Opinion: NFTS will Give Crypto Art the Wings to Fly
  • joint
  • 2022-09-21
  • 4305
  • NFT
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Summary:Let's see why you might not be confident enough in the long-term prospects of crypto art to become the primary sharing mechanism for not only fine arts but all visual arts (excluding television and film).

Let's assume that "NFTs" actually refers to crypto art, as in visual art for aesthetic enjoyment, but does not include tokens related to membership and other benefits, such as BAYC, because these tokens are not the same. With this definition in mind, let's see why you might not be confident enough in the long-term prospects of crypto art to become the primary sharing mechanism for not only fine arts but all visual arts (excluding television and film). The first part is a technical introduction, the second part is how to use the technology, and the third part is: Bullish?

1. Technical introduction

Why does crypto art still exist? NFTS enable undisputed, trust-free, provable ownership of digital assets that are independent of any company, persistent, and widely decentralized. These features combine to create a "digital asset," which is very similar to "physical property" except for its intangible nature.

In other words, from an artistic point of view: if you took 1/1 of the artwork off my physical wall, I could still identify it 100% as mine. Similarly, if you take a 1/1 NFT (or "numbered" version -- that is, version 721) out of someone's wallet, they can identify it as theirs 100% of the time.

When you can fully identify a digital asset that is identical to a physical property, it creates a market for the sale of that digital asset because value can now be attributed to the digital property. This has created a market for crypto art.

The most important feature of NFTS is also the basis of the A/K/A cryptocurrency technology -- the only conceptual difference for us is that one asset is unique and the other is a fungible digital asset.

So what does "fungible" mean? The simplest way to think about "fungibility" is to refer to the dollar. If you have a particular $1 bill and I have a particular $1 bill, is it important to you that we trade? Let's say both are only worth $1, so no old misprints or anything. It doesn't make any difference to you. Both are worth $1, and both will cost the same amount.

2. How to use technology

Today, we use encryption and NFTS mainly for fun things -- art and games -- and financial transactions -- mortgages, loans, remittances, etc. Yes, there are other uses, but these are the main uses of the average consumer.

In the coming years, this technology will be integrated into our daily lives. We will have a lasting digital identity on social networks. We will use cryptocurrency (maybe something like USDC) to pay bills and make purchases. Eventually, you will have a government-issued digital ID tied to your wallet, which you will use to electronically sign documents to prove your identity.

All of these use cases are possible because of the identifiable ownership, existence, and resilience of encryption and NFT technologies. These capabilities will fundamentally change the way we interact with each other and store and transmit information.

To sum up where we're going, encryption and NFT technology will be so deeply integrated into our lives that it's said that not using it is like being told you don't have a smartphone (and that it's probably impossible to live in the modern world without it). While encryption and NFTS are becoming integrated into our daily lives, display technology will continue to improve and ultra-high-resolution, lightweight displays will become increasingly affordable. Here's an example of where we're going: 85 inches, 8K, mini LED and 3.9mm thin. This type of technology will permeate ordinary consumer electronics, and it will become common to buy monitors for family photos, kids' rooms, etc.

Eventually, a display like "Total Recall" - used to show where you want to go, to show art, to show anything you want, is possible.

3. Bullish?

So we're headed toward a future where people use NFTS and cryptocurrencies every day as often as they use passwords, credit cards, and government ids today. We're also heading to a future where display technology is high quality, thin enough to fit anywhere in your home, and affordable for everyone. When you put these facts and encryption global sales potential of art and art combined discoverability, encryption can be transferred to sell their works and immediately to anyone anywhere in the world, you'll see the encryption art potential, sales and display of visual arts became the default mode (not including film and television - I think will continue to be streamed). High-end art will continue to be sold digitally using NFTS as crypto art.

In addition to this, we will see commemorative concert posters, limited edition art from films, posters of athletes and models, "prints" of famous art such as the Mona Lisa and the Scream, and basically any visual art sold as NFTS.

When people used to like the use of smart phones and TV control technology, the display quality is very high, and you might want to any form of visual arts can be NFT provides, it creates an environment, restaurant owners are looking for the perfect painting for perfect arts may consider encryption (or a few, because they change very simple). It allows kids to save hundreds of dollars to buy a frame for their room, and they can change bands and movie posters, family photos, or anything else they want. It enables people not only to buy digital art, but they are willing to do so because they are used to interacting and living in the digital world.

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