Dash is also quick to note that modern NFTs have led to a crisis of the opposite sort where artists have had NFTs associated with their art without their consent or ownership. Dash himself co-developed an early form what might now be considered an NFT in 2014, which gave an artist the ability to sell their digital work to a buyer. There are some benefits to this that Anil Dash wrote about in an article criticizing the current state of NFTs. There are a few significant differences between an NFT and a paper voucher, but the key variances are that NFTs are usually associated with digital works (examples include tweets, digital models, and video art) and that an NFT’s uniqueness is verified not by an expert but through the computational horsepower of a blockchain (for instance, that of the cryptocurrency Ethereum.) The unique token (“T” in NFT) here acts to verify the work of art because of its connection with calculated certainty: it is virtually impossible to duplicate the token exactly, and therefore the digital object is authentic by association.Īs many advocates for the technology can and will tell you, the NFT can be thought of as a way to connect digital art to the labor of its creator. Without this stamp of approval, it is more difficult to convince another party of an object’s provenance. For instance, a signed baseball might come with a certificate from a person or entity accepted as knowledgeable that the event which gave the horsehide its unique value happened when, where, and by whom it so claims. Maybe the closest physical analogue is a certificate of authenticity that is intended to verify a physical object is in fact what it represents itself as based on some sort of expert opinion or historical fact.
It is difficult to say what exactly an NFT is because the core principle behind its current manifestation is primarily an accelerated form of ownership. The desire to collect individual media objects is hardly a new one, but at the heart of this recent trend in digital media is a highly lucrative format turned cultural touchstone known as a Non-Fungible Token, or NFT for short. A farm in Iceland showing rows of computers used to mine cryptocurrency.įrom the companies that grade and authenticate Pokémon cards facing new and overwhelming demand to artist Lil Nas X staging a sneaker drop to coincide with his music video Montero, objects branded on their rareness and collectability have become a point for renewed discussion of late.
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