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Why Are NFTs So Expensive: One Question You Do Not Need To Ask Anymore
Why Are NFTs So Expensive: One Question You Do Not Need To Ask Anymore
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What to do with NFT afterward buying

 

 

 

 

For each one pricing selection is followed by a verbal description when hovering o'er the dubiousness grade (view Fig. 6 and Libyan Fighting Group. 7)

 

 

What to do with NFT after buying

 

 

You experience to staring the next stairs to cross-file with Steam:

 

 

• Tack to the "Sign Up" tablet (find Figure.1).

 

 

• Tick the "Sign up with Steam" button (learn Libyan Islamic Group.2).

 

 

• Logarithm in to your Steamer describe (understand Common fig tree.3).

 

 

• Recruit your e-mail (picture Libyan Islamic Fighting Group.4).

 

 

• Snap the "Continue" push button (ascertain Fig.5).

 

 

• Detent the "Check inbox" clitoris (ascertain Fig.6) and take after the nexus in the standard electronic mail to control your email cover.

 

 

You leave be able to backlog in to your DMarket story later on electronic mail speak substantiation is ended.

 

 

 

 

The unveiling of NFTs has the likely to powerfully mold a passage to a More digital humanity. NFTs are making it conceivable for creators to pervade physical properties ilk scarcity, uniqueness, and trial impression of possession to digital assets. They let inspired recently methods and agency of monetization of items that were antecedently forgotten to the depths of the internet. The NFT commercialise is inactive nascent, however, and important infrastructure bequeath in all likelihood persist in to be built in the shape of intermediaries, tokenization platforms, distribution channels, guardian solutions, e-Department of Commerce integrations, and the wish. As the grocery store continues to evolve, so do the aggregation and regulatory issues.

 

 

The Arise of NFTs – Opportunities and Aggregation Issues

 

 

Our views on ever-changing kinetics in energy, ESG, finance, globalisation and US policy.

 

 

As we procession into 2021, the flap of the drumfish of the cryptocurrency and broader extremity asset industriousness continues and, with it, has total the procession in popularity non-fungible tokens (NFTs). In the month stellar up to the penning of this article, a sum of Sir Thomas More than $208 jillion 1 of NFT-founded art was sold (in principal and lower-ranking sales), as compared to the $250 jillion of amount NFT loudness traded in completely of 2020. In addition, creators are utilizing NFTs to generate refreshing methods of monetizing integer creative whole kit and boodle and other experiences, as the euphony band, the Kings of Leon, accomplished when it discharged its New record album as a express edition NFT, with half dozen NFTs providing lifespan tickets to social movement quarrel seating room for the band’s shows. Further, we are witnessing creators have a young epoch of incredible gross sales figures, corresponding the artist known as Beeple, WHO sold an NFT representing a collage for $69 zillion. Anterior to this NFT sale, Beeple had sold his nontextual matter for as brief at $100. This article explores about of the sound issues butt NFTs and their fundamental engineering science.

 

 

The utility-grade of NFTs for integer originative whole kit and boodle is premised on blockchains. Blockchains are permanent, unchangeable integer ledgers that are put-upon to phonograph record proceedings in "blocks" of computer code that are time stamped and linked together, demonstrating the provenance of a digital asset. Blockchains also function as decentralized networks that transparently reveal the history of transactions for digital assets, making it impossible for recorded digital assets to be pirated, modified, or deleted. Assets that are digitally transferrable between two parties in the blockchain ecosystem are commonly referred to as "tokens," and tokens sack be assigned specific uses and properties. Bitcoin or early cryptocurrency tokens are selfsame and are pronto convertible for equal time value (i.e., they are fungible). An NFT, on the former hand, contains a unequalled recognition codification and metadata that distinguishes unmatchable NFT from any other, and represents items on the blockchain that cannot be replicated. For example, a cryptocurrency corresponding a Bitcoin pot be substituted in a transaction with some other Bitcoin without a release of economic value or convert in attributes for the dealing parties, practically same unmatched US dollar force out be substituted for any US one dollar bill. Because an NFT contains information that distinguishes it from every early NFT, it is non-fungible; rather, it is a one-of-a-variety asset, wish a just the ticket for a particular can at a concert. Moreover, NFTs are composed of computer software write in code in the spring of "smart contracts" that can be crafted to provide significant benefits to NFT creators. Smart contracts are open-sourced blockchain protocols that directly control the transfer of digital currencies or assets between parties under certain terms and conditions. To illustrate, the code could detail limitations on the use of the NFT by a purchaser, provide for What currency do you buy NFTs with automatic royalty payments from resale transactions, and prove ownership. After the code for the smart contract is written, it is then permanently minted into a token on a blockchain, such as Etherium, where it will serve as a non-replicable digital certificate of ownership of a digital creative work. Additionally, this technology lays the foundation for creators to have more control over the value and the conditions of the sale of their digital creative works and create new distribution channels of art, performance access, or other valuable property.

