Crypto Valley Live (ID: cryptovalley)

Crypto Valley Live (ID: cryptovalley)

, Author: Joshua Gad, Translation: Jeremy, reproduced by Odaily with authorization.

Recently, the topic of NFTs (Non-fungible tokens) has been big news because of its potential to revolutionize commerce for artists working in any medium. For those who don't know, NFTs are a type of cryptocurrency token, which refers to a digital asset that cannot be copied. In other words, if you buy an NFT artwork, you are the sole owner of that unique artwork. The rules do get a bit confusing though, as that doesn't stop anyone from simply taking photos, videos, or screenshots of the original artwork. However, according to the blockchain ledger, the owner will always be the owner until they sell it. So essentially a lot of people would think it's a waste of money because anyone can own art. Even after purchasing an artwork, it is possible for the owner to receive a high-quality version of said artwork or tokens. NFTs also have the potential to further commercialize virtual experiences, immersive artwork, music videos, and more.

The situation hit mainstream news this month when artist Beeple (aka Mike Winkelmann) sold a 10-second looping NFT titled “Crossroad” for 4,428 ETH, or $6.6 million. What's unique about this piece is that it changes based on who won the 2020 US election. Beeple is known for posting an 'everyday' picture using 3D graphics and has been doing so for over a decade. His work is conceptual, evocative and has a vivacious feel to it.