Affectionately called “Nifties”, these non-fungible tokens (NFTs) are on the rise. And as we like to ride the wave of new technologies, we send you our thoughts on this phenomenon, which is reshaping both our habits of consumption and the way we deal with digital objects. The summer continues in real life (IRL), and we would almost tan under the lights of our screens illuminated by NFTs and the possibilities that open up to digital art!
NFT, Enchanted
With the advent of crypto-currencies, digital assets born out of the blockchain, the creators and the artists now have a new technology to value their work. The stories are already mythical. At the top of the list is Beeple. Mike Winkelmann, aka Beeple, has made a name for himself by producing digitally accessible work for free to Internet users. And thanks to the internal acceleration capacity, he became a very popular artist, like Jeff Koons. He notably sold a digital collage of his works via Christies for $69 million.
Beeple (b. 1981), EVERYDAYS: THE FIRST 5000 DAYS, 2021. Non-fungible token (jpg). 21,069 x 21,069 pixels (319,168,313 bytes). Minted on 16 February 2021. Sold for $69,346,250 in a single lot sale concurrently with First Open.
With an example, it’s better?
The “CryptoPunks” are an example of a historical use of NFTs. They are a series of pixelated portraits that have “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain,” say their creators Larva Labs. The figures have monetary and social value, and it’s tasteful to sport a CryptoPunk as a profile picture on social platforms. There are several classes of CryptoPunk, from the least to the rare—Male, Female, Zombie, Ape, Alien. They address different attributes (hair, accessories, etc.), which are cumulative and will define the value and rarity of the file. At 24×24 pixels, the characters have inspired many crypto-artistic projects and are among the most expensive NFTs.
Some of the 10,000 CryptoPunks
The NFT recipe
A Niftie, it is made? Yes my captain! In a classic way, everyone can put online his or her work on a platform specialized in crypto-art and medium financing in crypto-currency. In return, the creation is associated with a token and it will not be reproducible because a token is similar to one that is impossible to forge. For more details about the functioning of this type of transactions, articles like this one are to be read! You will learn about the different uses of Nifties and become familiar with some case studies.
What is the meaning of NFT?
Buying artworks in digital format and digitally designed makes us “consume” art in a different way and makes our relationship with the digital evolve by materializing it. The Internet has known us better than our mothers for a long time, and if our personalities live online, social networks, as well as our online presence through collected artworks is a sign of our extimacy. With the dematerialization of our lifestyles, the ownership of digital works is de facto an alternative business model for cultural professionals, and much, much more. CreativeTech deciphers for you the stakes of the Nifties in its Creative Bubbles ! Interested? Contact us!
And the matter was
These crypto-makers are diverse and often audacious: some will build up a heritage comprising GIFs and JPEGs; others will collect to diffuse virtual culture in their own dematerialized gallery. There are also art professionals whose objective is to bring the Nifites in physical exhibition places . . . . The loop is closed. Well, almost.
Freepik
Why it inspires us us
In addition to inspiring a multitude of humans to create as well as disseminate, crypto-art let us imagine innovative sharing channels. Spaces crossing physical and digital art, the use of VR at scale 1 to discover NFT in “real conditions”, the implementation of revolutionary virtual spaces . . . . Sweet dreams! And to know everything about the Nifties, the CreativeTech team is at your disposal!
See you soon for new adventures and especially take care of the collective!