You’ve probably heard of NFTs by now… but can someone please better explain?
NTFs (non-fungible tokens ) has become the digital buzzword of 2021 (though they have been incognito since around 2017) and it doesn’t look like the hype for the digital assets is fading anytime soon. From Grimes earning $6 million dollars on artworks to cofounder and CEO of Twitter Jack Dorsey selling his very first tweet from 15 years ago as an NFT for $2,915,835.47. We try to explain best we can what NFTs are.
So, talk to me about NFTs. Are they edible? No, silly! Non-fungible Tokens don’t even exist within an IRL context. These are digital one off which are very sought after and the only best way to describe would be trading an ultra rare pokemon with an average charmander card from your beginners pack. Simply put: NFTs are a one of a kind trading-card but within a digital context.
I don’t get it? Well, neither do I to be honest, but from what I’ve read during my tedious amounts of research on the topic (wikipedia and siri and all the past articles on this, thanks). NFTs are part of a blockchain called Ethereum, which is a cryptocurrency similar to bitcoin or dogecoin, however, NFTs store extra information and do not work not the same as ETH coin..
Oh… Oh indeed.
Well sign me up, can I pick it up from my local restaurant? I’m hungry. Oh wow, rude. You clearly weren’t listening! As I mentioned before, NFTs are (for now) primarily only digital. From music, to voice notes, to drawings to pizza gifs. There seems to be no limit within the digital sphere of what NFTs can be. Though it’s worth mentioning there is a lot of buzz around NFTs and digital art.
Digital art is cool! Now I’m listening. Good for you.
I want to invest in some NFTs. Is there anything good out there? That really depends on your taste. Judging by that attitude, not great! Though there have been some surprising NFTs that have made headlines as of late. For example, Grimes is having a moment via the NFT work she is selling. A 50 second video by the singer sold for a massive $390,000 an-
Excuse me? Exactly, this is serious business. And she also sold a video on Beeple for a mega $6 million dollars.
Wow, Elon was really in a good mood that day. We actually don’t know who bought it and will not make assumptions her billionaire boyfriend tried to create some high level publicity for his baby momma…anyway, NFTs have even been auctioned at the legendary Christies – another video from Beeple was sold for $69 million.
This is madness! Touché mon ami
I have a master plan. I am going to download all the copy files of these artworks and sell them for double the original price – Mwahahaha! Hold your horses! It doesn’t work like that. Copied files are NOT NFTs. They are just your regular jpeg, mov, tiff files. The whole point of the NFT is that it is solely for the one person who owns the digital piece (aside from artist copyright etc). Just like physical artworks, anyone can buy a print of work, but only one can own the original.
Did you say kittens? No, but what you may be referring to are the CryptoKitties. They are considered the first boom in NFTs trades. A cryptokitty is registered to a bitcoin-style database, and can be traded – and ‘bred’ – according to algorithmic rules set down when the CryptoKitties service was set up back in 2017 by the Canadian startup, Dapper Labs. One CryptoKitty lover paid over $170,000.
I still don’t get it tbh. Of course you don’t. Well, it seems now the fashion world has also begun dipping their expensive shoes quite literally into the world of NFTs. Gucci recently created a virtual sneaker, though not an NFT, Robert Triefus, of Gucci’s brand and customer engagement department, told Vogue Business it was “only a matter of time” before it released an NFT. Also another Italian designer, Angelo Galasso, recently collaborated with New Zealand-based digital abstract artist Lee Robinson to launch an NFT series.
How very on trend, do tell. Well so it goes, the series features unique pieces of digital art, alongside a limited series of luxury canvas backpacks, wallets and keychains, handcrafted by Galasso’s team in Italy. When you buy a Robinson artwork, in return you’ll receive Galasso’s monogrammed accessory delivered to your door.
But those are physical pieces? True, you got me on that one! Well, how about this? Last week, the art collective MITNFT, announced a series of NFTs featuring the supermodel Kate Moss. Three artworks – Drive with Kate, Walk with Kate and Sleep with Kate – which, according to Vogue, were shot at her home and sold as a limited edition of one, authenticated by Moss herself.
Love Kate Moss. And a black hoodie has recently just sold for £19,000. The brand, appropriately called Overpriced, sold a virtual black hoodie on the digital art marketplace Blockparty.co to an anonymous bidder who, through scanning a code, who can now “wear” the garment in virtual settings online. Cool, right?
She was great in that Calvin Klein campaign back in the early 90s. I’m still hoping for her and Johnny Depp to reunite. Okay, you’re not listening anymore. I hope I’ve been able to give a little more insight to the world of NFTs. I’m outta here!
Words Sam Kavanagh
