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NFT Art

Spirituality in Art Education

There is so much hype going on around the NFT art scene.

An artist that goes by BEEPLE sold one of his NFT art collections at Christies auction for $69 million, the first time ever a digital work of art was sold at Christies!

NFT Art by BEEPLE

Kings of Leon released their newest album as an NFT with special perks, generating over 2 million in sales.

Kansas City Chiefs quarterback Patrick Mahomes will sell NFTs of digital artwork. “The Museum of Mahomes,” will launch March 17 on the digital art market MakersPlace.  Mahomes will donate part of the proceeds to his foundation called 15 and the Mahomies as well as the Boys & Girls Clubs in Missouri.

So what is NFT art?

NFT stands for Non-Fungible Token… A unique digital file stored on a digital ledger called a blockchain. NFTs are not mutually interchangeable and thus are not fungible. An NFT is created by uploading a file, such as an artwork, to an NFT auction market.

Basically, it is a smart contract that is put together using bits of open source code, which anyone can find from platforms like GitHub, and used to secure that digital item. Then minted, or permanently published, into a token on a blockchain, like Ethereum.

Some sites you can use to mint an NFT are:

Any digital asset that the creator wants to make unique can become an NFT, like articles or event tickets.

Once the NFT is purchased, the owner has the digital rights to resell, distribute or license the digital asset as they please. The creator can program code for how it gets used, and write in any extra bonus’ for the purchaser. NFT creators also have the opportunity to earn royalties off of future reselling transactions.

Things to consider

So there are many uncharted territories when it comes to this digital crypto reality. There are many questions about the carbon foot print of minting an NFT, this is because cryptocurrencies and blockchain are run through an algorithm called Proof-of-Work (PoW). Things in the blockchain world are shifting and changing fast! Proof-of-Stake is happening soon.

Proof-of-Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.

This uses less energy, but it also allows those who hold THE MOST coins to have more power. This is less decentralized then PoW, however there are benefits that we must allow to out-weight the cons, because this is not going away. Blockchain technology is the new digital paradigm. Just like our current system was the new paradigm to the “founding fathers”.

So yeah NFT’s are like collecting digital baseball cards, and are selling for extremely high prices to people who have the crypto to buy them.

But artists can also use NFT’s to create rare one of a kind pieces for their patrons. For example, an image of an actual painting can be sold as an NFT, and with the token the purchaser receives the actual painting. Some artists are also adding bonus’ to the purchase, where you receive a video of the work being created! I really like how artists are adapting to this technology and making it work for them and their patrons!

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What is an ICO?

ICO stands for Initial Coin Offering, which is a fundraising mechanism for new projects. It’s somewhat similar to an Initial Public Offering (IPO) in which investors purchase shares of a company.  Through the process of selling their underlying crypto tokens, via a “presale” in exchange for bitcoin and ether, a company can raise funds for the development of a new application.

 

Legally, ICOs have existed in a gray area, however the Security Exchange Commission has declared: “federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

The most important criteria to consider is whether or not the token passes the Howey test. If it does, it must be treated as a security and is subject to certain restrictions imposed by the SEC. In some cases, the token is simply a utility token, meaning it gives the owner access to a specific protocol or network; thus it may not be classified as a financial security. On the other hand, if the token is an equity token, meaning that it’s only purpose is to appreciate in value, then it looks a lot more like a security.

So what do I do with this information?

There are many companies that have created ICOs and more are being created everyday. If you were to find a company and a project that resonates with you and your vision for the future, you could invest in them by participating in their token presale.  This would not only help fund their project, but it would also get you a large amount of their tokens at a very low price.

When a project launches their tokens on the exchange, and it is a success, the price of the tokens rise exponentially. For example, say you participated in a presale for an ICO that gave you 10,000 tokens for $.10, then the token becomes popular and other people start to invest, making the price of each token rise to $1… You would profit from you investment.

The key is in the ICO you choose. There are many people out there promoting their ICO picks based off of knowledge gained through experience in the market, I suggest doing your own research made up of different ICO “pickers” and companies offering ICO presales. There are some ICOs that United States citizens can not purchase, make sure you read the white papers and any information the company has posted.

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Creating an Ether Wallet… step by step video

Ethereum plays a huge part in the current and upcoming digital world.

The vision is that ethereum would enable this same functionality to people anywhere around the world, enabling them to compete to offer services on top of this infrastructure.

Scrolling through a typical app store, for example, you’ll see a variety of colorful squares representing everything from banking to fitness to messaging apps. These apps rely on the company (or another third-party service) to store your credit card information, purchasing history and other personal data – somewhere, generally in servers controlled by third-parties.

Your choice of apps is of course also governed by third parties, as Apple and Google maintain and curate (or in some cases, censor) the specific apps you’re able to download.

 

The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Only the user can make changes, not any other entity.

–Coindesk

Ether can be used to underpin any sort of computer application you can imagine. The use cases for the ethereum network are only limited by the imaginations of application developers. For example, people are developing apps for energy distribution, digital advertising, and a digital marketplace for unused computing power.

The main selling point of decentralized applications, or dapps, on the ethereum network is that they can be run without a central authority facilitating the transactions.

Dapps, because they’re based on smart contracts, also allow for a relatively easy model of collective ownership and even governance using what are known as “tokens” or ICOs.

The key to the Ethereum blockchain is that communities can create ecosystems that support one another through collective ownership.  Entrepreneurs can create tokens to exchange their goods and services with one another through these ecosystems. This is real self sovereignty.

With that being said, creating an ether wallet is your first step.

I recently uploaded my first video on YouTube that walks you through creating an ether wallet, check it out below.

Migwetch <3