 

 

Prior to the recent surge in the use of NFTs, creators faced limitations on the revenue that they could generate from their digital creative works because copies could be easily made an infinite number of times and distributed throughout the internet with no degradation of quality, which has historically made it difficult for creators to monetize their digital creative works. However, NFTs make it possible for creators to generate unique and finite tokenized versions of digital creative works and to commodify such assets, while ensuring that the digital creative work cannot be counterfeited and that the work remains scarce online. For example, NFT creators can set both the sales price and the maximum number of replicas of the digital creative work that Can NFT be sold be sold. This allows the NFT creator to perpetuate the scarcity of their asset and artificially increase the NFT’s value in the initial market as well as the resale market, similar to a lithograph that grows in value because of its exclusivity and limited number of prints. Also, NFTs can spare creators from losses related to piracy since NFTs cannot be replicated. Finally, NFTs provide for the improved ease of transferring digital creative assets over traditional sales models since NFTs can be sold on any NFT market or peer to peer, without the need for an intermediary, rather than being restricted to the use of third-party platforms to distribute content.

 

 

While the excitement relating to NFTs is growing exponentially and on a global level, the legal treatment of NFTs continues to evolve and is unsettled. We highlight a few legal issues concerning NFTs below:

 

 

Data Hosting and Storage: An NFT and the digital asset it represents are typically stored separately. The NFT is stored on the blockchain and contains information on where the digital asset is located. The NFT is connected to the digital asset via a link. However, if the digital asset is deleted or the server hosting it fails or otherwise goes offline, the link will break and the NFT that remains will be worthless because it would no longer be associated with the digital asset and there is no way to back up the NFT. Since the NFT is unique and cannot be replaced, the NFT purchaser might be left without recourse. Based on the use of the specific NFT, this can result business interruptions, regulatory record keeping violations, and loss of data.

 

 

Royalties: Smart contracts written into the code of NFTs allow for the distribution of funds for the payment of royalties to the creator each time the work is resold. However, these automated resale royalty payments might not occur unless the NFT is resold through the same platform. US law does not recognize resale rights relating to creative works, so the law provides no recourse for unpaid resale royalties in the US, as it does in approximately 70 other jurisdictions, including the UK and the EU.

 

 

Data Protection Laws: Some data protection laws give individuals the right to the erasure of their personal data, but the immutable nature of the blockchain poses an obstacle to the execution of this right. Data protection laws also sometimes provide individuals with the right to rectify inaccuracies in their personal data, and blockchain technology might make this right functionally impossible to exercise. As such, NFTs that contain personal information might violate data protection laws.

 

 

Intellectual Property Rights: People of all backgrounds are participating in the NFT market, and many are not familiar with the legal restrictions relating to copyrighted work, which leads to potential infringement liability. For example, an NFT purchaser might assume that he purchased the underlying art that is associated with the NFT; however, in reality, the original creator is the copyright owner who retains the exclusive right to copy, distribute, modify, publicly perform, and publicly display the art (unless specifically granted to someone else). Alternatively, the purchaser of the NFT typically only receives the token and the right to use the copyrighted art associated with the NFT for personal use. A purchaser who believes that the rights associated with the underlying art were misrepresented, and who faces a loss in value, might create litigation liability for the NFT seller under a variety of legal theories.

 

 

The introduction of NFTs has the potential to strongly influence a transition to a more digital world. NFTs are making it possible for creators to imbue physical properties like scarcity, uniqueness, and proof of ownership to digital assets. They have inspired new methods and means of monetization of items that were previously lost to the depths of the internet. The NFT market is still nascent, however, and significant infrastructure will likely continue to be built in the form of intermediaries, tokenization platforms, distribution channels, custodial solutions, e-commerce integrations, and the like. As the market continues to evolve, so do the legal and regulatory issues.

 

 

1 Nonfungible.com - NFT Market Tracker

 

 

This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.

 

© 2021 White & Case LLP

 

 

 

 

Have you ever heard people mention something about the gas wars? What even is it? Well, a gas war can happen during a popular NFT collection’s mint launch. Ethereum charges a fee to handle transactions and create contracts on the blockchain itself, a fee they call the "gas fee" – a fee that gets transferred directly to miners that are pumping out the computation power necessary to verify transactions in the first place. An easy way to understand how the gas fee works can be found here. If this article helps you in any way, consider subscribing. It’s free.

 

 

NFT Guide: How To Win In NFT Gas Wars

 

 

 

 

Have you ever heard people mention something about the gas wars? What to do with NFT after buying even is it? Well, a gas war can happen during a popular NFT collection’s mint launch. Ethereum charges a fee to handle transactions and create contracts on the blockchain itself, a fee they call the "gas fee" – a fee that gets transferred directly to miners that are pumping out the computation power necessary to verify transactions in the first place. An easy way to understand how the gas fee works can be found here. If this article helps you in any way, consider subscribing. It’s free.

 

 

Huhao @HuhaoNFT

 

 

 

 

How To Win The War

 

 

After you ‘mint’ through the project website, MetaMask will open your wallet with the default details of the tx1. The default amount of gas fees generated automatically by MetaMask will open up, with the total amount including mint price. Click on ‘EDIT’ function underneath ‘DETAILS’.

