For those of you who may be having difficulties learning about the unfamiliar, hard-to-understand NFT for the first time, here is an article that briefly introduces you to the world of NFTs.
NFT is a truth detector
Have you watched the movie <DUNE>? Although the background is set 10,000 years ahead, a servant flies in a spaceship to deliver the emperor’s order to the Atreides family. Duke Leto sets a seal with melted wax as his response to the emperor’s calling. It must have been an imaginable future in a ‘60s novel. The characters would not have taken such a trouble only if they could imagine the blockchain network!
If the emperor used the blockchain network, he could have just input command online and sent a digital letter to Duke Leto. The blockchain network not only records all the details in the digital ledger but also saves transaction information in others’ ledgers as well, blocking any attempt for manipulation. Perhaps he could have blocked any emperors from other planets from manipulating transactions.
Blockchain relates to trust. The reason why the emperor sent his servant to Duke Leto was that he wanted to get an indisputable promise by sending a reliable person or witness. In a similar fashion, NFT was created to facilitate transactions of digital work under blockchain— a guarantee of veracity— and protect creators’ copyrights. Below are examples of NFT projects.
Movement for Cryptoart : CryptoPunks
CryptoPunks is widely known as the founding father of NFT PFP (Profile Picture) projects, or the Mona Lisa of the NFT world. This project distributed 10,000 randomly generated pixel profile images for free to the public. It is evaluated as an experimental art movement presented by CryptoPunks’ manufacturer, Larva Labs, in 2017.
Through the project, CryptoPunk threw a question, “how is the concept of ownership defined in the digital era?”. The value of the project derives from experimenting whether people would pay for unique scarcity values. CryptoPunks’ scarcity value soared to the extent that #7523 was purchased for approximately 14 billion (Korean) won through an auction in Sotherby in 2021.
As so, we can now understand NFT = scarcity value, right?
Innovative Community Built by Boring Apes : BAYC
In 2021, Yuga Labs launched a project titled BAYC(The Bored Apes Yacht Club), releasing 10,000 profile images of billionaire apes living boring lives in OpenSea. (OpenSea : the easiest digital marketplace for creators to buy and sell NFT.) The core of BAYC, unlike CryptoPunks, is the provision of various benefits (utilities).
It provided a playground that both sellers and buyers could enjoy by building a community through membership for BAYC holders, full commercial rights given to secondary creations, issuance of its own coin, etc. In 2022, Yuga Labs became a NFT production company with the most collections in the world as it acquired CryptoPunks and Meebits from Larva Labs. BAYC’s video celebrating its acquisition symbolizes its connection to the Metaverse and makes us anticipate more about its future plans.
NFT and Modern Art
Who among modern artists presented us with NFTs? There’s Murakami Takashi, the Japanese Andy Warhol, who crosses the boundary of traditional painting and figure. Murakami Takashi grew his interest in NFT after learning about Beeple— which generated 5,000 photograph NFTs— and realized expansion of the art world. Beginning with Murakami.Flowers project in 2011, he presented the CLONE X project in 2022 in collaboration with RTFKT (a NFT production company acquired by Nike).
Joan Cornellà, who adopts black comedy for illustration, issued NFT as well. He presents a PFP project in a building called MOAR— located in the Metaverse— with building residents. NFT holders are given benefits such as airdrop, 3D avatar to be used in the Metaverse, online/offline exhibit invitation, and purchasing rights to figures and paintings.
Many artists in South Korea are also issuing NFTs. Modern artists like Jang Koal, who works on oriental paintings mostly on Korean handmade paper, and Jae Won Kang, who works on various physical sculptures, have presented us with digital work, breaking their frames.
Jang Koal 'Mirage cat 3'
Jae Won Kang ‘Exo 2’
NFT and Fashion
When you think of the fastest field that absorbs new culture, it would definitely be fashion. What role does NFT play for fashion, which historically leads trends and creates experimental culture? Representatively, Nike, Adidas, and Gucci are starting novel attempts such as issuing NFTs or suggesting connection to the Metaverse. Street culture-based brands like the Hundreds or BAPE have lately joined the NFT world, holding fascinating events and consolidating their communities.
SUPERGUCCI - https://superplastic.co/pages/gucci-supergucci
What do you think? Do you find NFT more interesting now? For more details, please visit the Omnuum Medium blog. The Omnuum team uploads NFT-related articles every week. Don’t forget to subscribe!
