Hello friends,
I went out to dinner this week with a friend who asked how my NFT business is going and then she stated that she still didn’t really understand NFTs nor does she get why you would want one. Ouch. I must admit that I took a little offense. If she still didn’t understand NFTs and she is a friend of mine, I must not be doing a good enough job explaining. So if any of you are thinking the same thing, I hope this does the trick.
Stop thinking of an NFT as a term and start thinking of it simply as a “smartcontract”. It functions just like a regular contract except that it exists digitally. The contract can be restricted with a variety of parameters, it can reward and restrict rights and so on. It can also authenticate a piece of art, a ticket, a song, or other creation as it is paired with that asset indefinitely and always points to its original IP address, interlocking them permanently.
In the future, we probably won’t use the term Non-Fungible Token, because it will be a standard contract for digital assets and for some physical ones where this type of contract is beneficial. For example, Ticketmaster has partnered with Dapper Labs and the Flow Blockchain so that it can issue concert tickets as NFTs. It may take time before all ticket sales will be NFTs, but the idea behind it is that with this new type of contract, Ticketmaster can solve problems like ticketing scams and predatory secondary sales, while concertgoers can keep the NFT as a digital souvenir in their digital wallets.
NFTs can help some industries become more streamlined and help grow their bottom line, while creators benefit from NFTs by having greater personal domain over their original works.
My friend went on to say that she would never think of having digital art in her home. She said, why would I do that? It doesn’t make sense to me. Perhaps digital art isn’t for everyone, but I did point out that she is probably engaged with digital art daily. How so? Well, if you (binge) watch a series or movie, it most likely opens with a theme song and an alluring intro created by a visual media designer. Furthermore, if you scroll through your Instagram or other social media feed, you will be bombarded by ads composed by talented cinematic artists or graphic designers to entice you to shop or buy something. If you walk through a shopping mall, city store fronts or galleries, you will encounter some form of a digital design. We are oblivious to it because it surrounds us; digital media is everywhere, and we are unfazed by it. Just open your eyes to what is staring at you, and you will notice that this is our world. Photos of skylines, sunsets, travel destinations, jewelry, handbags, you name it, has most likely been manipulated by some software or app.
Image by Cho Gi-Seok
We are a society that consumes everything digitally. We are all glued to our computer screens and most things presented are in a digital form. Of course, there is no substitute for paint on canvas, sculpted bronze or stone sculptures, kiln fired ceramics, hand carved wood pieces, ink drawings, but digital art is just another one of the art forms that we should not take for granted. It exists alongside works by traditional artists and should be recognized for its impact and beauty.
I am not suggesting that everyone go out and buy a screen to hang in their homes with digital art pieces scrolling through, but I am suggesting that you may consider it. Think of a digital screen as another option, another avenue to enjoy innovative art that moves or changes or pushes the limits. I have a screen in my living room on the same wall as I have a variety of art pieces and a Sumo book by Annie Leibovitz on a stand. I am always excited to see which NFT will flash on my screen, just as I continue to enjoy the works of art on my wall or flipping through the pages of my book.
Take time to look around. Stop going through the day with your eyes down. Our world is so beautiful, enjoy it and…
Stay Curious!
Iris Pearlman
Ticketmaster Partners With Blockchain Firm Dapper Labs to Issue NFTs for Live Events: The ticket giant recently added a digital wallet feature and marketplace to its website. CoinDesk
FIFA Launches NFT Platform on Algorand in Run-Up to World Cup: The platform will debut later this month and will feature memorable soccer moments, art, and imagery. Decrypt
ConsenSys to Launch ‘Sustainable’ NFTs Celebrating the Ethereum Merge: With the merge just around the corner, ConsenSys is releasing a series of “green” NFTs to usher in the Ethereum upgrade. Decrypt
