NFT Art And Photo Minting
I wanted to write today about some information coming out about NFT’s. A significant bit of news in the digital art market in the last couple of weeks. It might be a short-term bubble. These non-fungible tokens are this weird and abstract idea that I don’t think we’ve seen explored yet. It’s going to make sense in the future, probably for digital spaces.
It’s also kind of a strange idea. These NFT’s, these non-fungible tokens, are blockchain-backed pieces of art built into a smart contract so you can have information about it. It’s proof of origin to the owner. The smart contract is supposed to be what makes it valuable and unique. These go up on markets. Art collectors are purchasing these digital art pieces to be individual pieces of digital art.
Grimes put out a piece of digital artwork in the art market, a collection of digital paintings, and it has sold for millions of dollars. Lindsay Lohan put out a picture of herself with an Ethereum diamond in front of her face that sold for $17,000. Kings of Leon was the first to put out an NFT album and NFT collectible band memorabilia. I think it was through yellow heart.io. This company partnered with to do an NFT release of their album.
William Shatner put out an NFT collection of collectible works of art throughout his career. The NBA put out top shots, which is like a collectible Hi, highlight reel of different pieces of the games this year. Other trading cards have come out various selling video game tools or video game assets that you can buy and then transfer in a wallet to the game and then apply special tools.
It goes up in value; a few different people have made a lot of money trying to sell these NFT pieces of rare art they’re creating. So it’ll be interesting to see how it plays out. I think it’s related to the big boost that we’ve seen in Ethereum And Bitcoin in the last couple of months, where people had a lot of money or many assets in Ethereum and Bitcoin. So they were able to put that into these collectible pieces of art.
In 2019 I talked a bit about the distributed apps and the interplanetary file system. Billy Newman Photo Podcast | 141 DAPPS It’s different; it’s more blockchain but related to using some distributed web stuff to do interesting distributed sales and tools. It’s getting a lot of attention from digital artists as an opportunity to be a new avenue to sell art and evaluate collectible art.
I’m looking at a couple of ways photographers tried to apply this to set up their photos or see them as a collection of pictures, e-book. Billy Newman Photo Podcast | 180 NFT Art And Photo Minting. I haven’t seen anybody be specifically successful with any one way of doing it yet. It makes sense for a lot of artists. For example, I’m going to set up a gallery of some of my photographs; A limited run as NFT’s. It seems like an analog to the same function that you have with the stock photography market. You’d buy a photo, receive the file, and have the right to use that photo. To purchase an image or a digital print from my website and then receive another analog to achieve that same thing.
It’s early days, and it was abstract to talk about Bitcoin early on; it’s perhaps still too odd and abstract to talk about NFT’s and unique pieces of digital art as having equity in the digital virtual reality space. Maybe that’ll make more sense in 15 years, but right now, it seems like why how you get the accurate equity in a digital asset. If you can, duplicate it and copy it. Even though you have a smart contract that says, You’re the original owner. You can select a smart contract for a specific print; whatever digital version has a locked content that you can purchase and then have as a collectible.
I think it will be a bubble since it doesn’t seem to hold tightly to the value of stuff on the blockchain. So it’s challenging to Infuse the piece of art with a high price that could suddenly drop and be almost valueless if there’s no other buyer in the market to repurchase it. So it seems like right now, there’s a lot of liquidity in it because there’s a lot of art collectors with a lot of Ethereum cash that is trying to do a quick flip of stuff to see collectible items escalate and value. So there are going to be some risks and some big winners in that.