DLT and ART.

Nowadays NFTs are now a normal buzzword with everyone claiming to have an experience in NFTs.

First of all what are NFTs:

NFTs is an acronym for Non-Fungible Token, in an oversimplified definition is “a set of digitizable items from videos, pictures, art,music, a tweet, an Instagram post to anything that can be digitized, with an item specific unique signature that makes it literally “one of a kind”. for example, 1 BTC can be traded for 1 BTC but if you trade let say a biscuit NFT you can’t get that same biscuit NFT.

Bitcoin is the first generation of the DLT to provide a Peer-to-Peer Network for transactions {Note: BTC is not the first digital currency} which gave Vitalik Buterin the idea”what if the DLT of BTC can be modified and broadened to do more” this led to the second generation of DLT known as the EVM (Ethereum Virtual Machine) with the bases been “SMART CONTRACTS”…

The third generation we are currently experiencing is the advent of sidechains(for later discussions).

BACK TO NFTS:

the DLT has solved a major problem in the Art industry which is “piracy or copyright” by giving a unique digital identity to items removes the fear of privacy from the mind of the artist.

It preserves originality, but now anyone with a strong social media fan base can become a wealthy artist, just ask Bored Ape Yacht Club.

with NFTs fear of losing the artworks to natural and man-made disasters are minimized,

So will all Renaissance Artwork be converted to NFTs and how do you convert them to NFTs?

Well, I do believe moving forward we are likely to see most classical artworks converted because it removes the fear of forgery and stealing but still keeps their value and presence till the death of the internet(“The big silence”).

Let’s say we want to convert the “Mona Lisa by Leonardo da Vinci” to an NFT:

we have to take very detailed high-Quality photographic images which can be done by scanning the painting to create a digitized version.

To keep the Non-fungible characteristics we can decide to destroy the physical version{by burning or locking it up someplace forever} to transfer the value to the digitized version making it Non-fungible and then finally we put the “Digitized Mona Lisa” on the blockchain which gives it a unique cryptographic Identity and then put a price tag. (easier said than done).

Your NFT is ready 😉 …

LIST OF MOST EXPENSIVE NFTs SOLD:

1. Everydays: the First 5000 Days — $69.3m

2. CryptoPunk #7523 — $11.75m

3. CryptoPunk #3100 — $7.67m

4. CryptoPunk #7804 — $7.6m

5. Beeple’s Crossroad — $6.6m

6. Beeple’s Ocean Front — $6m

7. CryptoPunk #5217 ($5.59m)

8. Edward Snowden’s Stay Free — $5.4m

9. Save Thousands of Lives — $5.23m

10. CryptoPunk #2338 — $4.37m

To check out my NFTs : https://hashlink.wixsite.com/nftz

I’LL BE BACK!🕵