Nft rush cryptoartists kickstarted boom

So what are the political or strategic reasons that people invalidate or blame NFTs?” Another artist, Gisel Florez, called the environmental backlash against NFTs “a smear campaign.”

Many of the headlines about NFTs revolve around high-profile personalities that, to me, seem more like conceptual designers than working artists—Pak, one pseudonymous creator (or, it’s rumored, a group of creators), who’s soon to auction an edition through Sotheby’s, told me they’ve never had a foothold in the traditional art world but had been part of the design scene for 20 years. Their work, which frequently features intricate, rotating 3D shapes floating in space, is conceptual, highly designed, and—like many of the most popular crypto artists’—often addresses the digital world as a theme.

Most winners from NFTs are “already winners in the modern attention economy… traditional celebrities and brands…”

NFTs pioneered by Kevin McCoy, who wondered if blockchain could provide “a new revenue stream for creators… enable an artist to sell works to fans directly… collaborating with the entrepreneur Anil Dash, created an experimental crypto token for a piece of his own digital art”. Few understood.

Then Matt Hall and John Watkinson created 10000 collectible characters called CryptoPunks, used Ethereum to create 10000 NFTs, kepy 1000 and allowed others to be claimed for free.

Mashable wrote a story: “within 24 hours they were gone… Owners began reselling … for hundreds of dollars …

then tens and hundreds of thousands of dollars…

If stuff was selling for so much without relinquishing any rights to the work, could a random panel I made translate to money that would actually change my life? But I came to think there are too many complications around the environmental questions, for one, to go ahead with it.”

Those environmental questions are clearly on everyone’s mind; they intersect uncomfortably with the usually progressive politics of the working artists for whom NFTs represent a possible revenue stream. Several of the artists I spoke to acknowledged that NFTs are environmentally problematic, but they also felt that artists, in particular, were being made to answer for their carbon costs while others weren’t.

“There are so many industries that create emissions,” pointed out Frías, “and so many creatives that work within platforms that create emissions that don’t get targeted.

I don’t think that young people have the same outlook on [having a physical object], that something has to be on the wall of your house to have value,” Tedman said. “It’s much simpler for the things you love to be online and go everywhere you go.”

And let’s also not forget the ultimate way humans show off these days: Social media. Buyers can flood Instagram, Twitter, Facebook and TikTok with videos and images of their NFTs in a way nobody can shuttle people into their living room to look at a game-used jersey or autographed ball.

“The biggest way [to show it off] is within social media,” Atallah said.

“If they’re looking at my OpenSea account, they want to go to my Twitter account, they can just click that link in my bio and see what I write in addition to what I own.

The range of applications to music seems widespread but also tangential: Grimes sold images of babies toting spears through space, occasionally with snippets of her music attached, while other NFTs confer their buyers with distinctive album packages or live show perks.

NFTs rely on the blockchain, the same energy-intensive technology that underlies bitcoin and other cryptocurrencies. Blockchain basically amounts to a trusted, tamper-proof ledger, which advocates in the music industry have for years maintained could revolutionize how musicians get paid.
Part of the idea is that if you buy an NFT, you’ll be able to see a list of all the previous owners and be assured the item is exactly as sold. Another advantage is that artists should be able to earn money by making sales directly to fans, rather than through the rigamarole of streaming.

The two things are just a part of social media now.”

There are also smart industry people thinking about broader digital showcase opportunities, too. TopShot has online places where users can browse other collections on the website, and some collectors have set up their own virtual reality galleries of sorts.
— Tom Van Haaren

Now that Name-Image-Likeness restrictions are virtually gone, will there be an NFT boom specific to college athletes?

Florida State quarterback McKenzie Milton leapt at the chance to marry the two most buzzworthy acronyms in sports collectibles this year: NFT and NIL.

Milton announced plans to sell a set of digital trading cards on July 1, just hours after state laws and NCAA rule changes provided college athletes with their first chance to sell the rights to their names, images and likenesses.

Philippines, but as new players dried up, the value of its token – and the rewards – crashed, bringing the market cap of the organisation from $10bn in November to less than $2bn now. A $500m hack in March, attributed to North Korean state-sponsored attackers, has not helped.

But some NFT projects have thrived.

The most prominent, such as Yuga Labs’ Bored Ape Social Club or Proof Collective’s Moonbirds, serve as signifiers of membership to an exclusive club of holders, and as the industry has consolidated around a few large players, interest in their releases has skyrocketed.

When Yuga Labs released its most recent NFT, a set of 55,000 “otherdeeds” representing ownership of virtual land in a forthcoming videogame, the rush to buy the £5,000 tokens was so high that the ethereum blockchain was overwhelmed.

PSA’s biggest competitor, Beckett Grading Services, has also suspended submissions for most collectors, with a Premium service that starts at $125 a card.

If we’re talking about collecting for the sake of collecting, sure, there’s always something to accrue. But whether it’s cards, or the lucrative landscape of NFTs, there just isn’t a lot of room for the non-wealthy (median household income in the U.S.

was still below $70,000 in 2019) to genuinely compete in the hobby right now. As the feeding frenzy of cards settles, that may change.

But for now, landing those $500,000-type cards requires either impressive wealth — or impressive luck.

As new money enters this space, we will be tested, and I hope everyone can remain true to what attracted them here in the first place. If we could make one critique, we would encourage all collectors who are just speculating with assets held in “vaults” to find ways to further prove the use case for NFTs!Related: NFT Week by Cointelegraph Magazine

NFTs are the future of art

SH: What are some of the benefits offered by NFTs that are most appealing to you as an artist?

TJ: Now that I’ve fully got my head around the rare digital art market and art concept, I see so many benefits, especially from the viewpoint of a physical artist/painting like me:

Creating digital animations with soundtracks is super exciting for me.

He had higher than two million followers on Instagram.

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