NFT Art – Blockchain Digital Collectives – Non-Fungible Tokens Research Film by Dinis Guarda
produced with openbusinesscouncil.org/summit
citiesabc.com
Non-fungible tokens – NFTs are scarce digital cryptographic assets.
One of the fundamental characteristics of the internet is the
zero marginal cost to replicate something.
NFTs are unique digital assets that run on the same technology – blockchains as cryptocurrency but are fundamentally different.
Cryptokitty was the first NFTs serious case.
Cryptocurrencies, like Bitcoin, are fungible.
That means in the case of NFTs they are equal in value and interchangeable.
The lack of digital scarcity in the creator economy is one of the main reasons people have slowly but surely been gravitating to NFTs as a possible solution.
There’s a clear record of each bitcoin but one bitcoin equals one bitcoin, no matter who owns it.
NFTs, as the name suggests, are non-fungible, which means no NFT is the same.
Think of NFT as festival tickets.
Each ticket – NFT contains specific information including the purchaser’s name, the date of the event and the venue.
The main properties of NFTs is that they’re:
Indivisible
Verifiable
Indestructible
Indivisible:
NFTs can’t be broken down into fractions, unlike Crypto. In other words: you either own a whole NFT, or you don’t own it at all.
Verifiable:
Each NFT is unique and comes with a unique identifier that specifies who owns it, when they bought it, and from whom.
Indestructible:
NFTs leverage blockchain and smart contracts technology, which means ‘they cannot be destroyed, removed or replicated.’
How Do NFTs Work?
NFTs, like cryptocurrency, are powered by blockchain technology.
NFT summary:
NFTs create digital scarcity for art peaces and collectives where there was none. The fact that you can screenshot them, for example, doesn’t really matter.
Think about NFT this way:
is a perfect copy of one of a Picasso, Rembrant, or a Van Gogh’s painting worth the same as the real thing?
And NFT come with an added bonus:
NFTs can be designed to pay their creators a cryptocurrency fee every time they change hands.
If for example a buyer of NFT of the creator’s pieces resells it, the creator automatically receives 10 percent of the price paid.
NFT Marketplaces Platforms are leading this new wave:
Niftygateway.com
SuperRare.co
OpenSea.io
NFTs are expanding to collectives, music:
Kings of Leon launched an album as NFT and Basketbal collectives
6 powerful artists on NFT:
Grimes
Beeple;
Blake Kathryn;
Giant Swan;
Kings of Leon;
Dream Catcher Auction by Steve Aoki x Antoni Tudisco
Grimes:
Claire Elise Boucher known as Grimes, is a Canadian musician, singer, songwriter, record producer, music video director, and visual artist.
Sold around $5.8 million worth of digital artworks.
A series of 10 pieces went up for sale on Nifty Gateway on February 28th.
Beeple:
Digital artist and graphic designer, known for creating a Flying Lotus video and concert visuals for Nicki Minaj and Eminem.
Art NFT crypto sale: $3.5 million
Instagram followers: 1.7 million
NFTs had a watershed moment in 2021, which has seen digital NFT art sales grew by 2,800% to over near $200 million.
Digital Arts NFTs and other crypto collectives have Exploded — but the Growth Potential Is Still in its infancy and for now Off the Charts!
A short educational film written,
produced, directed by
Dinis Guarda
for openbusinesscouncil.org/summit
citiesabc.com
with intelligenthq.com fashionabc.org
hedgethink.com tradersdna.com
part of ztudium.com techabc.org