From Crypto-Kitties to lactating cyborg Saber Tooth Tigers with open pulsating brains bleeding, the non-fungible token (NFT) market has grown. The latest edition of Beeple-mania is an illustrated auction of “Everydays – The First 5000 Days” as an officially registered Non-fungal Token. Christie’s will be selling the work between February 25 and March 11. Estimate an unknown, starting a $ 100 bid. Anyone with $ 100 can show up and bid, there is no doubt he will win since the last auction of Beeple’s work went for $ 3.5 Million to in total, there were only select jobs from the more than 5000 created in the last 13 years. The new work through Christie’s can receive over $ 10 Million, possibly much more. What does Christie have to keep? Is their average usage 20-40%?
Every day – First 5000 days
BEEPLE
Mike Winkelmann aka Beeple, is an artist. A prolific artist, one who embraces the philosophy of the work, has created a piece of digital art every day, for the past 5044 days and counting. This is against scarcity. These articles are available from Instagram for anyone who follows @beeple_crap. They are digital objects, reproducible without loss of loyalty. How do you get a collection out of this situation? The way Christie chose to do this is to create a collection of the first 5000 days in one image. They also created an interactive surface that moves in on one image of the 5000. To reinforce the rarity, one token is cut using NFT on the Ethereum blockchain and transferred to the owner. . Here the Ethereum blockchain serves as the publicly owned register, verified by the release of this token centralized by Makersplace. The output contract may be in accordance with Ethereum Standard ERC-721. In addition, it may have a little more meta-data about the artifact including a hash, a one-way function that cannot be reversed and which in this case may be a source. the root of the Merkle tree based on the 5000 artifacts in the ensemble. Once purchased, it can be freely transferred to another owner without an intermediary. It will provide decentralized avenues for art theft, but the stolen goods cannot be kept hidden in an attic, or moved without paying a fee to the artist unless the nominal price is very low. Christie’s auction claims that Beeple or its heirs will receive 10% of any future move under the NFT smart contract.
All this gobbledygook means, that there is protection from even a minute change in any of the basic materials that are now tied to an auction winner, and other verification factors, time, date and authenticity of a property transfer since an artist for the winner is available. This is now visible to anyone who can transfer the winner to the next owner for a price, that fact is also recorded. Converting shit (beeple_crap) to gold. Alchemy of the highest order.
Another ability is to create a physical display case that has too much of a view that the buyer can hang as a prize on their own wall. Possibly with a randomly selected rotating display of one image of the 5000. Although Beeple has not designed a physical device for an upcoming Christie’s auction; he and his colleague, his wife Jen, have done just that for the next auction.
Non-fungal symptoms
NFTs hit the scene with crypto-kitties that almost brought down Ethereum. NFTs are different from “regular” fungible signals in terms of their fun. A fungus is a property to be used instead, one token is the same as another, a fungible token can be exchanged for another. In fiat money, this is expressed as a cash price, a dollar in a bank deposit can be converted into a dollar bill at par. A dollar bill can be exchanged for another at par. Fungal markers of the same ilk can be exchanged at par. NFTs are not fun, each brand represents a specific object or creation, a house, a piece of art, a digital device. One NFT cannot be exchanged for another. A house in Detroit cannot be used for Rembrandt. Each NFT represents a specific artifact or object of value. The true medium of on-chain exchange and counting unit will undoubtedly make this easier; Stablecoin or CBDC, easily accessible and interactive across chains.
Fungal signals from NFTs
NFTs can be the basis for decentralized securitization. Generates Fungible Signals (FT) with less value supported by a pool of NFTs. Such FT increases in value due to an increase in the value of the underlying NFT and any other cash flows that the NFT throws off. Such a structure could increase the democratization and distribution of NFTs. There are mainly two types of NFT, one that stands for an artifact that cannot generate revenue directly as a piece of art; or a house that brings in rent. Even this distinction may not be relevant in the future as there may be ways to rent art and until it is prominently displayed at a company or party gathering thrown by a high value person. Similarly, FT on the basis of one or more NFTs may be the next step. Of course, legal structures need to be established for such a structure. In today’s decentralized philosophy, such a structure should be a self-governing autonomous body.