Updated: 6 days ago
Giving everything a value may not be such a bad idea, so long as everyone has access to markets.
Brego is a laymen, not a Cryptocurrency, CryptoArt expert. An average Joe trying to figure things out. And right now, the Cryptocurrency markets are on fire. Not just Bitcoin, Ethereum and a section of other coins in the media. I’m talking Art and Digital Assets tied to Cryptos. NFT’s Non-Fungible Tokens as they’re called.
Loosely speaking NFTs are codes given to certain non-fungible asset. Doing so assures origin and scarcity, and thus derives value. For me, a penny is a penny. For most people a penny is a penny. That means it’s a fungible asset. But depending on the type of penny, the flaw, the year the alloy…it could become worth a lot more to a collector. That’s another way to view a non-fungible asset. When we enter the digital realm. A fashion designer to design and sell dresses to 3D virtual worlds. She could claim ownership of her pattern, sell it and it would live on as a NFT, that ownership would be tied to her. It’s a lot like that collectible penny. A normal penny is fungible, one-for-one. A NFT is worth what people are willing to pay for it. This is why a gif can go for $85k. Value is in the eye of the beholder. Now, imagine a world where you make video detailing your mother’s life story and journey into a nursing home. You do the voice over, you put your brother on the music, and you do the art. Imagine each of those things lives on as a NFT. Your brother makes the music, he profits. Your words are bought as poetry, and the art is bought by a digital art collector. A movie studio takes an option for your mother’s story.
On one level it seems like shameless commodification, and it is. But how is that different than Google or Facebook putting up an ad and taking all the profit and giving none to you? This is how I believe things will play out.Imagine a world where everything in your home has a value. Recently I put out a table saw on the curb for takers. The handle broke, it was grimy and I was tired of fighting with it. If I sold it on Ebay I would have made $50 tops. But I put it on the curb and within five minutes it was gone. Because to another person it had value. One man’s trash is some woman’s treasure. You get my point. But imagine a world where EVERYTHING had it’s proper value tied to it. 100 empty grocery bags, unused in your kitchen cabinet. Now imagine if you could sell them, matched instantly with a buyer in your area. Left on your doorstep for .000000001 bitcoin. I’m exaggerating for effect. This could keep a lot of plastic out of the landfills and our waterways. This is, I believe how we can solve many of the world’s problems. There is a market for just about everything, and a decentralized network would allow us to bypass all the gatekeepers of the world. No more going through Ebay, Amazon, no more dealing with Billionaires who are utterly divorced from our reality. This type of decentralized trade is going to happen across every industry and business. It’s nice to have a heads up.
Holy moly. Things are on fire over at OpenSea.io. My brain is bursting trying to undestand NFT…Non-fungible Tokens. Yikes! What is it and how does it apply? Well people are selling digital artwork for Ethereum on OpenSea.io…and some whales (large holders of cryptos) are dropping big money on silly digital art. Sigh, I know. I’m trying to post my art…good luck with that. Here’s why. As I understand it, fees are being assessed base on virtually unknowable algorithm. Fungible means one dollar for one dollar. Non-fungible assets are like. My domain name. It’s worth a dollar to some, and a million to another. It depends. How much is a piece of art worth? $5 or $85K? OpenSea.io is an ebay for Non-fungible digital assets. Still trying to figure out how it works. But people are making bank on it.I’m told one can list there for free, or little to nothing, but nope. They say bidding starts on auctions at 1 Ethereum or $1,700…roughly. The “gas” fee, which is a complicated mess of a fee is roughly $300. So that means depositing that amount for a chance to get a return. Nope. Long ago I could have dropped that, but now now. Too risky. I’m trying to get around this fee, by selling outright, or launching an altcoin alternative. (It ain’t easy) because the market is so hot right now. Essentially one person sold gif art for $85,000 and one Whale bought $1million worth of digital art, over the weekend. Blockchain is going to democratize everything…including the art world. But right now whomever is running Opensea.io has got the world in their hands. I just have to figure out a way to list my digital artwork and other digital assets with “no gas” fees upfront. It’s incredibly complicated.
If you can figure it out.Essentially people are paving the way for ownership of verified digital assets. I know it seems like some horrid commodification of everything, and it is. But ultimately I think it will be for the good. As power leaves the privileged few. Right now, it’s the wild west all over again. Do we have a computer scientist here? I need help understanding how to list without huge “gas” fees.Implications for the art world.Update. So, the way this might work is this. I create a digital artwork. Someone buys it, but not the whole thing…pieces of it. They sell the background to someone, the foreground to someone else, artificial intelligence owns the cup in the subjects hands. A hotel could put the subject on it’s property. A beer company could change the subjects drink to it’s beer. Artificial intelligence could change the time of day in the picture, the shading, who is sitting across from my subject. I could conceivably earn money from all of it. All industries will be impacted shortly. A fashion designer’s pattern could be given a NFT “token” to assure they are the original creator, derivative works would be verified back to their original source material. My initial idea was for Brego to be “the trend engine” hoping to reward trend spotters early. I think this is the same principle. I would love to mint my own coins, but I would need a computer scientist to help me do that. My point is this, the changes are coming fast. I apologize if my off-the-cuff analogies and metaphors are not accurate. I’m trying to ingest the rapid changes in the crypto market and translate them into laymen’s terms. It’s a lot to process. Be patient with Brego.