 

 

Click ‘edit’ under details.

 

 

Click the ‘Fast’ gas option, this will cost more but will generally be faster too. This is explained thoroughly in my gas article. One thing to note, this may not be fast enough for extremely hyped drops. How do I start selling NFT do you win? Keep reading.

 

 

Click ‘Fast’

 

 

ClickAdvanced’ and the price to input here will depend on the degree of hype surrounding a particular drop. Generally speaking, 50-80 gwei is usually safe, BUT, on extremely hyped drops this is not enough. Do not touch the gas limit as MetaMask will have input the correct gas limit needed to mint the NFT. This is where gas wars start.

 

 

Customize gas price (gwei).

 

 

The best way to win in a gas war is to equip yourself with useful tools, a fast reaction, and spare some ETH to spare for gas. 3 extremely valuable resources will tell you what to input in the ‘Gas Price (GWEI)’ box. The first is found at Etherscan.

 

 

https://etherscan.io/blocks

 

 

The website will tell you the latest mined block, and more importantly the average gas price in the previous block. The second resource I tend to use is GasNow.

 

 

 

This will provide you will the average in pending blocks. These are the numbers to look at more closely when minting. GasNow has a Google Chrome application where pinning the app can show up-to-date gwei prices without having to open the website.

 

 

/> MetaMask, GasNow & Ethereum Gas Prices Chrome apps.

 

 

Another useful app that also can be found in the Chrome store is called ‘Ethereum Gas Prices’. It also shows current gas prices from 3 different sources listed below.

 

 

Ethereum Gas Prices.

 

 

The input for the gas price back in the MetaMask wallet should be x + 10 gwei. This will be the most simple and cost-effective way of being ahead of 90% of all other transactions during peak times. The only way your tx can fail is if 100% of the people in the block having a higher gwei amount. The gas wars create a loop of FOMO for people trying to mint NFTs in time before it runs out. They bid over each other, throwing everyone else under the bus to overpay in price. Some people say that they will automatically input a set number like ‘400’ or ‘700’ as the gwei.

 

 

There is no need for What currency do you buy NFTs with this. For example, if the second highest gwei in that particular block was 40 and someone were to input 400, the only output would be spending 10x the amount of gas needed. It’s just like paying $400 in fuel at a gas station to fill your car, when it only takes $40 in fuel at market price. Basically donating ETH miners $360, you might as well use that money for a charity you support rather than just burning it. Of course in a competitive world like NFTs, there will never be situations where everyone bids low during a massively hyped drop.

 

 

The following graph from GasNow depicts an Art Block NFT drop with a 1000 max supply and a max of 1 mint per tx. The average gwei within the hour window hit 1000 gwei. This is not the actual peak as it is an average, with some users reportedly hitting over a peak of 1430 gwei at the peak. It’s rare though, usually lasting a few blocks.

 

 

 

 

Conclusion

 

 

Just take the current gas prices and add +10 gwei. Make sure you are fast, before

 

 

the current block gets mined, otherwise you risk falling behind when the next block comes along and you are still pending tx. Click ‘Close’ and ‘Confirm’. That now should be able to get your transaction confirmed if you did it right. You are now done! Be careful if you see the current block being mined, and your gwei input is significantly lower than the current stats in your tools. Cancel the tx and re-mint.

 

 

/> MetaMask wallet ‘Confirm’ button.

 

 

The following is an excel spreadsheet to calculate gas prices, you can find it here.

 

 

 

 

Huhao @HuhaoNFT

 

 

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While you are looking around why not check out our Youtube Channel NFT Post for some free content? Make sure to subscribe and to be notified for each video upload! You can also follow me on Twitter @HuhaoNFT for giveaways and the latest happenings in NFTs.

 

 

If you want more of these articles, you can receive them through our free new NFT Post newsletter. Just click on ‘Subscribe now’. We like NFTs.

 

 

 

 

Recounting the story in an article published by Business Insider on Sunday, Fairchild noted that despite being a long-time fan of Beeple, he didn't have any knowledge about NFTs and had little faith that anybody would want to collect tokenized art at the time of the purchase.

 

 

Investor 'stumbles' into 30,000% gain after buying Beeple NFT for $969

 

 

An investor who purchased an NFT for $969 from popular digital artist Beeple initially hoped to double his investment within two years. The NFT is now worth $300,000.

 

 

 

 

Edward Fairchild, one of the founders of Los Angeles-based cannabis company THC Design, revealed that he "stumbled" into buying a nonfungible token, or NFT, from acclaimed digital artist "Beeple" that has since increased in value 30,000% since he purchased it in December 2020.

 

 

Recounting the story in an article published by Business Insider on Sunday, Fairchild noted that despite being a long-time fan of Beeple, he didn't have any knowledge about NFTs and had little faith that anybody would want to collect tokenized art at the time of the purchase.

 

 

"I had no idea What currency do you buy NFTs with an NFT was and I'd never heard of Nifty Gateway. [. ] I really didn't see the point," he said, adding:

 

 

Fairchild recalls stumbling across a video from Beeple while scrolling through Instagram in December 2020. Despite his skepticism regarding tokenized art, the investor’s interest was piqued by Beeple’s "2020 Collection," which featured works combining NFTs with physical art.

