Uninitiated – a group we belonged to until recently – NFT, or non-figurative tokens, refers to pieces of digital content attached to a blockchain, a cryptocurrency of a digital ledger system, such as Bitcoin and Etherium (ETH). While those cryptocurrencies are figurative, meaning you can trade one bitcoin (or in the IRL world, one dollar) for another equivalent, each NFT is unique. NFTs can take various forms, such as virtual trading cards and other collectibles, tweets and physical objects.
And on the evening of March, we became the latest to click to buy on the piece of digital art – very affordable art, so as not to seize our corporate spending accounts. In the process, we joined not only a growing list of buyers and sellers in these emerging markets, but also a very small community of co-owners for this particular art piece. The new digital family.
The whole piece of digital art
“They allowed me, so I officially became an artist,” he said.
Because every blockchain transaction is permanently recorded and made public, NFT offers a way to value online objects, allowing artists like Shellupin to have more control over what they produce and how much they can earn by selling it.
“It’s a true fit between technology and problems in the industry,” said Tal Ilyashiv, founder and managing partner of venture capital company SpiceC VC, which invests in blockchain startups.
NFTs are also now taking advantage of the “cool factor”, which gives the average Internet user a different way to access cryptocurrencies. “Crypto is already … kind of old, so there’s something new here that is somewhat related to what we can participate in,” Ilyashiv said. “There’s a lot of celebrity factor playing into this too.”
A complex process
There is at least one major hurdle, however: the system for the layout buyer is still notoriously complex, as evidenced by the process of purchasing portraits of our hairless cats.
First, we had to transfer the Ethereum worth Rain 20 from the digital currency exchange Coinbase to a late application called Rainbow, and then connect Rainbow to a well-known origin. We then had to send the 15 et al we needed to buy the artwork of Shelupinin.
But 100 Gwai – a small unit of Etherium – would cost us “gas” to get the NFT instantly, which would be about $ 52. So, because we are cheap and not in a hurry, we have chosen to pay only 5 gwei, but as a result we have been waiting for more than a week and already extra. 10 is spent. Even so, owning one is still beyond the reach of the average person.
“Crypto class made a big mistake, an evolutionary mistake … the whole user interface around it is very difficult and that crypto exists,” Ilyashiv said. “I think we’ll have to wait a while before we see a simpler and more transparent user interface.”
But he believes the shopping experience will improve over time. NFT platforms such as the well-known Origin and OpenSia already look like traditional online shopping, with artwork displayed in the grid and a “Buy Now” or “Submit Bid” button next to them.
And others say the huge popularity of NFTs, no matter how complex they are, is a testament to their power of survival.
“Yeah that’s a barrier, I don’t think anyone disagrees with that,” he said. Pat3 also told Arp that he previously worked as a graphic designer and that he has sold his 2 NTT pieces at about 2 ETH on the well-known origin. “But one of the reasons behind the NFT being blown up early is that most designers … are very technical.”
Community of owners
Pet 3 rpan is also one of the 15 other owners of ‘Little Alien’ artwork, a view possible because it is a virtual part instead of a physical, well-known original, like all blockchain-based platforms, listing all the owners of each part. , With details of when they bought and how much they paid.
Pet 3 Arpan initially didn’t remember buying a portrait of a hairless cat, whenever something catches his eye he accidentally picks up NFT art.
“For me it has always been that we appreciate someone’s work.” Occasionally he will buy NFT in the hope that the price will go up and he can resell at a higher price. “But I don’t really buy for over-investment. In most cases, most of the art I have is because I want to appreciate someone’s work and say, ‘Hey, great stuff, I’m a fan,’ and Buy. ”
We tried to reach out to some other owners of hairless cats, but received no response from them. More than half of them bought the piece a year ago and the most recent purchase was two days ago.
Is the NFT here? To live?
But there is also a more fundamental question for the digital art community: Will the passing of the NFT become a fad? Ilyashiv and others associated with the industry argue that they have come to live here.
“It’s a very relevant technology for a bunch of industries, it will make a huge difference,” Ilyashiv said. “I think it’s very real and I think it has a lot of power.”
“[That] That said, the amount of money in the Ethereum ecosystem must be ‘parked’ somewhere and the NFT is the right place for it. “They are also encouraged that Ethereum developers continue to improve cryptocurrencies to make it more user-friendly,” he said.
“Under such circumstances, it is technically impossible for the NFT market to shrink, it can only increase,” Shelupinin added.
Whether a hairless cat becomes a collection worthy of appreciation over time or just a souvenir of a strange and forgotten internet trend. For now, we all love it equally.
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