Tag: nfts
Officially-Licensed NFT Platform OWNIC to Revolutionize Collectible Sports Cards With Dynamic NFTs
Will NFTs Replace Conventional Art?
Will NFT’s Replace Art ? — Dusable Lewis | Podcast on Spotify — open.spotify.com
Listen to this episode from Dusable Lewis on Spotify. dusablelewis.com
Are nft’s used for art theft? Some would say yes, it’s actually the wild west when it comes to plagiarism and blatant ripoffs.
•How are thieves using NFTs to steal art?
Since most storefronts for NFTs are automated and only verified by blockchain there’s no person verifying the legitimacy of these works of art. Subsequently this results in rampant theft of other people’s art. Each storefront is self-contained and does not interact with other ones, for example if you post a one-time purchase on opensea.com you can post it to other storefronts as well. Now one of a kind nft is owned by multiple people which is not ideal. It’s actually quite dishonest that you can post an nft as one of a kind on multiple platforms and there can be multiple owners of that nft. And yes you could always make a legal claim but it’ll be very difficult with digital art because verifying who created it is almost impossible.
•Why don’t people talk about nft theft?
People don’t talk about ntfs being used for theft because they are in the honeymoon phase, they believe that it’s the next big thing and it’s making art more accessible to more people. Although that couldn’t be any further from the truth because you can never replace physical art with letters and numbers on a computer. Millions of people can download the image of an nft. Technically you are supposed to be able to verify who’s a real owner who’s not but nobody’s going to have someone open up an application and prove it. Nobody talks about nft’s being used for theft because nobody wants to be shunned. Nobody wants to be an outcast for going against the masses that support it.
•How can we stop neft theft?
When it comes to the stealing of art we have always had ways to verify what’s real and what’s not. There are thousands of tools used just for the purpose of distinguishing fake from real art but that’s only in the physical form. When it comes to digital art it’s really hard to determine who it belongs to or who even made it originally. When it comes to digital art we have to go buy who uploaded the image first and that does not determine who made the image it only determines who was the quickest to upload it to the internet. There’s no way to truly know who made a piece of digital art, you can only know who uploaded it first. You can make the argument that someone could steal a physical piece of art and sell it as their own but people are more likely to steal digital assets than physical ones. There is truly no way to stop the theft of art in the nft market. There isn’t even a way to track who bought what or who truly uploaded it.
•Are nfts used for money laundering?
Art has a bad reputation for being used for money laundering and ntfs are no different. For a long time the rich have used art as a way to escape taxes and other financial responsibilities. It has also been used historically to boost the sales of specific artists that a rich person might like. Rich people using their money in a rotating door manner to boost numbers for their friends and family has always been the thing in many other categories like film and music but it’s the easiest to pull off with art. People can hear a song and know that it’s terrible or watch a film and know that it’s awful but it’s not as easy to tell someone that their art is bad because it is a lot more subjective than other forms of visual or audible art. When it comes to art, whether digital or physical, is the most subjective thing on the planet. A banana taped to a wall literally sold for millions of dollars….. Need I say more?
•Will ntfs replace physical art?
Physical art has been around since before humankind and is not going anywhere anytime soon. You cannot decorate your house with ntfs and that alone will never allow digital art to take over physical art. Although both physical and digital have issues with plagiarism digital art assets can never truly be one of a kind because anyone can copy and paste it from the internet. If you want to make a fake a physical art you have to actually sit down and make it which is not as easy as copying and pasting from the internet. So that there’s no digital arts will never take over physical art
We could be plunged into the dark ages at any moment and there will be no digital art… only physical.
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Will NFTs Replace Conventional Art? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.
Exclusive: World’s first Microsoft Excel spreadsheet NFTs go on sale, with a twist
NFTs explained
‘Hey, babe, how about I get you an NFT for your birthday? My girlfriend asked after dinner last night. ‘Or I can make NFT of you.’
‘What? You know what an NFT is?
‘Sure I do.’
‘And I thought I was the only web3 nerd around here.’
‘No, you’re the only web3 nerd around here, she said, rolling her eyes, ‘but after seeing on the news that Meta expanded their NFT support on Instagram to 100 countries, and that TiffanyAndCo made $12.5M in their NFT sellout, I decided to look up NFTs. After hours of research, I think I’m good.’
‘Alright, explain it to me like I was 10.’
‘Cool, let’s start from the basics.’
What is an NFT
NFTs are digital (or physical) objects you can own. Their ownership is traceable to the blockchain.
NFTs are a way to make digital assets ownable.
NFT stands for Non-fungible token.
