• Ownership of digital content
• Katy Perry prepares NFT collection
• NFT marketplaces are not yet an Amazon equivalent
Trend goods NFTs
The trend around NFTs shows, among other things, that blockchain technology has more to do with Bitcoin & Co. The abbreviation stands for Non-Fungible Token, i.e. non-exchangeable tokens. In this capacity, the trend goods differ from cryptocurrencies, as The Verge writes. For example, if you swap one unit of an Internet coin for another, you get an identical good. Instead, NFTs are more like trading cards that are exchanged with one another and that differ from one another, the portal continues. Most NFTs are placed on an Ethereum blockchain, which in addition to the associated cyber currency Ether also supports the barter goods. But what exactly are these tokens about? The offers are varied and can include works of art and pieces of music, The Verge continues. It is only essential that these are digital goods. The purchased files become the property of the highest bidder, but their consumption is not only reserved for the buyer. As a rule, NFTs are publicly accessible, so only ownership of the file is acquired. The Verge compares NFT owners with museums that buy up works of art but still make them accessible to the masses.
Twitter CEO sells first tweet as NFT
There are now numerous examples of NFT purchases. Among the better known is the first tweet that was ever published on the short message service and by the founder Jack Dorsey originates. “I am currently setting up my twitter[-Konto] a, “wrote the platform’s CEO on March 21, 2006.
just setting up my twttr
– jack⚡️ (@jack) March 21, 2006
In March, the tweet was auctioned for 1,630 ethers – around 2.9 million US dollars at that time. According to the BBC, the bids are said to have exceeded USD 88,000 within a few minutes of the start of the auction. Ultimately, the contract went to the software entrepreneur Sina Estavi from Malaysia, who heads the blockchain company Bridge Oracle. The tweet remains publicly available, even if it became Estavis property.
Katy Perry starts NFT cooperation with Tetha Network
In the meantime, however, the NFT trend has developed significantly and in some cases has reached the mainstream. Pop star Katy Perry recently announced that she would offer a series of exclusive content using NFTs in the fourth quarter of 2021 in cooperation with the blockchain operator Theta Network, which specializes in video content.
Excited & curious👀 to be launching my FIRST ever #NFTs later this year w / @Theta_Network. Look out for memorable & creative moments from my 🍄 residency 🍄 that’s both a digital collectible AND an IRL experience 😱TANGIBLE😱 Pre-register for more info! https://t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy
– KATY PERRY (@katyperry) June 30, 2021
As the blockchain portal The Cryptonomist reports, the digital content could be in connection with the singer’s “Play” concert series, which is to take place in Las Vegas from the end of the year. “This is a new, unique opportunity to connect with my fans around the world, even if they are not with me in Las Vegas,” said the multiple Billboard Music Award winner, according to the crypto portal. “I can’t wait to work with the Theta team on all of the exciting and memorable creative pieces so that my fans can have a special moment of my concert season that is both a digital collector’s item and a real experience.” And Theta Network is also pleased about the collaboration: “The collaboration with a global icon like Katy Perry next year, which will take place at the same time as the Theta Mainnet 3.0 starts, represents an important turning point in the history of the Theta Network and is a big step towards the global acceptance of the theta blockchain, “explains Theta Labs CEO Mitch Liu to the cryptonomist. “With the help of the Creative Artists Agency and Katy’s management team, we are well on our way to reaching millions of music, media and entertainment fans around the world well beyond crypto enthusiasts. Ultimately, we see this as an important milestone Towards a Million Daily Transactions on the Theta Network “. Interested parties can already register on the Theta Network website in order to be notified immediately when the campaign starts.
NFT trend is also reaching Germany
Perry’s colleagues Lindsay Lohan and Jay-Z have already entered the NFT business, as Business Insider reports. Other NFT collections are penned by the US Space Force and the Golden State Warriors, a basketball team from the US basketball league NBA.
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And the movement has already arrived in Germany: Rammstein singer Till Lindemann wants to sell ten digital copies of a previously unpublished music video for 100,000 euros each, as reported by Deutsche Welle. A joint dinner for two in Moscow, including travel, accommodation and a visa, should also be included in the NFT package. The video was shot in the Hermitage in Saint Petersburg, but the fact that Lindemann offers his work of art as an NFT could result in criminal prosecution, as the international broadcaster writes. The facility allowed the musician to shoot the video in the premises so that objects from the collection could be seen there, but it violated the agreements made beforehand. This makes the NFTs illegal.
NFTs are not yet ready for the masses
And even if the trend for digital works of art increased significantly this year and now extends to different areas, there is still room for improvement if Alex Salnikov has his way. The co-founder of the Rarible platform, which specializes in the creation, sale and collection of digital works of art, admits to Business Insider that NFTs have become very popular, but have not yet reached the mainstream. For this to happen, commercial goods must not only become more affordable, but access to purchasing them must also be made easier. Companies are responsible for considering which prices consumers are willing to pay and which use cases make sense for them.
One of the pitfalls that the NFT purchase currently has in store is that a crypto wallet is required in which crypto currencies must be stored. Direct payment by credit card or bank transfer is not possible. “It’s not as smooth as when you just go to Amazon and buy something,” said Salnikov. “It’s still unsuitable for the end user.”
Finanzen.ch editorial team