So this happened last year. I was working as a bartender in this kinda fancy bar in LA where a lot of people come to show off. You get influencers, actors, TikTok people… that kind of crowd. One Friday night, this guy comes in with a girl. He looked like some Hollywood dude. Tall, kinda flashy, wearing expensive shit, beard perfectly trimmed, just screaming “I think I’m important.” The girl he was with was one of those types that look like they live on Instagram. She didn’t say much. He, on the other hand, was being loud and acting like he owned the place. Demanding a table that was already reserved, talking down to waitresses, trying to be funny but really just being a jerk. Then he said something to my coworker (who’s really sweet btw) like: Are your hands good for anything other than pouring drinks? She just looked shocked. I saw red. I told him, Yo man, maybe treat people like people, not like background extras in your life. He gave me that look like, you don’t know who you’re tal...
Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after Christie's auction house sold the first-ever NFT artwork — a collage of images by digital artist Beeple for a whopping $69.3 million — NFTs have suddenly captured the world's attention.
So what are NFTs?
In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain. Unlike traditional, fungible tokens, every NFT is unique and cannot be duplicated.
The idea of non-fungible tokens used to strike me as quirky and kind of odd — but after attending the very first Non-Fungible Summit in Brooklyn last week, I have a deep appreciation for NFTs now. The event brought together some of the best thinkers on the subject from all over the world; I even learned about NFT's potential use cases from Lebanon . It certainly became my HMD (heart, mind, body) theater trip.
I made tons of new friends there — people from Fusion BlockChain Space , a VR program to put "virtual architecture into real buildings," mixing video game technology with blockchain business solutions; Florian Glatz whose art piece is a story mapping app that helps people discover stories within their provenance by tracking artifacts natively on DLT; and Radosław Nowakowski , founder at Coderz , one of Warsaw's most famous demo programmers in 80's and early 90's, now used to be the lead architect at Solidity Studio. I also reconnected with old friends — folks who are creating great products / services that benefit communities in Asia, Africa and Latin America.
Even Richard Brown , CEO of Maecenas blockchain art gallery had a nice chat with me; one of the more significant obstacle for non-institutional investors to invest via blockchain is liquidity . By market cap, there are estimated to be around $1 billion worth NFTs on various blockchains; at Maecenas' auction last December, only 3 out of 49 pieces were bought with Bitcoin; remaining works were traded for fiat currency. I've been told that the lack of public awareness via education on this subject and lack of regulation may lead to unintended consequence—scams and money laundering, but that's something we can fix soon maybe through rigorous discussion in this Non-Fungible Community.
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