Has the future represented by NFT come?
In July 2021, a news picture exploded on the domestic Internet.
In the picture, a Tibetan woman in Heishui, Sichuan, is carrying a “mining machine” transferred from Xinjiang (the process of obtaining Bitcoin through computing power is called “mining”). She was wearing a Tibetan robe and a headscarf, but instead of wheat ears or bouquets, she was holding a power cord.
NFT adapted from Caixin Pictures, Tuyuanlu Technology Network
The photo is from the Caixin Weekly report “China Says Goodbye to Bitcoin Mining”. The huge contrast between the people in the backward areas and the blockchain technology makes the picture full of artistic tension, and the grand changes of the times are integrated into the lens. This photo not only has information value, but also has outstanding artistic quality.
“World famous painting”, while netizens lamented, another comment was also popular: “This photo can sell for 100,000 US dollars in the NFT special”.
This is not conjecture. Soon after the photo was sent, an adapted version of the picture appeared on the NFT trading platform with an asking price of 2021 ETH (US$4.1 million). It is also reported that some people have begun to contact photo shooters to package all their photo works as NFT artworks.
It is difficult to distinguish between true and false of various news, but this photo has brought another concept of the blockchain world-NFT (non-homogeneous token) into the public eye again. Just like Bitcoin in previous years, under the relevant news, more and more people want to know what NFT is, “Do you know what NFT is?” Many people urgently need answers.
Compared with public perception, the development of NFT business is forward. Beginning in 2021, there has been a wave of NFT fever in the foreign art field, and it continues to this day. The domestic NFT field has also begun to attract attention recently. Tencent , Alibaba and other companies have ended up. NFT has become a hot concept in the current business field.
NFT auctions, NFT blind boxes, all kinds of encrypted art exhibitions, open the information platform, and you can get an article about “NFT” almost every day. Driven by the news, people began to pay attention to this emerging field and pushed the popularity to one climax after another.
However, there are still many questions waiting to be answered: what is NFT, how did NFT become popular, why is NFT artwork so popular, and how will it develop in the future?
How much do you know about NFT art?
What does NFT mean in NFT art?
The full name of NFT is Non-fungible token, which is a “non-fungible token” based on the Ethereum blockchain.
Like virtual currencies such as Bitcoin and Ethereum, NFT also relies on blockchain for transactions. But the biggest feature of NFT tokens lies in their uniqueness, “non-homogeneity”. Each piece of NFT is unique and not interchangeable. People can bind special assets to the NFT, which can turn many items into a digital abstraction. Things become the owner’s “digital assets”.
Developed NFT programming standard “ERC721 protocol”
Picture source Tiny Xiong “Analysis of non-homogeneous token ERC721”
If Bitcoin and Ethereum equivalent tokens can be compared to banknotes, NFT is more like an original work of art. With this characteristic, NFT has been widely used in the field of art, and many digital artworks have begun to be bound to NFT.
The origin of NFT art may be in 2017.
At that time, Larva Labs developed a pixel avatar generator, which generated about 10,000 various pixel avatars. With the expectation of the spirit of “punk”, this avatar series was named CryptoPunks , which means ” Cryptopunk “. In 2017, at the time of Ethereum’s hot development, Larva Labs put the CryptoPunks avatar on the blockchain and gave it the value of circulation and collection.
CryptoPunks series of pixel avatars, picture source network
This provides an opportunity for the birth of NFT. In the same year, under the influence of CryptoPunks, a company called Crypto Cats launched a game called “CryptocKitties”. In the game, players can create a digital image of “CryptocKitties” through a string of codes. All cats are unique, and the ownership of these crypto cats is stored on Ethereum.
“Crypt cat” is considered the origin of NFT tokens. At the end of 2017, the Ethereum ERC 721 protocol (a programming standard for non-homogeneous tokens) was born, and NFT also appeared. In 2021, after nearly four years of development, NFT finally ushered in an “outbreak” in the field of art.
CryptoKitties, Picture Source Network
Each high-traffic exposure of NFT is like performance art.
