NFT reinvents digital ownership, Techcrunch reported on May 27. Art hardware startup Infinite Objects taps into the potential to replicate physical assets and reinvent the digital art and collectibles market.
Artwork created by Natasha Tomchin, photographed by Infinite Objects
The company makes hardware screens that can only display a single video by a single artist and cannot perform other actions, download an app to the screen, upload personal photos to the screen, or check the time or weather. Even if a user wants another piece of Infinite Objects’ artwork, he cannot download it directly and must visit its website and purchase the piece from the artwork display. Each screen has information about the artwork, with a specific version number and serial number engraved on the back, thus tightly connecting the physical display to the artwork.
Infinite Objects CEO Joe Saavedra told TechCrunch that they have raised $6 million in seed funding, led by Courtside VC with participation from NBA Top Shot creator Dapper Labs and others.
Infinite Objects is the longest-running NFT platform ever to not be on the shelves of NFT. Since 2018, the company has been working with artists to produce a series of physical displays (often limited edition) highlighting specific digital works by the artist. However, while users can always visit the Infinite Objects website and watch a looping video, owning an official digital copy of that artist’s work is where the real value lies. Doesn’t that sound a little familiar?
Saavedra saw a huge opportunity earlier this year when NFT gained widespread popularity as a speculative asset and Internet users began discussing the future of digital art and digital scarcity. His team has long been interested in NFT, and in December he partnered with artist Beeple (whose work sold for $69 million at Christie’s a few months earlier) to launch Beeple’s NFT “physical tokens” for sale on the Nifty Gateway platform. .
Saavedra sees an opportunity for companies and creators in the NFT space to help make the artist’s work more accessible to a general audience, but he also sees an opportunity to shift NFT from a blind pursuit of ownership to something more tangible (i.e., the appreciation of purchased digital art).
In terms of ownership, it’s exciting to buy NFT for $500 or $5,000. However, it’s not surprising that you don’t have to open Safari on your phone to display it. For people who don’t understand blockchain at all, we’ve designed physical displays that are very easy to understand, because everyone knows about limited edition physical goods.
Saavedra is not in favor of digital displays that cycle through the artwork. He believes that artwork owners can project NFT images onto their TVs if they want, but they are just “flashy screensavers” to display artwork.
In addition, the startup has built the Flow blockchain, which Saavedra believes is more scalable and sustainable than the ethereum network. Most recently, Dapper Labs announced a partnership with virtualization startup Genies (another investor in the round) to launch the first third-party NFT platform, which will launch a digital accessories store this summer.
In addition, Serena Ventures, Betaworks, Brooklyn Bridge Ventures, GFR Fund, Kevin Durant and Rich Kleiman, Genies and Ashton Kutcher’s Sound Ventures also participated in in this round of financing.
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