 

 

Fairchild purchased Beeple’s "The Infected Culture" for $969, with the artwork showcasing one of three works as a looped GIF from a screen in an ornamental display box. The artwork also came with a certificate of authenticity — and a hair sample taken from Beeple.

 

 

While the investor speculated that he may be able to sell the artwork for a 100% gain within the next couple of years, Fairchild was unaware of the recent NFT market boom, with secondary sales of Beeple’s works clearing for double their primary selling price within 10 minutes of the auction’s completion.

 

 

Within three months, the asset’s value appears to have appreciated nearly 30,000%, with a different copy of The Infected Culture selling for $288,000 on Feb. 26.

 

 

However, the LA-based investor has since adjusted his targets, listing the artwork for sale at a price of more than $1.6 million on Nifty Gateway.

 

 

On Thursday, Beeple auctioned off his latest piece, "Everydays," for a record-setting $69 million through Christie's.

 

 

 

 

A non-fungible token is a digital certificate of authenticity and credibility that you own something collectively known as the blockchain. It keeps a record of your transaction history. NFT is opening a creative platform for underrated goods and giving collectors an easy way of collecting arts digitally. Non-fungible tokens (NFTs) are evolving with time and industry growth. Beeple is a popular name emerging in the NFTs world. Read below to explore how NFTs work, and how they're being used.

 

 

What are NFTs: How to use NFT and how do they work

 

 

 

 

 

 

Non-fungible tokens, or NFTs, are unique crypto assets. They can be used to represent both tangible and intangible items. A tangible product is a physical object that can be touched such as a building, gadget, etc whereas an intangible product can only be perceived indirectly. Fungibility is the ability of an asset to be interchanged for another of an alike item for example gold, dollar, etc. Non- fungibility is the ability of an asset to be irreplaceable or unique for example art, etc.

 

 

A non-fungible token is a digital certificate of authenticity and credibility that you own something collectively known as the blockchain. It keeps a record of your transaction history. NFT is opening a creative platform for underrated goods and giving collectors an easy way of collecting arts digitally. Non-fungible tokens (NFTs) are evolving with time and industry growth. Beeple is a popular name emerging in the NFTs world. Read below to explore how NFTs work, and How do I make my NFT account free they're being used.

 

 

How do I start a NFT business are non-fungible tokens(NFTs) used:

 

 

Non-fungible tokens (NFTs) can be used for digital assets or goods that are different from each other to prove their worth and rarity. They can represent and provide digital acceptance to everything from virtual games to artworks etc.

 

 

Non-fungible tokens are not traded on standard and traditional exchanges, instead, they are purchased or sold on digital arena or marketplaces.

 

 

How do I start a NFT business do NFTs work:

 

 

Non-fungible tokens can be created on contract-enabled blockchains with non-fungible token tools and support. Ethereum was the first to be widely used, NEO, EOS, etc now also have NFT standards.

 

 

Non-fungible tokens and their smart contracts allow for detailed information to be added, like the identity of the owner, etc. The potential of non-fungible tokens is to provide proof of digital ownership of an asset in the digital world making the easy flow of buy and sell on non-fungible items.

 

 

 

 

Nifty Gateway co-founder Griffin Cock Foster (who we interviewed last June) even reached out directly to offer his support. Unfortunately, even after filing a police report and confirming that fraud had indeed taken place, there was no way for his NFTs to be returned to him, although his cash was recovered. Nifty Gateway confirmed that the hackers found buyers for the NFTs on Discord, and that the company knows who was involved.

 

 

People are stealing over $10,000 in NFTs, and victims can't do anything about it

 

 

Thousands of dollars’ worth of NFTs were stolen over the weekend. And according to marketplace Nifty Gateway, at least one heist was completely legal.

 

 

NFTs are the hottest commodity for digital artists, celebrities , collectors — and now, art thieves.

 

 

Michael Miraflor, a marketing and media strategist, had been collecting NFTs along with the recent crypto art boom. He hadn’t run into any roadblocks until this past weekend, when someone hacked into his Nifty Gateway account and robbed tens of thousands of dollars.

 

 

“Someone stole my NFTs today on @niftygateway and purchased $10K++ worth of today's drop without my knowledge,” he tweeted yesterday. “NFTs were then transferred to another account.”

 

 

NFTs, or non-fungible tokens, are taking over the art market. In fact, digital artist Beeple, who just sold the most valuable NFT to date for $69 million , is the third most valuable living artist. But as the value of NFTs has soared, so has theft. While some users have swiped tweets to sell them as NFTs, hackers are now outright stealing previously purchased NFTs directly from buyers.

 

 

Miraflor followed his tweet with a thread outlining his wild goose chase, trying to track down his money and the person responsible for the blockchain heist. It started when Nifty Gateway, Miraflor’s NFT marketplace of choice, notified him that he had made a sale. He immediately noticed something was wrong when he logged in and saw an empty account.

