The blockchain is not only used for crypto currencies: NFTs are digital content to which property rights can be auctioned. More and more well-known personalities want to participate in the trend. Even so, it could still be a while before NFTs are ready for the masses.
Trend goods NFTs
The trend around NFTs shows, among other things, that blockchain technology has more to do with Bitcoin & Co. The abbreviation stands for Non-Fungible Token, i.e. non-exchangeable tokens. In this capacity, the trend goods differ from cryptocurrencies, as The Verge writes. For example, if you swap one unit of an Internet coin for another, you get an identical good. Instead, NFTs are more like trading cards that are exchanged with one another and that differ from one another, the portal continues. Most NFTs are placed on an Ethereum blockchain, which, in addition to the associated cyber currency, Ether also supported the barter goods. But what exactly are these tokens about? The offerings are varied and can include works of art and pieces of music, The Verge continues. It is only essential that these are digital goods. The purchased files become the property of the highest bidder, but their consumption is not only reserved for the buyer. As a rule, NFTs are publicly accessible, so only ownership of the file is acquired. The Verge compares NFT owners, for example, with museums that buy up works of art but still make them accessible to the masses.
Twitter CEO sells first tweet as NFT
There are now numerous examples of NFT purchases. Among the better known is the first tweet ever published on the short message service, from founder Jack Dorsey . “I’m just setting up my Twitter [account],” the platform’s CEO wrote on March 21, 2006.
just setting up my twttr
— jack⚡️ (@jack) March 21, 2006
In March, the tweet was auctioned for 1,630 ethers – around $ 2.9 million at the time . According to the BBC, bids are said to have exceeded $ 88,000 within minutes of the start of the auction. Ultimately, the bid went to software entrepreneur Sina Estavi from Malaysia, who heads the blockchain company Bridge Oracle. The tweet remains publicly viewable, even if it became Estavis property.
Katy Perry starts NFT cooperation with Tetha Network
In the meantime, however, the NFT trend has developed significantly and in some cases has reached the mainstream. Pop star Katy Perry recently announced that she would offer a series of exclusive content using NFTs in the fourth quarter of 2021 in cooperation with the blockchain operator Theta Network, which specializes in video content.
Excited & 👀curious👀 to be launching my FIRST ever #NFTs later this year w/ @Theta_Network. Look out for memorable & creative moments from my 🍄 residency 🍄 that’s both a digital collectible AND an IRL experience 😱TANGIBLE😱 Pre-register for more info! https://t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy
— KATY PERRY (@katyperry) June 30, 2021
As the blockchain portal The Cryptonomist reports, the digital content could be in connection with the singer’s “Play” concert series, which is to take place in Las Vegas from the end of the year. “This is a new, unique opportunity to get in touch with my fans around the world, even if they are not with me in Las Vegas,” said the multiple Billboard Music Award winner, according to the crypto portal. “I can’t wait to work with the Theta team on all of the exciting and memorable creative pieces so that my fans can have a special moment of my concert season that is both a digital collector’s item and a real experience.” And Theta Network is also pleased about the collaboration: ” The collaboration with a global icon like Katy Perry next year, which will coincide with the launch of Theta Mainnet 3.0, represents an important turning point in the history of the Theta Network and is a big step towards global acceptance of the Theta blockchain “, Theta Labs CEO Mitch Liu told the cryptonomist, “With the help of the Creative Artists Agency and Katy’s management team, we are well on our way to reaching millions of music, media and entertainment fans around the world, well beyond crypto enthusiasts to reach. Ultimately, we see this as an important milestone on the way to a million daily transactions in the Theta Network “. Interested parties can already register on the Theta Network’s website,
NFT trend is also reaching Germany
Perry’s colleagues Lindsay Lohan and Jay-Z have also already entered the NFT business, as Business Insider reports. Other NFT collections are penned by the US Space Force and the Golden State Warriors, a basketball team from the US basketball league NBA. – Trade Bitcoin with Plus 500 – this is how it works. 72% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford the high risk of losing your money. – And the movement has already arrived in Germany: Rammstein singer Till Lindemann wants to sell ten digital copies of a previously unpublished music video for 100,000 euros each, as reported by Deutsche Welle. A joint dinner for two in Moscow, including travel, accommodation and a visa, should also be included in the NFT package. The video was shot in the Hermitage in Saint Petersburg, but the fact that Lindemann offers his work of art as an NFT could result in criminal prosecution, as the international broadcaster writes. The facility allowed the musician to shoot the video in the premises so that objects from the collection could be seen there, however, violate the agreements made previously. This makes the NFTs illegal.
NFTs are not yet ready for the masses
And even if the trend around digital works of art increased significantly this year and now extends to different areas, there is still room for improvement when it comes to Alex Salnikov. The co-founder of the Rarible platform, which specializes in the creation, sale and collection of digital works of art, admits to Business Insider that NFTs have become very popular, but have not yet reached the mainstream. For this to happen, commercial goods must not only become more affordable, but access to purchasing them must also be made easier. Companies are responsible for considering which prices consumers are willing to pay and which use cases are sensible for them.
One of the pitfalls that the NFT purchase currently has in store is that a crypto wallet is required in which cryptocurrencies must be stored. Direct payment by credit card or bank transfer is not possible. “It’s not as smooth as when you just go to Amazon and buy something,” said Salnikov. “It’s still unsuitable for the end user.”