The Yiddish phrase “Luft Gesheft” literally translates to “air business.” It refers to a business that is based on “hot air” without any solid or tangible foundation. That said, in the age of cryptocurrency, virtual reality, online services that have replaced or augmented face to face meetings with professionals or other attendees, online buying that has replaced travel to shops, long lines and also enables you to remain in the comfort of your own home, we now welcome the emerging market of NFT.

What is NFT?

NFT stands for non-fungible (pronounced fŭn′jə-bəl) token. Fungible legally means returnable or negotiable in kind or by substitution. For example, a quantity of rice for an equal amount of the same. Non-fungible token means that the token is non-negotiable and not returnable.

Is NFT Fly by Night?

NFT, while certainly trendy, is blockchain technology, which is a means of validating the integrity of digital data. One cannot create an NFT without a real artist/brand behind it. These are not images created by robotic software but by actual people. A blockchain will prevent any and all alteration to a stored transaction, by immediate detection. Business and economic experts say NFT it is here to stay.

Popular Israeli NFT artists

Popular Israeli artists are getting on board and exploring NFT, a new avenue for exhibiting and selling their creations. Many young people devise all sorts of marketing techniques to raise the demand and value of NFT’s, like buying a piece of original art from a street artist, recording them burning the original piece and then offering its NFT for sale. A gimmick like this can go viral and by attracting the maximum viewers, increase the chances for sales.

Menucha Page is an American-Israel artist whose main medium is light and image manipulation, by expert, professional photography and software with which she creates her works. Her pieces are one of a kind and any future tokens will surely touch the hearts and souls of the observers.

Space Saving

Although creating tokens comes at a price and is by no means cheap, the possibility of creating Non Fungible Tokens (NFT’s) is an amazing opportunity for popular Israeli artists, who often have very limited space to store copies and prints of their own works.

No Need for a Gallery

Think of it as coming upon an artist’s work, whether at a shop, fair, or on the street. If it speaks to you, it is a real find and if it doesn’t, you just go on your way. The same holds true for NFT’s. They do have to be uploaded to platforms, at a price but that is what validates that they are original works.

Educating the Public

Public information can never be underrated and the more NFT’s are out there, the more public awareness they will raise. One who buys an NFT can get it at an unbeatable price and print it out any way he or she wants, or, alternatively, display it digitally on ever ubiquitous screen displays, whether at home or work.