Hey, welcome to a new blog series!
On today’s crypto rabbit hole, we’ll explore what’s with the hype on NFTs, what are the use cases for it, platforms available, and what it means for Filipino artists.
I’ve curated some visual summaries of the blockchain technology and Etherium platform powering it to hopefully help visually explain it easier. I also reached out to local designers Aj Dimarucot and Luis Buenaventura on why they think more artists should explore NFTs and how they can get started!
Will NFTs be a much-needed platform for underserved Filipino artists to monetize their work or will the mania come crashing down like local ICOs (initial coin offerings) or shitcoins before stable case studies become available?
Below are teaser key points that we’ll explore further in this series. If you don’t want to miss out once the articles are up, make sure to follow me on Twitter @domdeleon. Will post the links there first.
Enjoy and keep creating!
-NFTs or Non Fungible Tokens are the recent headlines on crypto rabbit hole multiverse. NFTs are essentially a branch of blockchain tech used for verifiable artwork ownerships that use crypto currencies as a convenient mode of global payments
-Common platform used is Makersplace. Other platforms include rarible, mintable, opensea, zora.co, and portion.io
-From selling to verifying. What Filipino NFT artworks on the blockchain look like per platform:
–Beeple, first tweet, and NBA Topshot (video clip or digital) version of NBA cards are recent headline examples
-Like crypto or emerging tech in general, NFTs as an industry vertical are highly speculative. It can be profitable for traders who understand the market early and painful for those who will enter it like a casino without a plan and “ALL IN”
-As an artist, you’ll have to learn the basics of blockchain, Etherium platform, and decentralization to sell, get paid, and appreciate NFTs the most
-Arguments about carbon footprint efficiencies and electricity consumption are valid. Verifying the ownership and running the blockchain verification requires machines to run solve mathematical formulas that consume a lot of computing power/electricity but there are next gen solutions such as “Proof of stake” being explored
–It feels like another ICO bubble (Initial Coin Offering) at the moment. But we’ll have to wait and see if it sticks or dumps
-Unlike other blockchain projects, NFTs are direct ways that artists can publish their work and monetize it globally
-It’s an early stage hyped tech worth checking for Filipino artists or artists from developing markets looking for a global audience in general. Like any marketplace, using the right platform, optimizing, building your audience, and connecting with the right community to exchange best practice would be cruicial.
–Licensing, piracy, taxes, and intellectual property rights. How will NFTs transform creative industries?
-As always, TAYOR. Trade or invest at your own risk.
If you found the concepts above interesting, I’ll see you on Twitter for the first post!