It’s good to see that the Fern Blodgett Sunde Statue was welcoming an increased number of visitors over the Easter season. Thank you to
To the best of my knowledge, NFTs are just like Bitcoin, mysterious things out there, which I don’t understand, but somehow are valuable and are attached to a blockchain, whatever that is. If you understand more than that, and think you might be able to enlighten me, do feel free to reply and someday we can have a session at Tim’s, physically distant but intellectually engaged!
I’m not really interested in Bitcoin, but would really like to understand NFTs, and it appears that the two are related. So, here is what I’m finding out.
From what I read, “an NFT (non-fungible token) is, in essence, a collectible digital asset, which holds value as a form of crypto currency. Much like art is seen as a value-holding investment, now so are NFTs.” In the same way that a picture can be converted into a digital form which I can send to you over the Internet, many things can be converted into digital form. But that doesn’t make the digital form (token) particularly valuable. The value comes largely from supply and demand.
But, since almost everything is already available digitally for free, in those cases the supply is unlimited and the value limited. So the real value seems to come in new creations, “virtual” ones, not “real” ones. Apparently a Toronto artist/architect recently created a virtual “Mars House” which she sold for $500,000! NFTs have been created from world famous art which was then virtually “enhanced”. It has been suggested that every modern home should have a virtual wall where the NFTs can be displayed.
I haven’t even mentioned that purchases and sales take place in cryptocurrency. And then there’s “mining” and the challenge to the environment (real, not virtual) which that represents! Although It made me feel only moderately wiser, I do recommend this article:
https://www.creativebloq.com/features/what-are-nfts
No charge, cryptocurrency or otherwise.
(Stanley Isherwood. Illustration: www.filmdaily.co)