The video we watched is called NFTs Are Fueling a Boom in Digital Art. Here’s how they work.
This video helped me understand NFT art better. I think the analogy that made it make the most sense was the idea that the blockchain can be compared to an original signature on a piece of art.
Something that I felt was important to note about NFTs is that scarcity is a big factor in driving up the prices. This makes sense—I was previously pretty confused about why NFTs could be so expensive. NFTs like Crytokitties helped to build this scarcity.
Companies like Christies have a drive to make NFTs exist in the physical world. This is an interesting concept because I was under the impression that NFTs should exist only in digital realms. This may still be true in many instances but here are some NFTs that can or should exist in both worlds.
I am curious about the fact that anyone can say they created a token when they may not have. I am confused by this because digital art should be owned by their creators, it throws me off that even though they created it—they may not have minted it. I guess this is not far different from forgery though that does exist already.
This is the first article we read.
The article we read is called Another New World.
This article referenced a remastered version of the nyan cat which seems to defeat the purpose of selling original NFTs. In a different way, though, if there was not such a widespread use of the meme that increased its popularity, the original would certainly be worth less.
It is interesting that there is not some way or process like copyrighting to keep people from selling other people’s art like it is their own.
It was helpful to see some of the ways that NFTs have positively transformed some of the art world when much of what I’ve heard of NFTs has to do with negative environmental impact (not ignoring that though).
This is the second article we read.
This one is called, The NFT Market Feeds Our Obsession with Ownership.
A lot of NFTs success has to do with publicity or hype surrounding it seems. This article also expanded on the issues with consent when it comes to minting art.
Now I’ve had the chance to reflect more on the forgery idea I mentioned above. I think I’m realizing this is not a copying as much as a finding and presenting as your own. There are some obvious moral intellectual property issues with this but I am understanding that there are no laws against it.