Nonfungible tokens exploded during the pandemic. From Beeple’s $69 million digital art piece “Everydays” to Jack Dorsey’s first tweet, to Tom Brady’s NFT platform Autograph, digital assets are seemingly here to stay.
Or are they?
Is the NFT boom a bubble about to burst? What is the outlook for the industry? Here’s a guide to get you going.
More on Blockchain and Monetization
The public’s lack of understanding or consensus around the use and potential of nonfungible tokens may be the gain of artists, innovators, and businesspeople.
With everyone desperate to find a way of making money selling digital content, recent talk of non-fungible tokens has landed on fertile soil. But will NFT crypto become a common part of digital content strategy, or is it just another passing craze?
There is certainly a lot of hype, but NFTs — and the blockchain itself — can create limited runs, leading to manufactured scarcity. That means creating demand in a digital world, where there has traditionally been too much product and not enough buyers.
Non-fungible tokens are on the ascendency as artists begin to command record prices for NFTs, but the new trend isn’t about aesthetics.
Vuele is exclusively releasing Zero Contact, a pandemic-themed feature starring Sir Anthony Hopkins, directed and produced by Rick Dugdale.
NFTs, or non-fungible tokens, burst into the mainstream a few months ago when Beeple sold his NFT titled: “Everydays: The First 5000 Days” for $69 million at Christie’s. Cryptopunks, a randomly generated set of 10,000 unique digital characters, have sold over $11.8 million worth of NFTs, and the World Wide Web source code sold for $5.63 million. Sales recorded on the largest NFT trading platform, OpenSea, hit $1.9 billion as of August 2021.
What does this mean for creators and buyers? And what are the implications for intellectual property?
More on Working in the Creator Economy
Across the board, creators are striving to claw back control, agency and, increasingly, revenues from employers, publishers and distributors.
One way is via non-fungible tokens (NFTs), which give creators new ability to go directly to customers. But are they a flash in the pan or here to stay?
The creator economy has the creative industries excited. Some see a fundamental shift in the balance of power from studio, publisher, art gallery and music label to the filmmaker, writer, painter and musical artist.
What’s the current status of the NFT art market? What’s the significance for nonfungible token-making creatives and savvy NFT collectors?
Are NFTs just more hype, or are they actually the building blocks of the creator economy? Understanding blockchain technology can seem like a lot, but NAB Amplify has the expert knowledge and insights you need to remain at the top of the intersection of art and technology:
- NFTs: Digital Dream or IP Nightmare?
- What’s the Real Future of the NFT Crypto Art Market?
- Weird Science: The Connection Between NFTs and… Human Nature?
- What Is the Value of an NFT?
- NFTs: Content Strategy or Digital Craze?
More on Creation and Distribution in the Digital Age
As artificial intelligence gains more sophistication and penetration into our daily lives questions do need to be asked about controlling its power. These questions aren’t new and in many ways are an extension of the classic Three Laws of Robotics devised by science fiction author Isaac Azimov eighty years ago. You don’t have to be a Skynet technophobe to join the conversation.
The Metaverse is a thing. It is being built around us and though its final, fullest manifestation is decades away the fight for a piece of the trillions of dollars it is expected to yield has begun.
Ultimately, Rodric David predicts, it will become the dominant global platform for creating and watching live content with significant added features like interactivity, real time transactional functionality, branded promotion and integration, game mechanics and functionality, integrated socialization, blockchain and NFT capability, and deeply rewarding gamification tools.