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.
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...
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