The Verge has published a comprehensive guide to NFTs (Non Fungible Tokens) for artists and collectors that have made a unique version of a cat worth $170,000.
The Short Answer: “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
The Long Answer: The. Verge FAQ is here, reporting on some of the prices paid for NFTs, noting they are already being used by celebrities, including William Shatner.
I’m Still None the Wiser, Why Does This Matter? Because the opportunities for selling NFTs off the back of someone else’s Intellectual Property are just beginning to be appreciated by both creators and comics publishers.
Last week, US comics publisher DC sent out a warning letter about using comic characters in NFTs … which Boing Boing reports is now being sold as an NFT…
There may be trouble ahead.
The art portfolio platform lined up drops from several noted artists, but paused its plans following an uproar from users
The website cryptoart.wtf estimates the carbon footprint of CryptoArt NFTs as a result of blockchain (specifically Proof-of-Work, Ethereum) based transactions relating to the NFT. These figures do not include the production or storage of the works, the computers directly engaging in the act (e.g. the seller or buyers’ computers), or even the website itself, but is simply for the act of using the PoW Ethereum blockchain to keep track of sales and activity. (See also “The Unreasonable Ecological Cost of #CryptoArt (Part 2)”)
With thanks to Ian Ellery for additional links