By now you've probably heard more than one story about someone becoming a millionaire by selling NFTs but for probably most people, this emerging technology and economic system is still very confusing. What are NFTs, exactly? Art? Currency? And how are people making millions of dollars from them? While the obvious question for most people, "why can't I just screenshot the graphic and use it?” seems legitimately valid, the system doesn't work that way (that's what the experts say, at least).
But don't worry, being confused makes you part of the majority, not the minority. So let's break it down, shall we?
NFT stands for non-fungible token, and non-fungible means it's unique and can't be replaced, so for example, a bitcoin is fungible; you can exchange one for another. Think of NFTs as your favorite collectible item; you couldn't change that exact same item for another one that's the same; you could change it for a different one, but not the same one. Like this article from The Verge says, "...to put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.”
Hope that didn't make it more confusing, moving on. NFTs are part of the Ethereum blockchain, which is a cryptocurrency. Again NFTs can be anything digital, but the hype right now is around digital art.
Some say it's ruining fine art, some say it's revolutionizing it, but regardless of what camp you land in, many are making money from them. There's a lot more to NFTs but now that the basics are out of the way, the next important topic is who are the Latinx artists making an impact in the NFT community?
We’re here to learn, build wealth, and to support.
Day of the Dead Project
David Galan, an avid Crypto investor, saw the opportunity to fill in a gap in the NFT community with art that came from his culture. He partnered with Armando Parilla, a graphic designer, to create The Day of the Dead project whch allowed them to share his Mexican Heritage through La Catrina, the skull image typical of this celebration. Galan said, "We really wanted to do something that was different, The reason we choose the Day of the Dead is that it means something to all of us." Their art has gathered a strong following and includes 7,777 NFTs. According to Galan, this is only the beginning of a huge digital project.
Generacion
Jesus Martinez has become one of the most popular Latino artists in the community. Martinez, who has been taking art classes since high school, started selling his art as NFTs in 2021. For him, the artwork is all about storytelling, and so his artwork includes landscapes, animations, and abstract art, all of which have a story to tell. His rapid success has become an inspiring story to many, and Martinez hopes to inspire other people of color to give this digital world a try. His most famous artwork, named Genesis, sold for $80,000. He also seeks to help those who need it with his earnings giving him the purpose of becoming a great altruist.
NFTs are a way to express art and a way to generate wealth. Learning about them can help Latinx artists overcome the financial challenges that come with trying to make it in the art world. USA Today reported "that minority investors are more likely to outpace white investors in owning digital currency." So amigas, what are your thoughts on NFTs? It’s time Latinas took their place in the NFT world too.