NFT: the new art

NFT (acronym for non fungible tokens ) is the new art of the year 2022 and will certainly be, for some, a huge business opportunity to be put in phase with the technological developments of the crypto and metaverse world.

But what exactly are NFTs?

NFT are digital certificates of authenticity that represent a new frontier for art. Through the blockchain , that is a digital data register that cannot be modified, they establish the uniqueness and ownership of an online work , which in itself can be reproduced by everyone and endlessly. The token , from now on, can be exchanged on dedicated marketplaces. The data is grouped into blocks concatenated in chronological order and the encryption guarantees its absolute integrity; precisely for this reason they are much more reliable than cryptocurrencies “.

Drawings, gifs, videos, everything can become an NFT, as long as it is digital.

Like any novelty, they were greeted with skepticism, defining them as simple Jpgs that can be saved with the right mouse button. But the reality is quite different: each NFT opens, to owners only, the doors to a private community that gives access to exclusive features “.

Where are NFTs located?

There are different platforms on which to buy or sell NFTs ; currently the most popular is OpenSea : Transactions take place in cryptocurrency, so you need to have a digital wallet.

The first ever NFT

McCoy’s Quantum is the pixelated image of an octagon filled with concentric circles that hypnotically pulsate in different fluorescent hues, and is the pioneering work of this new art. The artist “coined” the token on the Namecoin blockchain on May 2, 2014, using technology he developed with programmer Anil dash, envisioning a system that would allow digital artists to sell, track and take ownership of their works, often shared on platforms such as Tumblr without credit or attribution. Quantum grossed $ 1.4 million at the close of the Sotheby’s Natively Digital auction. The buyer, known as Syllituna, then sold a CryptoPunk NFT from his collection at the same auction for $ 11.8 million.

There are thousands of CryptoPunks , but no two are exactly alike.

CryptoPunks developers Larva Labs report that “punks” generated a total sales volume of $ 26 million: over the past year, the average selling price of punks was $ 6,199 .

Each punk has unique attributes, such as background color, accessories, and even some ultra-rare features, such as an “alien” or “zombie” appearance.

The Bored Ape Yacht Club

The Bored Ape Yacht Club , as the New York Times states, is a strange combination of a unique online community, a group of shareholders and an association of art enthusiasts.

In fact, the monkeys were presented as digital alter egos necessary to have access to the “club”. The choice of the animal falls on a play on words with the expression “aping it” (used in the context of NFTs and cryptocurrencies in reference to the loss of a lot of money), the other on the fact that … we both like monkeys.

The NFT of each of the 10 thousand monkeys was sold for less than 200 dollars, but then what always happens with this kind of phenomena happened: to determine the value were the subsequent transactions, those of the so-called secondary market , resold several times, with different prices depending on their characteristics.
The monkeys are all different in appearance, position and clothing, but some are more different, and are therefore worth more.

I founders of Bored Ape Yacht Club have left users creative rights and freedoms over every single monkey. In other words, the owner of a particular monkey can make it become a logo, print it on T-shirts or make it the protagonist of a story, give it a name and a digital identity, b while benefiting at the same time from the gain in image and relevance of all the monkeys as a whole.

Recently, for example, they signed an agreement with Adidas, u na of these monkeys is over </ span> on the cover of Rolling Stone and others have formed a band.

Conclusions

I will continue to follow this story with great interest and to publish updates, so always follow me! 🙂

Until next time!