 

 

After freezing his credit cards and changing his Nifty Gateway password, Miraflor tracked down the two accounts where his NFTs were sent. Although he didn’t reveal the accounts in the Twitter thread, Miraflor wrote that one housed hundreds of NFTs and “ might be housing other people's stolen property,” while the other account was completely empty.

 

 

“Crossing fingers that I fully recover my NFTs and that my situation can be used as a case study on best practices and security moving forward — for everyone in the community,” Miraflor wrote in the thread.

 

 

Nifty Gateway co-founder Griffin Cock Foster (who we interviewed last June) even reached out directly to offer his support. Unfortunately, even after filing a police report and confirming that fraud had indeed taken place, there was no way for his NFTs to be returned to him, although his cash was recovered. Nifty Gateway confirmed that the hackers found buyers for the NFTs on Discord, and that the company knows who was involved.

 

 

“Hacker wins,” he wrote. “Secondary market purchaser wins. I lose. Going to explore other options if I can. Doesn’t sit right with me.”

 

 

Miraflor isn't the only one getting scammed. In his thread, Miraflor quoted tweets from two collectors who had also been robbed over the weekend.

 

 

“My entire account was just hacked and the person who got in wasn’t even booted after changing my password?! What currency do you buy NFTs with in the f is going on?!” a Twitter user named Lt. Crandog wrote .

 

 

“Someone hacked my @niftygateway account tonight and used my credit card attached to the account to buy like $20k worth of art. cool,” a user known as Keyboard Monkey posted .

 

 

Miraflor’s stolen NFTs were originally created by MLB pro-turned-artist Micah Johnson, whose work is gaining notoriety in the crypto community. Johnson recently sold $1 million worth of NFTs in one minute. Miraflor also notified Johnson about the theft in the thread. (We reached out to both Miraflor and Johnson for comment, but have yet to hear back.)

 

 

This hack-and-heist is yet another way you Can you mint an NFT for free get scammed in the burgeoning NFT market. As previously mentioned, people are hiding behind anonymous Twitter accounts and stealing from artists by tweeting their work and selling the tweet as an NFT. There have also been countless cases of people forgetting their passwords and losing thousands in ETH.

 

 

Nifty Gateway knows exactly who committed the fraud, but thanks to a few loopholes, the hackers managed to pull off their heist legally. While NFTs may be booming, the tokenized art world is still in its infancy, which means hackers can find a way to make thousands with little to no regulation.

 

 

 

 

Think of the Mona Lisa. You could take a photo of it and hang it on your wall but it wouldn’t be the same – or have the same value – as the Mona Lisa that resides in the Louvre. Much like other original paintings, the Mona Lisa is non-fungible, in that it's unique.

 

 

What is an NFT?

 

 

As we've mentioned, ‘NFT’ stands for non-fungible token, but what does that mean?

 

 

If something is fungible that means it isn’t unique, it’s a commodity. Dollar bills are fungible, two bills of the same value are for all intents and purposes identical. Apples are fungible, your box of cornflakes is fungible, your PS5 is fungible.

 

 

However, if your PS5 has been turned into artwork by drawing on it or adding decoration – as you might have seen online – then it has become something non-fungible.

 

 

I just wanted to say thank you for the overwhelming amount of love and support for my TLOU PS5 across all media channels 🖤#TheLastofUsPartII #thelastofus #naughtydog #playstation #ps5 #PlayStation5 @Neil_Druckmann @Naughty_Dog @PlayStationUK pic.twitter.com/wkbLUtjp0RFebruary 18, 2021

 

 

Think of the Mona Lisa. You could take a photo of it and hang it on your wall but it wouldn’t be the same – or have the same value – as the Mona Lisa that resides in the Louvre. Much like other original paintings, the Mona Lisa is non-fungible, in that it's unique.

 

 

A non-fungible token is a digital interpretation of that. Someone might have a copy of the same digital artwork, but it’s not the original file.

 

 

 

 

It might be nice to have an NFT of a 50-year-old, $200,000 bottle of single-malt scotch — but it’s even nicer to have the bottle itself, not to mention the right to open it up and drink it.

 

 

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It might be nice to have an NFT of a 50-year-old, $200,000 bottle of single-malt scotch — but it’s even nicer to have the bottle itself, not to mention the right to open it up and drink it.

 

 

That’s the canny — and thus far, successful — strategy to market high-end booze that’s coming from BlockBar, which is selling so-called non-fungible tokens of marquee liquors including a Glenfiddich 1973 whisky, a Penfolds shiraz cabernet and a 1976 Dictador rum in a Lalique bottle.

 

 

Unlike normal NFTs, these tokens, which lately have sold for as much as $41,950, are attached to actual bottles of whisky.

 

 

So if a collector gets a hankering for that Armagnac Cask Finish single-malt scotch whisky, he just trades in his NFT to BlockBar, which stores the bottles it sells in a climate controlled and bonded warehouse in Singapore.

 

 

“You basically own either the physical or the digital asset," said CEO Dov Falic, who founded BlockBar with his cousin, Sam, who’s the company’s president. "You can always exchange the digital for the physical, but it is easier to sell the digital asset — you don’t have to physically move the bottle, ship it all over the world, and have it be authenticated over and over again by auction houses selling it."

