BuT I caN jUsT ScrEenShoT iT.
Yeh. No.
Why Art and NFTs makes sense.
Thread 👇
1/
Yeh. No.
Why Art and NFTs makes sense.
Thread 👇
1/
2/
Art has existed everywhere since the dawn of time.
The physical Art industry doesn't need an explanation.
You own the original on canvas. Simple.
Right?
Art has existed everywhere since the dawn of time.
The physical Art industry doesn't need an explanation.
You own the original on canvas. Simple.
Right?
3/
But what if an imposter makes the exact same thing, stroke by stroke, signed, etc.
Does it have the same value?
No.
Because you're not just buying Art your tieing yourself to the Artist.
In this case, the original.
The original retains majority value.
But what if an imposter makes the exact same thing, stroke by stroke, signed, etc.
Does it have the same value?
No.
Because you're not just buying Art your tieing yourself to the Artist.
In this case, the original.
The original retains majority value.
4/
Just like a fake Nike.
Even if it's EXACTLY the same thing in terms of utility, look, etc.
It's a provable fake. (Unless replica is immac).
Still, a fake is a fake is a fake.
So what about Digital Art? What's the solution here?
Just like a fake Nike.
Even if it's EXACTLY the same thing in terms of utility, look, etc.
It's a provable fake. (Unless replica is immac).
Still, a fake is a fake is a fake.
So what about Digital Art? What's the solution here?
5/
N👏F👏T
Non Fungible Token.
Non Fungible = these tokens aren't equal and thus can't be traded on a 1:1 ratio.
Like 1 Bitcoin = 1 Bitcoin. (Fungible)
1 NFT doesn't equal another NFT.
NFTs represent different assets/items/Art on the Blockchain.
N👏F👏T
Non Fungible Token.
Non Fungible = these tokens aren't equal and thus can't be traded on a 1:1 ratio.
Like 1 Bitcoin = 1 Bitcoin. (Fungible)
1 NFT doesn't equal another NFT.
NFTs represent different assets/items/Art on the Blockchain.
6/
So when you tie an Art gif or Image to an NFT.
You're tieing the digital piece to a token that represents publicly verifiable ownership.
A receipt of ownership.
Who owns the token owns the Art piece.
So when you tie an Art gif or Image to an NFT.
You're tieing the digital piece to a token that represents publicly verifiable ownership.
A receipt of ownership.
Who owns the token owns the Art piece.
This token lives on Blockchain.
Forever.
Time stamped, publicly verifiable, transactions & price history tracked, ownership acknowledged, etc,
You know, the same technology Bitcoin lives on that we've all accepted to be worth $10k atm?
Talking to you BTC Maxis.
Forever.
Time stamped, publicly verifiable, transactions & price history tracked, ownership acknowledged, etc,
You know, the same technology Bitcoin lives on that we've all accepted to be worth $10k atm?
Talking to you BTC Maxis.
7/
Just like Bitcoin.
It lives on a public ledger.
If it's verifiable ONLY ON THIS PUBLIC LEDGER It can be verified to be YOUR Bitcoin.
Would it be the same if you copy pasted a wallets content to an excel spreadsheet?
Does that Bitcoin amount become yours?
No.
Just like Bitcoin.
It lives on a public ledger.
If it's verifiable ONLY ON THIS PUBLIC LEDGER It can be verified to be YOUR Bitcoin.
Would it be the same if you copy pasted a wallets content to an excel spreadsheet?
Does that Bitcoin amount become yours?
No.
8/
So when you screenshot an art piece you've given it the same utility.
Yeh it looks pretty,
But 0 value.
Coz it's not tied to the artist.
Publicly NOT verifiable.
I mean, isn't this what Blockchain is all about?
To store and track value, ownership and history?
So when you screenshot an art piece you've given it the same utility.
Yeh it looks pretty,
But 0 value.
Coz it's not tied to the artist.
Publicly NOT verifiable.
I mean, isn't this what Blockchain is all about?
To store and track value, ownership and history?
9/ You might not accept it,
But 1,000's of early adopters do.
And 100's of $millions have been transacted in this industry.
This is just Art.
One of ample use cases of NFTs.
But 1,000's of early adopters do.
And 100's of $millions have been transacted in this industry.
This is just Art.
One of ample use cases of NFTs.
10/ Ofcourse we have a lot of work to do.
We're not 100% there yet.
But the tech is moving fast.
And problems are being solved daily.
We're not 100% there yet.
But the tech is moving fast.
And problems are being solved daily.
11/ We don't need validation from broader crypto.
But in an absolute bear market where most crypto portfolios were down 90%+.
People were 10xing their NFT portfolio net worth.
What does that tell you about where true value is being created?
But in an absolute bear market where most crypto portfolios were down 90%+.
People were 10xing their NFT portfolio net worth.
What does that tell you about where true value is being created?
A further more in-depth and less frustrated driven thread by @DCCockFoster
https://twitter.com/DCCockFoster/status/1278449517311012869?s=19
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