks about the concerns re: people stealing NFT artwork
- How to mitigate the ecological impact of minting NFTs
- What queer artists can do to overcome the financial barriers to creating NFTs
- What to consider before you start investing in NFTs