In March 2021, a set of NFT artworks by digital visual artist Beeple received much attention. Beginning in 2007, Beeple created an artwork every day, and finally he stitched five thousand works into one picture and named it “Everydays: The First 5000 Days”, which was launched at Christie’s auction house.
NFT work “Everydays: The First 5000 Days” by artist Beeple, Tuyuan Network
On March 11, a seller named “MetaKovan” bought the work for $69.348 million. This number is beyond everyone’s expectations, and NFT art has also begun to go out of the circle at the speed of light.
Also in March 2021, another news also let people see the commercial potential of NFT art. The famous street artist Banksy’s work “Mornos” (“Idiot”) was bought for 95,000 US dollars, and then the buyer burned the painting live and put its NFT version on the NFT trading platform Opensea. In the end, the NFT version of “Mornos” was sold at 4 times the price, which was approximately RMB 2.47 million.
In the live broadcast, the masked holder ignited “Mornos”. The paintings are burning, “Mornos” has completed the transformation from physical artwork to NFT artwork. The fire seems to be heralding the world, and the era of NFT art is officially coming.
Burn the live broadcast of “Mornos”
Interestingly, “Mornos” was originally created by Banksy to satirize high-priced artworks. The painting shows a crowded auction house. The auctioneer is introducing a painting, and a picture frame next to him says “I really I can’t believe you idiots bought this.”
Burning paintings are also the holders of the physical works of “Mornos”-the blockchain company Injective Protocol defines burning paintings as “an artistic expression.” In the field of NFT art, NFT tokens are often closely integrated with digital art and performance art, resulting in a new art form-encryption art.
The characteristics of encryption art are very clear, the “decentralization” determined by blockchain technology, the wide range of transactions that transcend national geography, and various art forms.
If you want to use examples to explain these characteristics, you can imagine this: The NFT art collection you own can exist in the digital world in any form, a short video, a virtual fashion, a code, a game equipment, and an emoji package. Or the classic moments of the career of an NBA star, you can get it in your pocket.
NFT “Nyan Cat (Rainbow Cat)” GIF worth 590,000 US dollars, picture source art starry sky
The transaction threshold of NFT artworks is not high. Even if you don’t know the art field, you can still collect. Artists don’t have to distribute works through auction houses and art markets. Through the blockchain, everyone can participate in the art market. middle.
The multiple possibilities of NFT shock the art field. The aforementioned CryptoPunks pixel avatar is one of the hottest NFTs. Among the 10,000 pixel avatars currently available in the market, the highest price reached 4200 ETH, which is equivalent to 7.57 million U.S. dollars, while the pixels of aliens and apes The avatar is even more expensive and hard to find, and it is a luxury item in NFT.
Expensive “Apeman” CryptoPunk, Figure Source Network
More and more artists are also beginning to test the NFT field. They mint their art work to make it an NFT artwork and distribute it on the primary market. If someone buys the NFT, it is very likely that they will enter various platforms in the secondary market. Once again Circulate, and in every transaction, the artist can profit from it.
At present, the most popular overseas NFT trading platforms are basically based on the public chain Ethereum, such as Opensea, Rarible, and Foudation. Some of these platforms have low entry barriers, and some adopt the invitation system, but “coins” need to pay at least With a fee of $50, collectors can also conduct NFT transactions on these platforms, but they will also charge higher fees.
NFT platform Opensea
In addition, there are many trading platforms based on other public chains. There are countless large and small, most of which have low handling fees and attract many unknown art creators.
It is not only artists who are “stuck around” for NFT, but celebrities, major companies, institutions, and brands are also beginning to end. After the market was ignited at the beginning of the year, NBA, Gucci, Twitter, VISA and other institutions and companies successively began to collect and launch NFT products. From star cards to virtual fashion, and even a few characters, they can set off an upsurge in the NFT market.
The NBA star card blind box has become the “top” in the current NFT collection, with a transaction volume of more than $500 million. Various types of virtual fashion have also attracted attention, and many NFT trendy shoes and clothing have been sold at high prices in the market.