 

 

Merav Ozair, a professor of financial technology at Rutgers University and a blockchain expert, told The Post that it’s innovative to tie a digital token to a physical asset — in this case, a bottle of alcohol.

 

 

 

 

A 1976 Dictador rum in a Lalique bottle is one of the NFTs that was sold on the BlockBar site. The NFT gives the buyer the rights to the physical bottle.

 

 

"This is the whole idea of blockchain transfers," she said of the digital transactions. "You can transfer a token from one wallet to another and whoever has the token — whoever owns the token in the wallet — they have the ownership of the token and they can transfer it for years between wallets."

 

 

It’s a different model from most art-based NFTs, which are ephemeral digital files — like a picture of some flowers that exists only as a Jpeg and can’t be traded in for a Picasso.

 

 

“The digital token can be sold multiple times without moving the bottle — but it is liquor and you are supposed to drink it," Sam Falic said. "Eventually someone will burn the digital asset and drink it."

 

 

Dictador’s first NFT sale of 10 vintage rums in Lalique crystal decanters sold out within hours earlier this month. The starting price was $25,000 a pop.

 

 

BlockBar, which has offices in New York, London and Panama, says rare spirits are a good investment that over the past few years have outpaced gains in the stock market. Its website even says an investment in a high-end spirit is "completely recession proof."

 

 

For the uber rich, whiskey has been an alternative asset class investment for some time. According to the Knight Frank Luxury Investment Index, rare whiskey was up 586 percent over the last decade, while the Standard & Poor’s 500 stock index was up 225 percent.

 

 

Coinbase, a crypto exchange, also recently announced it would be launching an NFT platform. That’s because many NFT investors made fortunes in crypto currencies.

 

 

 

 

BlockBar says the NFTs allow rare bottles of liquor to be sold and resold over and over — with the buyer able to trace the provenance of the liquor. At any time, an owner can “burn” the NFT, trading it in with BlockBar for the actual bottle, which will be stored in Singapore

 

 

“Some people buying NFTs are using their crypto gains to fund their purchases, said Ken Grier, Dictador’s associate creative director and founder of De-Still Creative, who made his name growing the Macallan whiskey brand.”

 

 

“The NFTs are bought by people hedging the risk, turning some of their crypto gains into physical products. They are paying a premium, but they are defraying their risk, and What currency do you buy NFTs with shifting their assets. The NFTs are backed up by physical bottles that sit in a warehouse, so you have an asset.”

 

 

Another factor driving sky high spirit NFT sales is what Grier calls “revenge spending.”

 

 

“People are desperate to buy things after being locked up for so long during the pandemic,” Grier said.

 

 

Dictador will also be launching new NFTs at Art Basel — selling a limited number of bottles designed by artist Richard Orlinski. Around six of the bottles will be sold as NFTs during Miami’s Art Basel in early December, Grier told Side Dish.

 

 

 

 

There is a strong correlation between those who know what NFTs are and those who own NFTs. This suggests ownership will increase as people become aware of NFTs.

 

 

NFT statistics 2021

 

 

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According to new research from Finder.com, 2.8% of American internet users currently own a non-fungible token — or an NFT. Finder polled more than 28,000 people in an online survey across 20 countries to compare NFT ownership, revealing the US ranks third last for NFT adoption.

 

 

However, while just 2.8% of the 2,001 US internet users surveyed said they currently own NFTs, an additional 3.9% said they plan to acquire some. This means NFT adoption in the United States could soon hit 6.7%.

 

 

American men are more likely to own NFTs than women, with 4.6% men compared to 1.2% of women saying they have at least one NFT. The NFT gender gap in America of 3.3 percentage points is higher than the global gender gap of 2.7 percentage points.

 

 

People ages 25 to 34 are the most likely to have NFTs in the United States (3.4%). This is followed by those ages 55 to 64 and 65+ (2.9% each) and 45 to 54 (2.7%).

 

 

Which country has the most NFT owners?

 

 

The Philippines has the most NFT owners (32%) out of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), the UAE (23%) and Vietnam (17%). On the other end of the spectrum, Japan has the smallest percentage of Internet users with NFTs (2%), followed by the UK and the US (3% each), Germany (4%), Australia (5%) and Canada (6%).

 

 

Finder’s cryptocurrency editor, Keegan Francis, says the countries with higher levels of adoption typically have a lower average wage of working citizens. People are quitting their jobs because they can make more money trading NFTs or playing NFT play-to-earn games. Additionally, NFTs may serve as the nexus through which they enter the cryptocurrency industry in general. Exchanges can be difficult to obtain an account on if you don’t have government identification. These NFT games don’t require ID, and yet allow you to make money. Once you’ve made some money in cryptocurrency, you can trade it for whatever else you might want, such as Bitcoin or Ethereum.

 

 

Nigeria is expected to have the biggest growth in NFT adoption from 13.7% to 35.3% – an increase of 22 percentage points. Other countries that are expected to see huge growth in NFT adoption include Peru, Venezuela and United Arab Emirates.

