This week @JeffKeniPulver invited me to the #VON3 Summit (Voice|Video on the Net). Speakers discussed NFTs (non-fungible tokens) & Web 3.0 (Worldwide Web based on blockchain). Most of the discussions were waaay over my head, but it got me thinking.
I bet most of us have heard of NFTs but don’t understand what they are. I’ve associated them with crazy art, like the Nyan Cat that, in Feb. 2021, sold for 300 ETH (Ether crypto currency), or about $690,000.
It’s enough to make me feel like running & screaming as I cover my ears to block out the noise of the future. But is it inevitable?
WHAT IS NFT? A non-fungible token is unique & can’t be swapped for something of equal value. Like, a $10 bill = ten $1 bills, but the Mona Lisa can’t be traded for another Mona Lisa.
HOW DOES IT WORK? It’s verified via blockchain, which IBM defines as a shared, immutable ledger that eases the process of recording transactions and tracking assets. ▪️▫️◾◽◼️◻️⬛
I came across @jchris on Twitter & liked his explanations 9:24 AM–Jan 24, 2022:
“[NFT] is more like a link than an asset. You’re buying your name at the top of the list of holders. The value comes from the previous holders (& the link to the creator), more than the image. ️ NFTs are not about scarcity; they’re a new type of link—one that memorializes how it moves through a community & becomes valuable because of its history. [It’s] a link that gains its uniqueness from human interactions. This is old & new. Objects that gain value from their history become heirlooms. NFTs do that & it can feel uncanny.”
People can see & even download NFT images, but they can’t own or be verified on the blockchain. Chris Torres, creator of Nyan Cat, says many popular & expensive NFTs tend to be closely linked with internet & meme culture, that appeal to the Web3 crowd. ️
I’m not quite there. Are you? What do artists think of NFTs? If you like & collect art? Do you want to “own” something ethereal like an NFT?
PHOTOS: Our #Airbnb in Randle, WA; Grass #patterns & #hoarfrost #LewisCounty #washingtonstate #MtRainier in the #settingsun #nfts #nftstories #nyancat #blockchain (at The Horsfall House) https://www.instagram.com/p/CZTnePJrbqn/?utm_medium=tumblr
If I concentrate hard enough can I get a rainbow to shoot out my #peanutbutterfoot like #nyancat? happy Sunday furriends! (I’ve been feeling pretty fabulous lately FYI thank you) . . . #tortie #tortietude #tortoiseshellcat #tortiedust #cat #cutenessoverload #catsofinstagram #boop #boopmynose #phillypaws #adoptdontshop #oliveryefig #buzzfeedscats #boredpanda #buzzfeed #funny #cute #buzzfeedanimals #weeklyfluff #thedodo #tricorncats #9gag #meowed #careycat https://www.instagram.com/p/B_u_uxgDaP4/?igshid=12rlsrry5p70u