Non-fungible means that it’s unique and irreplaceable. For example, you can trade a $10 bill for a similar $10 bill. They’re fungible. But you can’t do that with an NFT. If you exchange it for another, you’ll get something different.
Why do NFTs matter?
NFTs allow anyone to permissionlessly own, issue, store, or trade them.
NFTs make it possible to own an asset without a third-party intermediary.
In the traditional world, you’d depend on the bank or a property registry to maintain the ledger of a property. But NFTs make intermediaries irrelevant.
Before NFTs, we usually made money on big platforms like Facebook, Spotify, etc., through services like ads, publishing, etc. These companies are in control. They take most of the revenues and can decide to ban anyone from their platform. The only way creatives could get to their fans was through these companies. But NFTs help creators connect with their fans.
Also, you don’t own the characters in a traditional video game like Super Mario. You only use them in-game. You can’t sell them, or move them to your wallet. But with NFTs, you can do all these things. You can buy an object, use it in-game, store it in your wallet, plug it into decentralized platforms, trade it with anyone in the world, or even use it as collateral. And you can do all these without needing anyone’s permission.
Let’s further look at how NFTs matter to a creator, a fan, and a collector.
Creators
The point of NFTs to creators is that they allow them to connect to their fans. NFTs also let them sell work for which there might not be a market. For example, before NFTs, if you designed cool stickers or memes, there was no way to sell them. But NFTs helped Chis Torres sell his Nyan Cat meme.
Chris Torres created Nyan Cat (an animated cartoon cat with a Pop-Tart for a torso flying through space and leaving a rainbow trail behind) in 2011 and sold it as an NFT in 2021 for nearly $600k!
Insane right?
According to Torres, crypto art and NFTs offer meme creators an opportunity to earn from their work that would have spread freely online.
“It gives power to the creator. The creator originally owns it, and then they can sell it and directly monetize and have recognition for their work.”
Also, some NFT marketplaces allow artists to gain commission on their NFT each time it exchanges hands. As an artist, you can program your NFT so you’ll earn a commission each time a new buyer buys the NFT.
You can do this in an automated and transparent way.
Fans
NFTs let you appreciate and support your favorite artists. Also, when you buy an NFT, there’s evidence on the blockchain that it belongs to you. You can resell it, hold it, upload it online as your profile picture, or use it in-game. You have the freedom and choice to do whatever you like.
Collectors
NFTs can work as other speculative assets. You can buy them, hold them, and hope the value increases so you can sell them at a profit.
How do NFTs work?
NFTs are great applications for blockchain technology.
A blockchain is a digital ledger that has computational powers. It is decentralized, distributed, secure, and public.
NFTs are parts of different blockchains like Ethereum, Polygon, Binance Smart Chain, and Solana.
The blockchain ensures the permanence of NFTs. This means that when you buy an NFT, that NFT is yours until you give it away.
When you decide to put your work on the blockchain as an NFT, you’ll first have to ‘mint’ it.
Minting is interacting with the smart contract of the blockchain. There are different marketplaces where you can easily mint your NFTs. They let you select other attributes of your NFT. Like the name, price, the types of royalties involved in case of a secondary sale, etc.
To mint an NFT, you must set up a crypto wallet like Metamask. Then you’ll add about $50-$100 worth of ETH or any other token (depending on the blockchain you’re using) to your wallet to cover transaction fees. After these steps, you can head to an NFT marketplace to mint your NFT.
NFT marketplaces
NFT marketplaces allow artists and collectors to buy, create and sell their own NFTs.
Some popular ones include:
- OpenSea
- Foundation
- Rarible
- Mintable.app
- Nifty Gateway
- KnownOrigin
- Fractional.art
- Sorare
- Decentraland
- Async
- Makersplace
- Valuables
- NFTX
- SuperRare
- ZORA
- NIFTEX
- Niftys
- Unicly
- NFTfi
- NBA Top Shot
- Axie Infinity
What can be an NFT
Anything in the world can be an NFT. Anyone can create something unique that someone can own.
Some examples include:
- Art
- Game characters
- Music NFTs
- Books
- Jewelry
- Blog posts
- Tweets
- In-game moments
- Token-gated fitness community
- Token-gated newsletter
The fantastic thing about crypto is it allows people to be creative. We can have all these concepts we never would have thought were possible.
Use cases of NFTs
Some obvious things to do are holding it, selling it, or displaying it to other people. But there are even more innovative things you can do with your NFT like:
- Lending them out,
- Using them as mortgages,
- Borrowing against them,
- Using them as in-game characters.
There are NFT index funds, NFT derivatives, and even fractional ownership of NFTs.
The possibilities of NFTs are endless.
https://medium.com/media/429ef0f31939675d0147881d3e985cfb/href
NFTs explained was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.
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