NFT Packs – Additional Information

This page is intended for buyers and winners of my NFT packs, specially prepared for Kew Art Studio’s Winter 2022 Exhibition. If you are a newcomer to the concepts like NFT, cryptocurrency, blockchain etc. this page will provide the necessary information to understand them better, restore your wallet and start buying and selling NFTs.

I am assuming you are holding an envelope similar to the one below. If you do not have it, then this page is probably not for you.

Your envelope contains the keys to a wallet for Tezos cryptocurrency. In the wallet, you will find four NFTs specially created for this exhibition. Your wallet also contains 2 Tezos of cryptocurrency. This will allow you to buy a few NFTs and also list some of your NFTs for sale.

I have prepared separate documents explaining how to restore your wallet and how to buy/sell NFTs. But before you read them a short introduction to the key concepts will help you to understand them better.

NFT is a new way of buying and selling digital art. It uses blockchain technology and cryptocurrencies to enable this trade.

A Digital Artwork is any artwork that is presented as a computer data file. The most common digital art form is a digital painting or illustration. But there are many other forms of digital art. Digital artwork can be an animation, a photograph, a sound file, a video, a document or even a program.

Digital artwork is different from physical artwork. It can easily be copied and each copy is as good as and indistinguishable from the original. Therefore buying and selling digital art is very complicated. The artist can have the copyright that will protect the work against commercial or unauthorised use, but convincing a buyer to pay for it had always been tricky. For this reason, until NFTs are invented selling digital art often amounted to the selling of the copyright or the right to use. This limited the potential buyers to publishers, web designers etc. The market was limited.

The solution was to associate the digital artwork with an NFT. An NFT (non-fungible token) is a digital ownership certificate stored on a blockchain. A blockchain is a special computer storage that ensures whatever is recorded on it is permanent and secure, everybody can read it but nobody can change it once it is written there. Thus once your ownership of an NFT is recorded on the blockchain, nobody else can touch it until you sell or transfer it to someone else.

For buying and selling a cryptocurrency is used. A cryptocurrency is the same as real money in many aspects. You can hold them in accounts called “wallets“. A wallet is just like a bank account. Then you can pay for things using the money in your wallet, or receive money from others. In our case, we will use the Tezos Cryptocurrency because it is very cheap (1 Tezos is less than 1 pound as of Nov 2022) and it is using less energy compared to other cryptocurrencies. This will allow us to play with NFTs without spending too much and without significant environmental impact.

As I have said above, cryptocurrencies and NFTs are stored in Cryptocurrency Wallets. Your wallet is also stored on the blockchain, which ensures that it will not be tampered with or copied. To access your wallet, you will need to install a wallet software on your computer or mobile device. This software will enable you to reach your wallet to send/receive cryptocurrency and buy/sell/transfer NFTs.

The NFT Pack you have contains the necessary information for one such wallet. Your wallet is already loaded with the NFTs and also 2 Tezos.

If you are not interested in buying new NFTs or selling your NFTs, you do not need to do anything. Your wallet will be yours indefinitely and you can view your collection using the large QR code on the envelope. You can safely share it with your family and friends. They will be able to see your collection but will not be able to do any transactions.

However, if you want to buy new NFTs or sell the ones you hold in your wallet, then you need to access your wallet. You will find instructions on how to do this here. After you gain access to your wallet you need to connect it to an NFT marketplace to buy and sell NFTs. Follow the instructions here to buy a sample NFT and then list it for sale. This will teach you the basic operations.

Welcome to the new art market and have fun.

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