November 2021
These tokens ain’t fungible
Unless you’ve been living in a box, you’ve probably heard the term NFT (we’ll give you a pass if you don’t know what it stands for). Non-fungible tokens are taking the metaverse by storm. They’ve been around for longer than you think (if you consider 2011 a long time ago), but it’s only in the past year or so that we’ve seen a boom in purchases. Pixelated images are suddenly worth millions. And now the gaming, music, sports, and film industries are jumping on the digital bandwagon. Let’s just say the blockchain is heating up…
MUST-READS
We’re talking billions here, people…
It’s an emerging technology and everybody wants to get in on the ground floor. As decentralized, non-private structures, anyone can have access to a blockchain. And NFT platforms are popping up all over the place, which makes some people unsure whether to choose a streamlined or augmented solution. There’s no simple answer, but at least we have the luxury of choice. NFTs are a new form of content creation, and some people believe that there are billions to be made.
Digital real estate
Selling a piece of digital art is one thing, but selling a home? NFTs as originally conceived were entirely digital, non-material entities. Now that their potential to transform other industries is emerging, we could see a real-world revolution. Selling a home as an NFT would simplify the transaction and cut out a lot of real estate red tape. Doing it legally is one of the challenges, but in June 2021, a studio apartment was sold as an NFT, and included in the purchase was a local street artist’s works.
NFT: New-Found Trouble…?
NFTs are so new that it’s hard to get a good idea of what’s on the horizon. The ground rules are still in flux, the tech (or at least how it’s used) is unfamiliar, and many questions remain. Diversifying your assets is one thing, but for those going all-in, danger lurks, according to entrepreneur Gary Vaynerchuck. On the one hand, NFTs give power and leverage back to artists seeking to make a living off their art, but on the other, lack of regulation could mean trouble. Are we entering a brave new world or a minefield?
SEIZE THE DAY
Our team is always hard at work. And who knows, maybe Camden will create the next million-dollar piece of digital art?
BY THE NUMBERS
11,000
Use of the abbreviation NFT has risen by 11,000% in 2021. It should be no surprise that the Collins Dictionary chose it as its word of the year. It joins other tech-related words like “crypto” and the futuristic but slightly ominous sounding “metaverse” in the dictionary’s list of new words. Now it remains to be seen whether NFTs, such as a photo of Harambe the gorilla, have the staying power to outlast other digital trends…
EARWORTHY
Adobe, NFTs and art of the future
The entire creative industry has depended on Adobe software since 1982. The company recently announced a slew of product updates that aim to improve project collaboration, increase general creativity, and help prepare NFTs. In this episode of the Verge podcast, Adobe's chief product officer, Scott Belsky, talks about these new features and more.