 

 

Meanwhile, in two countries, women are more likely to have non-fungible tokens. Thailand has a female-led gap of 7 percentage points, while Venezuela has a gap of 2 percentage points.

 

 

How many people know what an NFT is?

 

 

While NFT adoption is forecast to increase around the world in future, a large number of people still don’t know What currency do you buy NFTs with NFTs are. Japan has the highest percentage of people who said they don’t know what NFTs are (90%), followed by Germany (83%) and the United Kingdom (79%). On the other end of the spectrum, the Philippines recorded the lowest percentage at 49%, followed by Nigeria (52%) and Thailand (53%).

 

 

There is a strong correlation between those who know what NFTs are and those who own NFTs. This suggests ownership will increase as people become aware of NFTs.

 

 

Methodology

 

 

The high percentage of results in some countries are likely due to gaming NFTs, where investors can pay internet users (often called scholars) to play a game on their behalf. In many cases, the players gets paid but the investor earns the NFT. As the majority of the players in these countries are scholars, the results may be skewed by people who responded with a yes because they earn money playing these games, may not actually own NFTs.

 

 

 

 

For more, follow along on Twitter @cryptokid901

 

 

NFTs are igniting a digital art explosion– here’s how

 

 

     

     

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Grimes sold nearly $6 million worth of digital art as NFTs. Kings Of Leon became the first major rock band to release an album in the form of an NFT. Steve Aoki collaborated with illustrator Antoni Tudisco for an art and music NFT release. Wu-Tang Clan announced plans to release 36 copies of a coffee table-style photo book via NFTs. And all of this happened in the first week of March alone.

 

 

This leaves many fans raising the question: “WTF is an NFT?”

 

 

Read more: UK organizers detail How do I buy NFT COVID-19 may change 2021 festival lineups

 

 

Non-fungible tokens (NFTs) are certificates of authenticity that use blockchain technology to prove ownership and scarcity of digital assets. For those responding with another WTF, let’s start by defining some of the terms.

 

 

First, “fungible” describes a good or commodity whose individual units are essentially the same. For example, a dollar is fungible because each bill shares the same value and is completely interchangeable. The same can be said about bitcoin. Though each individual bitcoin has a unique code, we can swap out single units and still have the same thing. As you might have guessed, “non-fungible” means that the asset is in some way unique or scarce. Even if an artist releases the same image as a limited edition of 50, each edition is still unique, making it a non-fungible asset.

 

 

Read more: 10 musicians who are shaping the underground scene on SoundCloud

 

 

The identity of the asset is then minted on a “token.” To be clear, the token isn’t the asset itself but rather a certificate of ownership and authenticity stored on a decentralized digital database known as a blockchain. To get on the blockchain, a token is transmitted to a network of peer-to-peer computers around the world to confirm its validity. Once authenticated, the token becomes an entry (or block) in an irreversible timeline (or chain) of data. Maybe someone can replicate the image, but they cannot replicate the token, and the public nature of the blockchain across multiple computers makes it nearly impossible to forge tokens.

 

 

This system requires a lot of energy to operate, so environmental issues need to be addressed, but blockchain technology is spreading fast. Just as it can help protect against forgeries in the art world, blockchain databases can also securely store contracts, health histories, property records and supply chains. Walmart, Pfizer and Unilever are among the companies that already incorporated some blockchain technology. Nike even filed a patent in 2019 for an NFT system to verify the authenticity of sneakers (or CryptoKicks). Future applications will likely extend to everything from scalper-proofing concert tickets to improving vote-by-mail security.

 

 

So yeah, this is some seriously legit shit.

 

 

NFTs in particular are mostly stored on the Ethereum blockchain, where their value is defined by a cryptocurrency called Ether, though other blockchain ledgers exist with ties to other alt coins. When an NFT is sold, it becomes an entry in the blockchain ledger. If it’s resold, it becomes another entry. In any case, the blockchain publicly stores and shares information on the authorship, authenticity, scarcity and (if applicable) the sale price each time a token is purchased.

 

 

(For those who think paint-and-canvas art implies more authenticity, read about the fall of NYC’s Knoedler Gallery here or watch the Netflix documentary Made You Look: A True Story About Fake Art .)

 

 

Less than a decade ago, the infrastructure didn’t exist to authenticate easily duplicated digital assets on any serious level, but the introduction of NFTs and blockchain networks created a system that formalizes digital ownership and authenticity. This, in turn, created several marketplaces where digital assets are bought, sold and traded. Popular networks include Rarible , OpenSea , KnownOrigin , Async Art , MakersPlace , Zora , SuperRare and Nifty Gateway , and some networks allow artists to earn a small percentage if the work is then resold on the secondary market.

 

 

Some describe NFTs as DeFi’s second act. Just as cryptocurrencies helped establish a decentralized finance (DeFi) system, NFTs help artists bypass the middlemen and gatekeepers of the traditional scene centered on galleries to verify, authenticate, price, select and showcase art. In the 1970s, many artists bypassed the galleries by turning to street art and graffiti, often at considerable risk and without the ability to monetize or possibly receive authorship credit for their work. By decentralizing and democratizing the art market, street and subway canvases have migrated to online galleries, where artists retain more individual control to display, sell and easily transfer their works without the need for conventional infrastructure.

