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Hi Everyone, One by one, all assets will migrate to the blockchain in the upcoming age of tokenization. Financial assets are the most obvious choice, but today I wanted to highlight the world of art, one of the most exciting areas that is currently experiencing this transition. | |
As far as auction houses go, Christie's is by far one of the most established in the world, having been around since 1766. And no, this isn't about them taking bitcoin for art, it's much deeper. In fact, you might call it a revolution. For the uninitiated, non-fungible tokens, or NFTs, are blockchain-based tokens that can be used to represent digital ownership, most often using the Ethereum blockchain to prove and transfer ownership in real time. So, for example, we can take a car, or a watch, or a residential property, and create a token that represents ownership of that particular item. | |
The Art In fact, there are already two very popular websites where markets for NFTs of art and music are already being traded quite freely, Opensea.io and Rarible.com. However, these are very early stage marketplaces, and as such, you may find a lot of garbage there with few gems among them. At any rate, the popularity of these assets is exploding. Even as I was writing this, I received an incoming chat from Cointelegraph, which has minted an NFT for me, commemorating the fact that I've been chosen as one of their top 100 influencers in blockchain. The thing is that everything that has happened in this space up until today has been largely experimental, but should be seen as no less than the construction of the base layer for the next phase of the internet. Some have dubbed it Web 3.0, the internet of value. Christie's is now testing this new technology to see if digital ownership is indeed something that customers are willing to pay for. I believe that they will be pleasantly surprised. Mike Winkelmann, the artist whose work is being auctioned, goes by @beeple_crap on Instagram, and he had this to say when speaking with Bloomberg. “The rabbit hole of possibilities that this is going to bring to the art world—I don’t think people are fully recognizing that this is going to be a massive, massive shift.” Here's a rather representative sample of his work. As you can see, the artist is pretty edgy in many cases, but rather on top of current internet trends and memes. This makes him a perfect prototype to jettison this new tech into the limelight they call mainstream. | |
Fun and Games Even bigger than art, and I know how that sounds, is the world of online gaming. The prospect of using NFTs within the gaming environment has been a hot topic of discussion within the crypto world, increasingly so in just the last few weeks. There are several projects competing for a piece of a market that is still very much in it's infancy. As an investor, it's actually very easy to take advantage of these trends, either by buying the specific tokens of the respective projects in the space, or more broadly by investing in ether tokens, which are the native currency of the Ethereum network, the underlying layer that most blockchain innovations are being built on today. The ether token also reached an all-time high today of $1,938, according to Bitstamp data. | |
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Mati Greenspan Analysis, Advisory, Money Management | | |
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