Skip to main content

What is NFT ?

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

So my wife’s going to a gala tonight — as her client’s “date.”

I’m 44 and my wife is 44. She works on an art advisory committee, so attending galas, events, and client meetings is part of her job. She often meets clients for coffee, lunch, or dinner, and I don’t always know the details and that’s completely normal because it’s part of her work. She’s always professional, transparent about her friendships, and I trust her judgment completely. Recently, she mentioned she’s going to a gala with a friend, S. He’s a wealthy client she met about a year ago, and they became friends professionally. She introduced me to him once, and he seems like a genuinely good person. He invited her as his “date” to this gala, and my wife said it’s fine. I did ask her though, if she’s actually going as a “date,” and she just laughed and said, “Date doesn’t always mean romantic.” She said it’s important for her she could get networking and meet new people. Then she smiled and said, “If I get into this gala next time, I won’t need to take that man with me, I’ll take you...
Post a Comment
Read more

I accidentally started a fake relationship with my dentist’s nephew and now I have to bring him to my cousin’s wedding

I swear this isn’t as insane as it sounds. Or maybe it is. I don’t know anymore. So I had to get my wisdom teeth pulled last month. All four. It was horrible. I cried when they put the numbing stuff in. Not from pain, just vibes. The dentist was this sweet older guy, probably in his 60s, super gentle, gave dad energy. Anyway, after the whole thing I’m in the waiting room with a mouth full of gauze, looking like a bloated chipmunk and trying not to drool on myself. This guy walks in. Maybe 20-ish. Tall, curly hair, kind of goofy looking but in a hot way. He smiles at me and goes, “You look like you fought a squirrel and lost.” I flip him off. With love. Apparently he’s the dentist’s nephew. He was dropping off lunch or something, I wasn’t listening. I was trying to keep my face from leaking. He sits down and starts chatting with me while I wait for my ride. I don’t say much because again, gauze goblin. But I must’ve made an impression because later that night I get a message on Instagr...
Post a Comment
Read more

A Cinematic Masterpiece: 'Halkara' Deserves More Recognition

 So, the weekend is almost over and Sunday is always special to me. In a sense, I was always wandering, taking myself on a trip to the valley. This story is quite different and interesting. In the middle of my journey, I felt ready and motivated to write about it, so here it goes. This story is about a single movie that inspired me to write. I had no plans to watch a Nepali movie called 'Halkara,' which had recently been released. As I passed by midtown, I wasn't prepared to watch it, but I found myself at the ticket counter buying a ticket for myself. When I bought the ticket, there were only five people who had booked the show, and all the seats were empty. The show was scheduled to start at 12:30 pm, and I entered the hall. Finally, the movie started. I cannot describe how amazing the cinematography, storyline, characters, acting, and overall vibe of this movie were. I still can't believe that this movie didn't receive a good response from...
Post a Comment
Read more