On November 14, the Tezos-based NFT Hic Et Nunc market – which in Latin means “here and now” – suddenly closed. The artists were preoccupied with showcasing their NFTs at the first NFT exhibition at the Hermitage “Airtime” (November 10 – December 10), as well as at the first ever Art Basel exhibition in Miami NFT “People + Cars: NFT” and emerging art. Peace. (December 2-4).
Diane Droby, founder of We Are Museums and co-founder of NFT at Hic Et Nunc, who hosted the panel discussion at Art Basel Miami, explained to me: “Of course, the closure of Hic et Nunc was shocked, but people again took it as another step on their journey. … The site closed, our NFTs were kept on-chain, nothing was lost and the artists were confident they would live on the NFT. We’ve seen mirrors or new releases from HicEtNunc .art open in a few hours, providing the support artists need to keep buying, selling and showcasing NFTs. ”
“The community is now organizing the creation of a Decentralized Autonomous Organization (DAO) to continue the decentralization process in Web 3.0.”
This incident got me thinking: Will the “International Year of the Creative Economy for Sustainable Development”, proclaimed by the United Nations General Assembly, go down in history as non-financial consortia enter the mainstream? Or will it cease to be the world’s fashion for inventions lurking in the shadow of the COVID-19 pandemic? I conducted polls and interviews to find the answer.
Related Topics: What are NFTs and Why Are They Revolutionizing the Art World?
NFT environmental impact, assessment and regulation
NFTs are digital assets built on the blockchain platform and can be sold as digital trading cards for cryptocurrencies or even fiat currencies. They usually serve as proof of digital asset ownership, but the specific rights associated with NFTs vary. Some NFTs include smart contracts as part of a token that executes even when certain events occur.
A computer scientist criticized NFT “Antsstyle”:
“In short, NFTs are bad for two reasons: 1. They are bad for the environment because they depend on cryptocurrencies to generate huge amounts of carbon emissions. […] 2. They are only valuable as tools for money laundering, tax evasion and major investment fraud. ”
Advanced version of Antsstyles Analysis provides a comprehensive overview of NFT Proof of Stake and Proof of Work platforms.
AJ Woloszynski, president of Eisner Advisory Group LLC at EisnerAmper, noted that NFTs have subjective ratings that determine how much someone is willing to pay for them: “Take a look at the image below, for example. You have no problem. Download the image to your computer. You see a simple gray box, this is an NFT known as The Pixel, created by an artist named [Pak] and sold for approximately $ 1.3 million at Sotheby’s in April 2021. Artistic auction houses such as Christie’s, Phillips, and Burtion are also starting to trade NFTs on various token platforms that will not be able to be exchanged this year.
Related Topics: Recreated Art: NFTs Are Changing the Collectibles Market
According to CryptoArt, Pak is the second best-selling crypto artist of all time, with a market value of around $ 65 million for his work. The NonFungible Corporation ranked Bored Ape Yacht Club # 1 and NFT “Bored Ape # 9449” finally sold for over $ 1 million.
Although it is not classified as NonFungible, the 24×24 low-pixel images of computer-based CryptoPunks produced by Larva Labs were the first major NFTs. In March, CryptoPunk # 3100 was sold for 4200 Ether (ETH), which was $ 7.6 million at the time. This sale was overtaken by NFT’s “Everydays: The First 5000 Days” sale by graphic designer Mike Winkelmann, also known as “Beeple”, which grossed $ 69.3 million on the same day, which is the equivalent of $ 13,800 for each digital artwork featured in College. According to DappRadar, Dapper Labs’ CryptoKitties – the first major Ethereum-based NFT project to use the ERC-721 standard – also saw a 22106% increase in trading volume at 22106% daily amid the recent boom in the NFT market.
NTFs are not widely regulated. For example, earlier this year in the flagship NFT OpenSea market, the leader converted the non-fungible tokens he had acquired after he posted them on the website’s website – a move that supposedly allowed him to sell them at a quick profit, given that Insider NFT-in- progress Markets is not in clear violation of the law. In another case, fake NFTs worth 265 ETH ($ 1.1 million) were allegedly issued by Hong Kong gaming and venture capital firm Animoca Brands and subsidiary Blowfish Studios and sold through Discord.