The First NFT Gallery Opens in the Heart of Prague

Photo: Derek Halsey

NFTs, or non-fungible tokens, have revolutionized the digital art world. The unique signature keys associated with NFTs have created a new cryptocurrency marketplace. 

Crypto Portal, housed in a medieval basement in the heart of Old Town Square, features NFTs from a range of well-known local and international artists, including @jessicatichio, @solos.nft, @iamautomobilist, and @ivonatau.

Prague’s NFT Gallery houses 40 screens in 12th-century basements of IAM Prague.

For all visitors of IAM Prague, the entrance to the NFT gallery is going to be free of charge. Working hours are daily from 9.00 a.m. until 7.00 pm.m

What is an NFT?

Non-Fungible Tokens: NFTs are digital tokens. These unique tokens are packaged with digital art, collectibles, music, and even virtual land.

Like cryptocurrencies, NFTs utilize blockchain technology, in this case, to establish verified, public proof of ownership of the digital collectible, along with a record of all transactions. The initial proliferation of NFTs happened on the Ethereum network, though NFTs are becoming more widely available on other blockchain networks.

Why buy NFTs

The sale of NFTs can empower artists and creators by enabling them to reach larger audiences, bypassing the need for physical sales or gallery involvement, and helping protect the uniqueness of their work.

What’s more, through the use of smart contracts, where the terms of the agreement are coded, many creators are able to profit off their own work in perpetuity, as they can retain a percentage of any future sales.

NFTs can rise in value depending on the artist’s style, success or ingenuity. Potential buyers, however, should understand the potential risks involved, as the NFT space is not immune to the speculation and volatility associated with cryptocurrencies.

Address: Staroměstské nám. 24, across the Astronomical Clock
Tickets: FREE entry until the end of November

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