 

 

Read more: You can own a piece of Grimes’ soul if you have enough money

 

 

Breaking out in an otherwise locked-in year, the NFT market reportedly expanded to more than $250 million in 2020. Most pundits expect the market to grow severalfold by the end of 2021.

 

 

Mike Winkelmann, aka Beeple , is the top seller overall. His digital work CROSSROAD sold for $6.6 million in February on Nifty Gateway, and Everydays — The First 5000 Days sold for nearly $70 million March 11 at famed auction house Christie’s. This was the first purely digital NFT offered at Christie’s, which dipped its toes into the water last October when it auctioned Robert Alice ‘s Block 21 featuring an NFT component. The large-scale work in the artist’s Portraits Of A Mind series sold for 10 times more than the estimate.

 

 

Other top-selling crypto artists include Greg Mike , Hackatao and FEWOCiOUS , while early trendsetters include CryptoKitties, CryptoPunks and Rare Pepes. The latter began in 2016 as an effort to reclaim Pepe The Frog from the alt-right, and the Rare Pepe Wallet arguably became the first decentralized platform of crypto art. Other established and emerging artists worth noting include PRØHBTD , StellaBelle , Shay The Surrealist and VJ-turned-crypto artist Eclectic Method . One newcomer—the creator of the 2011 meme Nyan Cat—actually minted the meme as an NFT and recently sold it for nearly $600,000.

 

 

With @NyanCat turning 10 tomorrow, its creator Chris Torres has a special event planned to coincide with the beloved meme and will be auctioning the original drawing as an NFT. Learn more about this piece of internet history going up on @withFND today.https://t.co/NKHVc8yRc9

— Know Your Meme (@knowyourmeme) April 1, 2021

 

 

As countless headlines show, everyone’s now jumping on the NFT bandwagon. Twitter CEO Jack Dorsey auctioned off an NFT of his first-ever tweet—”just setting up my twttr”—and for millions. Digital fashion brand The Fabricant partnered with Beauty3000 filter creator Johanna Jaskowska and CryptoKitties creator Dapper Labs to introduce the first digital couture line, Iridescence , which sold for an “emperor’s new clothes” price of $9,500. DJs and producers jumped on the trend early, with 3LAU releasing vinyl-associated NFTs and deadmau5 selling digital animations, stickers, pins, etc., while Shawn Mendes, Mike Shinoda (Linkin Park), Halsey and Portugal. The Man have all released NFTs recently.

 

 

Some NFT drops, of course, are more painful than others. For example, what’s worse, Logan Paul making millions selling NFT clips of him unboxing collectible Pokémon cards or Taco Bell releasing an “NFTacoBell” of its bell logo?

 

 

The sudden surge in digital art sales could reflect a bubble, the wider adoption of crypto art or both, but digital scarcity is a new reality, and the combination of scarcity and demand can drive up prices that might otherwise seem shocking, especially for symbolic ownership of an asset that can be easily copied.

 

 

Sure, that’s a legitimate argument, but it must be fairly applied to all art and collectibles. For example, a person can easily go online and buy a poster of Vincent Van Gogh‘s Starry Night , so What to do with NFT after buying makes the original priceless? The same could be said for photo art. If a person makes a new unauthorized print from the original negative, it wouldn’t have the same value as the authorized original. But why? Even moving away from art, a LeBron James rookie card sold for $1.845 million last year. The image of the card can be found online, so why isn’t a printed copy worth the same?

 

 

It’s all about scarcity. Anyone can own a print, but only one person can own the original. Moreover, a preponderance of prints and copies may actually drive up the price of the original. In the end, paying for scarcity is often about bragging rights, if nothing else. Certainly that had to be the mindset of the collector who can brag about dropping $120,000 on a duct-taped banana at Art Basel in 2019.

 

 

The biggest skeptics are probably buying bitcoin and Ether now after dismissing cryptocurrencies for years, but those focused on the crypto aspect of digital art shouldn’t sleep on its artistic value. Digital art is exploding around the globe. The Tokyo-based digital art collective teamLab now claims the most-visited single-artist museum in the world, and AI-powered digital artist Refik Anadol has put up large-scale installations around the globe. Anadol has also sold hundreds of NFTs on Nifty Gateway.

 

 

Digital art also appears on track to have a more prominent place in home collections. Companies such as Infinite Objects , Meural , ZendVibes and Samsung have already created “digital frames,” and many more such frames are on their way.

 

 

NFTs will help democratize and decentralize art like bitcoin did to finance and the internet for music and video. This means more visual creators with limited exposure in the past will have a new platform for the world to see and to monetize their works.

 

 

Watch this space to see which emerging digital artists you might want to follow or even collect.

 

 

For more, follow along on Twitter @cryptokid901

 

 

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. Please do your own research and consult with professionals when making any investments.

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