NFTs, or nonfungible tokens, represent a unique relationship between owner, artist and art. They are “digital files created using blockchain computer code… essentially impossible to duplicate” and so can be owned & resold, like any work of art. Anyone can download a copy of the art, but the NFT is unique. Noone cares if the art is copied and disseminated: “Millions of people staring at a piece of digital art make it more valuable for the person who owns it”
Crpto-natives (The Future!) vs. sceptics (just “crypto zealotry … to keep … Ether and Bitcoin prices high”). Environmental costs: Ether’s network consumes similar energy as Hungary, although “NFTs can be verified on Ethereum using … “proof of stake,” which uses as little as 0.01%”.
“Cryptocurrency networks like Ethereum are fairly transparent… transaction records… are publicly visible … but anonymous…
While some brands do capitalize by running cryptocurrency mining scripts in the background of their sites to leverage the computers of their visitors legally, threat actors hack vulnerable sites and insert miners that run surreptitiously or spin up fake, illegitimate websites to siphon money with typosquatting domains and fraudulent branding.
To leverage domains or subdomains that belong, or appear to belong, to major brands with the goal of tricking people into visiting their sites running cryptocurrency mining scripts, these threat actors take advantage of the fact that security teams lack visibility into all the ways that they can be attacked externally. These teams also struggle to understand what belongs to their organization, how it’s connected to the rest of their asset inventory, and what potential vulnerabilities are exposed to compromise.
— Trevor Jones 🎨 (@trevorjonesart) July 25, 2020
Cointelegraph spoke to Trevor Jones, the creator of the record-priced NFT, and the artwork’s buyer, Pablo Rodriguez-Fraile of Museum of Crypto Art, to find out why they believe cryptographic tokens are the future of art.
Sam Haig (SH): How long have you been active in the cryptocurrency and blockchain space?
Trevor Jones (TJ): I don’t have a technical background per se but after a successful solo exhibition at the end of 2016, I had some money to invest, which led me to Bitcoin.
She sold her first NFT in the spring of 2019 for $47 and now supports herself entirely on digital sales. “I certainly don’t blame artists for wanting to get in. The more the merrier.” She just had one piece of advice for artists new to the NFT world: “Don’t let your greed drive, because it’s not a good look.” (Tell that to the artist who recently priced this deeply unpleasant GIF at $1,000 and sold over 300 NFTs.)
“I understand why artists are desperate for some way of surviving,” said Dawson, the cartoonist.
But in his view, the NFT economy is unsustainable. “In the span of three or four weeks I’ve gone from not knowing what this is to seeing people minting garbage images,” he said. “And who is paying who with what?”
Even the middlemen whom NFTs are designed to cut out are trying to understand what this revolution means for them.
Certain platforms also offer artists a guaranteed share in any secondary market sales of their work, after the original transaction.
Where did NFTs come from?
NFTs have been around for several years as an idea. In 2014, artist Kevin McCoy sold a GIF to tech evangelist Anil Dash via the blockchain for a whopping…
$4. The format took off in earnest in late 2017 with the debut of tradeable cartoon cats known as CryptoKitties, which were so popular that they slowed down the Ethereum blockchain platform; they were, as Wired explains, “like Pokémon cards for the bitcoin era.” Today, there are a growing range of NFT marketplaces, such as OpenSea, where Grimes held her auction, and Nifty Gateway, which hosted Ozuna’s (and is backed by the Winklevoss twins).
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Milton originally planned to auction two dozen of his new digital cards, but decided to limit the sale to only a handful after discovering that there weren’t yet many Seminoles fans who had the digital currency or wallets necessary to own an NFT.
College athletes in the future might be best served by including some kind of unique experience or tangible item for fans who purchase their NFTs, says Solo Ceesay, the co-founder of the digital creator marketplace Calaxy. Ceesay, who played football at Penn, said fans can use Calaxy to purchase athlete-specific tokens that give them access to exclusive content, one-on-one interactions or other tangible items authenticated via blockchain.
SH: What was the first NFT you purchased?
PRF: Land acquired during the Decentraland auctions.
Our first piece of crypto art, fittingly enough, was “LADY LUCK” by miss al simpson.
SH: Will you continue to invest in NFTs, and in what ways would you like to see the space evolve over time?
PRF: Of course, we will always be interested in acquiring historic pieces of crypto art for [MOCA].
Shiba Inu SHIBUSD, 0.26 logged a 7.7% loss over the past seven days, trading at around $0.000028.Crypto MetricsBiggest GainersPrice% 7-day returnSecret$8.8532.9%Ecomi$0.007921.4%FTX Token$49.4819.3%Osmosis$10.4913.2%Theta Fuel$0.211.7%Source: CoinGecko as of Jan.20Biggest DeclinersPrice% 7-day returnLoopring$1.21-26%Kadena$8.07-20.5%Internet Computer$28.04-19.5%Gala$0.29-19%THORChain$5.8-16.6%Source: CoinGecko as of Jan.20NFT’s outperformance
Non-fungible tokens, or NFTs, which refer to non-interchangeable digital assets stored on a blockchain, are seeing the boom continue, while the overall crypto market has been sluggish over the past few weeks.
Henkel had allegedly produced counterfeit older memorabilia of Babe Ruth, Lou Gehrig and Willie Mays.
The other was the arrest of Arkansas’ John Rogers, who was sentenced to 12 years in 2017 for masterminding a $23 million fraudulent memorabilia gambit. Rogers had 529 bats seized in an FBI raid and pled guilty to one count of wire fraud relating to a multimillion-dollar sports memorabilia scheme.
Said FBI agent Brian Brisokas in that Washington Post story: “I tell anybody I deal with within the hobby that it’s built on trust: Trust with the buyers, dealers, sellers, graders, auction houses. In order to grain trust, you have to deal above board. If you’re not, other people may make it known you shouldn’t be dealt with.” — Dan Hajducky
You’ve barely mentioned NFTs! Are they just a fad or what?