14/07/2021 Crypto Pioneer Quigley Sees NFTs Everywhere in Next 10 Years

The world’s digital answer to collectibles that has fetched millions of dollars at art auctions this year could well end up being a daily necessity within a decade, according to a cryptocurrency doyen.

Non-fungible tokens, which are digital certificates of authenticity powered by blockchain technology, have the potential to add value for not just artworks but also everyday essentials such as retail goods, according to William Quigley, a co-founder of stablecoin Tether.

“All consumer products -- that can’t be eaten -- in the next 10 years will have digital twins. They will have NFTs,” Quigley said in a recent interview.

There’s a growing debate over the outlook of what some consider a key element of futuristic financing and others see as yet another digital asset bubble created by excess liquidity and inflation fears. The recent wild price swings for cryptocurrencies including Bitcoin, a result of rising environmental concerns and a widening crackdown led by China, have increased the uncertainties.

Beeple handout

Beeple’s “Everydays: the First 5,000 Days”

NFTs have surged in popularity this year, fueled by deals including the record-breaking $69.3 million sale of “Everydays: the First 5,000 Days” by digital artist Beeple and a video of a LeBron James dunk. Now everyone from art galleries to the International Olympic Committeefashion houses and Twitter Inc. is offering the digital tokens.

Crypto data provider CoinMarketCap says that 57 projects in the “Collectibles & NFTs” category it tracked at the start of this year ballooned to $16.7 billion in market value as of Thursday, from $4.67 billion on Jan. 1. However, a broader pool of 159 projects it has since monitored were worth $19.2 billion as of Wednesday, down 52% from an April 16 peak.

The volatility has elicited caution over NFTs, even from Vignesh Sundaresan, also known as MetaKovan, who bought Beeple’s record-smashing digital artwork. In an April interview, he cautioned that anyone trying to profit from NFTs is “taking a huge risk” and that it’s “even crazier than investing in crypto.”

More fundamental and longer-term questions about the sustainability and security of blockchain technology itself, as well as its potentially exhaustive consumption of energy, also have unsettled some investors.

But the NFT proponents say they are playing the long game.

“We expect to see use cases for NFTs expand beyond digital art and collectibles,” said Monica Long, general manager of RippleX at Ripple, via emailed comments. They’re “opening up new revenue streams for artists and creators,” she said.

Examples of how to apply the technology in other areas include “carbon-offset” NFTs, which would see the U.S. National Forest Foundation plant a sapling whenever a token is redeemed, Quigley said.

“As humans live more of their lives online, the number of potential instances that can be sold as NFTs continues to grow exponentially,” said Curtis Ting, managing director of Europe, Middle East, and Africa for crypto exchange Kraken. “The question we should now really be asking ourselves isn’t what will be rendered as an NFT by 2030 -- but more to the point, what won’t be?”



Interesting NFTs
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
The aquatic world in a world to observe, to recreate, like the glacial landscapes. Both are a planet within ours, full of colors in the tropical case or minimalist in the glacier case, with strange species and wonderful animals each in its environment. This visual toy brings you a piece of that world in a fantastic setting.
Cypher::Prophet is an artwork dedicated to the punk origins of blockchain designed and realized by hackatao and hex6c. In the transposition into images we started from the iconographic canons of the hacker (hoodie, laptop, cryptographic elements) and associated them with the figure of the prophet, thus highlighting the predictive nature of the works of Eric Hughes (Cypherpunk Manifesto, 1988) and Timothy C. May (Crypto Anarchist Manifesto, 1993) as well as of the blockchain inventors Stuart Haber and Scott Stornetta (How to Time-Stamp a Digital Document, The Journal of Cryptography, 1991). Read the full story on https://medium.com/@hex6c/cypher-prophet-the-punk-origins-of-blockchain-1e8fce311e72
Fabulous Peach
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