NFTs and Finding Dori’s NFTs
1. What is an NFT?
Literally speaking, NFT stands for “Non-Fungible Token.” NFTs are unique digital items that leverage blockchain technology and have become one of the hottest items in the blockchain and art space over the past year. To understand the implications of NFTs being “non-fungible” in nature, it is helpful to first understand what it means for an item to be “fungible”.
A fungible item is anything that is interchangeable – it holds no special value or unique qualities which distinguish it from another of the same. This means that two fungible items can be exchanged for one another without any financial consequence. For example, a dollar bill is a fungible item since there is no difference in value between two different dollar bills-both are functionally worth $1-nor is either unique in any way.
“Non-fungible” items are any items that provide value because they hold some sort of unique characteristic or attribute. Art pieces are an example of non-fungible items because each piece has its own unique appearance, quality, and story which makes it one-of-a-kind.
Since the advent of the computer, artists have been using computer technology to create meaningful “non-fungible” art pieces. However, there was never an easy way to prove who the owner of a given piece was, since everything existed digitally. The breakthrough of blockchain technology has, for the first time, given ownership and transferability rights to digital art pieces.
Today, NFTs represent an exciting opportunity for both artists and collectors alike. This has launched a cultural transformation as the domain of art has transcended into the digital space.
2. What renders an NFT valuable (generally and with respect to Dori’s portfolio)?
NFTs have, for the first time, brought both ownership and transfer rights to digital items. Ownership over something completely unique, such as an NFT, is appealing to just about anyone – whether an investor, a traditional art collector or an everyday person who wishes to own a piece of art that is meaningful to him/her. NFTs have also been increasingly used as vehicles for people to support charitable causes they believe in, and the collection of such has helped create communities where individuals with shared interests can convene.
As an illustrator whose original works have rarely ever been made available for sale, as well as a creator of unique NFTs, Dori has married the two worlds by creating a portfolio of pieces whose worth is heightened on numerous levels:
- A true one-of-a-kind piece: Each of Dori’s NFTs available for purchase is one-of-a-kind. Every NFT will exist as a unique piece of digital art, minted to the blockchain, verifying both the ownership and proof of authenticity to the owner.
- A unique medium of art: Dori’s work also represents the best of both worlds from an art investment. Each of her works incorporates her original, hand-drawn illustrations, including some of the first-of-its-kind in the NFT space.
- Combination of digital and physical art: In addition to receiving the NFT, the purchaser will also receive a diamond-cut, gallery-quality acrylic block of the NFT image bought. In addition, collectors have the option-for the very first time-to purchase the physical piece (separately) from Dori. (Please note: in order to receive the acrylic block, an appropriate mailing address must be shared).
- Supporting a greater cause: As with all forms of artwork found in Dori’s portfolio, her NFT collection is mission-driven. 51% will be donated to charities providing advocacy for those in need of representation, including Everytown For Gun Safety (everytown.org); The Lawyering Project (lawyeringproject.org); and Women’s International League for Peace and Freedom (peacewomen.org).
3. How to Purchase an NFT (generally and with respect to Dori’s pieces):
In order to purchase an NFT, one first needs to set up a cryptocurrency wallet. There are numerous resources relative to such; one may follow these steps to create a Coinbase Wallet or Metamask wallet. For help setting up a Coinbase Wallet, follow along with the tutorial here. For help on setting up a Metamask wallet, click here to see instructional video.
Within the wallet, purchase the desired amount of ETH. ETH is the cryptocurrency that will be used to bid on one of Dori’s NFTs. On both Metamask and Coinbase Wallet, you can connect to your credit card or bank account to purchase cryptocurrency. Follow the tutorials linked above for more information.
Dori’s collection of NFTs is available for purchase at Foundation. The only place to safely purchase one or more of Dori’s NFTs is through the attached link, which is available throughout her website and on her Instagram or LinkedIn accounts.
4. Additional, important vocabulary:
- Foundation is the online marketplace where Dori’s NFT portfolio is available for sale.
- Blockchain refers to the type of database used to create, store and transfer NFTs. A blockchain stores information electronically in digital format; such technology rose to prominence with Bitcoin, as it provides a secure and decentralized record of transactions. Unlike other types of databases where information is stored, the information maintained in a blockchain may be recorded and distributed but not edited, adding a heightened level of fidelity to data stored therein.
- Cryptocurrency is a form of digital currency used to purchase (among other things) NFTs. Different platforms where NFTs are sold accept different types of cryptocurrency, such as “Ether” or “Eth”. In Foundation, for example, where Dori’s NFTs are located, “Ether” or “ETH” is the accepted form of cryptocurrency. Bitcoin is another popular form of cryptocurrency.
- Ethereum is the first-ever programmable blockchain which allowed for the creation and transfer of NFTs. “ETH” is the cryptocurrency used to purchase NFTs on the Ethereum Blockchain where Dori’s NFT portfolio is located.
- Minting is the process that a digital item-whether a photo, a video, or something else-undergoes to be converted into an NFT. Once an NFT is minted, the ownership record of the item is established. After that point, the owner can sell the item, transfer it to someone else, or keep it themselves.
- Gas fees can be thought of as a transaction cost similar to that of a credit card, or shipping/handling costs associated with an in-person or other online purchase.