Greetings Futureheads,
As you are probably aware June was blockchain and crypto month, as well as the beginning of series 2.
Here are the main takeaway points from the 4 episodes.
Blockchain itself is quite nerdy, yet the concept of Blockchain democracy is fascinating.
To describe blockchain to the laggard and technophobe, it is simply the digital equivalent of the old fashioned carbon paper. Once data is stored on the blockchain it cannot be altered and is there forever. Blockchain is secure, cannot be tampered with and is decentralised.
Decentralisation is where the philosophy behind blockchain gets fascinating. As this technology evolves blockchain functions the way most centralised governments around the world operate. With little or no red tape. As this technology spreads the very fabric of society may be at stake, as many of us question: do we need a large government? This will open up the doors for more sovereign freedom for the individual and less government overarch.
NFT or Non-Fungible Tokens are making headlines a lot lately. But have you ever wondered what they are?
Well for starters the word that puts most people off is fungible. If you don’t have a finance background this F word may seem jargonish and foreign. Fungible simply means exchangeable. A $1 coin can get exchanged for another $1 coin or goods or services of the same value.
Something that is non-fungible means that it cannot be exchanged and is unique. Think of it as like a deed to a house or a basketball card. The only way something that is non-fungible can swap hands is when the deed holder sells it.
This means that NFTs can be highly valuable, as they represent for the first time digital assets that are scarce. If it is one of a kind or of limited value, then the value will go up because it is rare. As NFTs are also backed by the ethereum blockchain, they are also secure, recordable and traceable. Meaning that if you own an NFT, it is securely recorded and no one can alter or takes this fact away from you.
What does this mean for the artistic community?
At the moment NFTs seem to be going through the weird stage of putting high prices on trivial pieces of internet history (disaster girl meme anyone). Once this storming stage is over, then NFTs as a concept can enable artists to earn a serious income through selling exclusive artwork.
We stress that anyone can still view or visit artwork online or offline, just like you would visit the Mona Lisa at the Louvre. It is who owns the particular artwork that matters. Everyone from painters to musicians can cash in, and plenty of early adopters have done so already. This also represents wider implications for copyright law, with many jurisdictions that have yet caught up to the technology.
This is the birth of the wider Metaverse.
The other way you can look at NFTs is that they represent the opportunity to purchase hard assets in the upcoming evolution of the metaverse. For the uninitiated, the Metaverse is the next stage of the internet. Where a 2D and 3D world wide web will have added extra dimensions. Just last week Enjin a gaming company offered to sell the metaverse version of the Pyramids of Giza as an NFT.
By cornering sections of the metaverse, we are witnessing the birth of serious digital real estate, and the beginning of the collision between the digital and the analog world.
Remember Friends Stay Curious and The Future is User Friendly.
Dave.