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Wednesday, September 15, 2021

Day 34

Turning my interest to something modern, but no way mainstream. I’ve been trying to understand the world of NFTs and after a few tutorial videos, articles and a crash course from Anthony, I believe I’m up to speed. What in the world are NFTs? I was asking the exact same question just a week ago. NFT stands for Non-Fungible Token and can be anything in a digital format - an image, gif, video clip, visual avatar, etc. - that are bought and sold using online ledgers known as the blockchain (the same technology that tracks and trades ownership of cryptocurrency). Once a ‘digital item’ is uploaded as a ‘NFT’ it is registered on the blockchain and provided with a unique authentication or signature, which allows for exclusive ownership rights of the ‘digital item’. Whenever the NFT is traded, the signature is listed in the blockchain along with the transfer of ownership, meaning that NFTs can be tracked and verified. NFTs may also include additional value, which can be stored in the metadata of the digital file. This can represent a tangible item such as membership or, as a few artists are currently trialing, be the digital copy attached to a piece of artwork (which provides the artwork with traceable authenticity). It may also include copyright terms, for transferring NFT ownership doesn’t mean relinquishing copyright, this is still held by the creator. As NFTs are traceable it means that the creator is identifiable and allows for royalties on all future transactions. The function of NFTs covers a gap for digital artists that otherwise is a natural progression for physical pieces. A few highend examples of NFTs include the first tweet by Jack Dorsey, which sold for $2.9m or NBA Top Shots clips which have generated +$500m in sales. Looking to the future, I certainly wouldn’t rule out an exhibition showcasing NFTs via a room of screens, nor would I limit the potential of NFTs to raise funds in the art sector or be utilised in the event or theatre space: imagine a digital token giving you unlimited entry to a paid museum/gallery or tickets to ‘x’ amount of events or theatre productions per year.

📸: Koala Intelligence Agent #6769#NFT on loan from @noooonie.