NBA star card NFT, picture source Weibo
The boundaries of NFT art are still widening. The early NFT works may be just a JPEG picture. Now it has been integrated with audio, film, games and other fields, and forms such as NFT gifts and NFT blind boxes have also begun to develop.
Well-known rapper Eminem also launched NFT, Tuyuan Snowball
From a commercial point of view, “NFT art” has infinite possibilities. Many “little artists” have emerged through NFT, and some have even become rich overnight. Various platforms are flourishing, and the total amount of transactions is also expanding.
The future seems to be coming soon.
NFT art in China
Although it lags slightly behind overseas, China still catches up with the NFT fever.
Alibaba may be “the first person to eat crabs”. In May 2021, Alipay successively launched the joint NFT payment code skins with Dunhuang Fine Arts Research Institute and “Assassin 576”, and began to experiment with NFT. At the same time, Ali also launched a special NFT digital art session, officially announcing its entry into the NFT industry. So far, Ant Group has sold nearly 8,000 limited edition NFTs.
IP is also an important driving force for the development of domestic NFT.
After the release of “White Snake 2: The Green Snake”, Ali’s fashion brand Koi Naqu simultaneously launched related NFT payment code skins. After going online, 80,000 NFTs were quickly sold out. Tencent is also entering the NFT field with the help of IP. In early August, Tencent announced the release of 300 “Thirteen Invitation Vinyl Record NFTs”. The carrier platform is Tencent’s NFT trading platform “Phantom Core” App.
The game “Forever Tribulation” recently promoted by NetEase has also caught the NFT boom. On July 12, the “NARAKA HERO” series of blind boxes released by the Australian NFT publisher MetaList Lab was launched on the Binance NFT market. The NFT series of blind boxes were authorized by the official IP of “Forever Tribulation”, and they were all sold out within 15 minutes of going online.
Weibo also launched the NFT trading platform “TopHolder No. 1 Collector”, which was launched in a closed beta in early August. “Weibo NFT works” and “auction of one’s first Weibo” are all kinds of topics. Currently, the number one collector has attracted many artists, collectors, and curators.
NFT has also “brilliantly shined” in the domestic music field. Singers such as Hu Yanbin and A Duo have successively released NFT records and albums. Many music copyright platforms announced the launch of the NFT section or reached cooperation with the NFT platform. The characteristics of NFT artwork provide a solution to the protection of IP and copyright: After the artwork is on the chain, the uniqueness can be preserved through the immutable and eternal blockchain.
In addition to the NFT platforms launched by major domestic manufacturers, Hedgehog Commune has also noticed some small domestic NFT platforms, and the “thin box” is one of them. Like other major manufacturers such as Ali and Tencent, “Thin Box” interprets NFT as a “digital collection” and defines itself as a “digital trendy play collection platform.”
The “Thin Box” platform can log in through WeChat and regularly cooperate with digital artists and encrypted art creators in various fields. Artists can list and sell their NFT artworks through the platform. At present, the platform is still in its infancy, and the main digital collections are mainly blind boxes.
事实上，成交价6934亿美元的《Everydays：The First 5000 Days》是一张所有人可以下载的图片，任何人都可以将这张价值4.49亿元人民币的图片存储在自己的硬盘中，甚至打印后挂在家里。这是很多NFT艺术品的特质，一段视频、一张图片、一张动图，世界上许多人都可以访问、复制，对其进行传播。
In the scorching summer, various NFT art exhibitions and crypto art festivals sprung up all over Beijing, from 798 to Daxing.
The Hedgehog Commune found at an NFT art exhibition that multiple display screens were hung on the walls of each exhibition area, and the circulation of the works of the artists was encrypted on the screens, which was obscure but full of atmosphere.
An NFT digital art exhibit, photography: Shi Xin
A narrator was talking about the origin and connotation of the artwork to several visitors. After listening for a long time, a visitor finally asked:
“Which one is the most valuable in this room?”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/what-exactly-is-the-nft-art-that-the-whole-world-is-paying-attention-to/
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