California’s Dream Hollywood Hotel oozes style. With fresh white walls, crisp air conditioning and rooftop lounge suspended gracefully between the skyline and Hollywood Hills, Dream Hollywood is no stranger to guests with a lot of time — and a lot of money.
Now a guest with a lot of money and a lot of clout just checked in: non-fungible tokens (NFTs).
In the lobby stands The Crypt Gallery, one of the city’s first collections of NFT art open to the public. The exhibition, featuring photography, 3D animation, painting and sculpture, is split into three: the art, the marketplaces, and the collectors. The space also hosts streamed auctions from NFT marketplaces and raffles for limited-edition work.
The Institute of Contemporary Art in Miami (ICA Miami) also acquired the NFT piece “CryptoPunk 5293” by Larva Labs, exposing their contemporary work to an entirely new audience in the crypto space — and making themselves one of the very few art museums to do so.
No idea what an NFT is and why the hell they matter? Watch this video here.
But NFTs are not only an attempt to stay relevant to the world’s youngest and most contemporary. This September, China’s Dunhuang Research Institute and Tencent revealed Acoustic Animation (声动画语), a WeChat Mini Program celebrating life in the Song and Tang dynasties (see QR below to play). Participants had the chance to win limited edition Dunhuang “Digital Sponsor” NFTs minted by Tencent’s blockchain Zxinchain, all in the name of charity and cultural preservation.
But the NFT community is still youthful and inexperienced, only peeping its head out in 2012. So, why are both artists and companies turning to this new fresh approach?
As such with blockchain, everything is decentralised — placing power in the hands of the artist. NFTs eliminate the middleman, the agent and the transaction fees. Artists work directly with their customers, allowing them to earn a commission. Take Rarible — the world’s largest marketplace for digital art centred on supporting artists producing affordable art — transactions on this site average at $129 per user.
Thomas Webb, artist and Founder of CryptoWeebs (one-of-one anime-inspired NFT avatars) adds: “artists have been marginalized for a long time by companies, but they do it [art] because they love it. When it’s mixed in with the financial side of things, it confuses what the role of the artist is. Unlike the traditional system, the artist is the new gallery, [they’re] the marketer, the financier, the salesman — the whole shindig. Maybe that is the new normal.”
As the metadata on the token can never be altered, erased, misplaced or removed, blockchain technology promises to protect the uniqueness of NFT work and prevent forgery. Many recognise the importance of keeping an artist’s work unique. Monegraph invited artists to submit the URL of an image file to be converted into a blockchain address to verify its uniqueness and make it sellable. Startup Verisart offers digital certificates of authenticity for paintings and sculptures — the static nature of the distributed ledger offering greater reliability than paper.
Additionally, only a handful of pieces of art are available, driving their collectable nature, digital scarcity and value.
From a dunking LeBron James to Grimes’ flying WarNymh babies, NFTs have the backing of celebrities — no matter how unusual. As such, Grimes sold $5.8 Million worth of her NFT crypto art in less than 20 minutes. In March, a piece by Banksy was burned and turned into an NFT that sold for $380,000. Celebrities bring the hype and create the talk when it comes to NFTs.
While NFTs have an increasing mainstream exposure, the community still remains tight. The emergence of easily navigable online platforms invites a younger generation into the art world by opening up a less intimidating, user-friendly and transparent market.
Additionally, $250 million worth of NFTs were traded in 2020 (up 300% year-on-year). Many found common ground during the pandemic with creators and collectors able to invest more time into their work and support others. Mint Fund, which covers fees for artists minting their first tokens, hope to foster just this community.
Plenty have already begun to reap the rewards of NFTs. Sotheby’s saw the money, went in and landed itself on Decentraland (a virtual destination for digital assets). Many, however, are still waiting, and the longer they wait, the more difficult it will be for them to reap these rewards. The NFT space is still young but growth will only continue as more latch on. So how can you get involved and learn more about the future?
To provide just this opportunity, Sinofy Group is gearing up to bring one of the best minds in the industry to share, educate and discuss current and future developments in the NFT and blockchain industries.
From October 11–15, Synopsis 2021 will explore the growing importance of the digital economy, focusing on its major pillars: DeFi, NFTs, Blockchain, Crypto and more. With 50,000 participants, 100+ international partners and 60+ speakers, the summit gears up to be an incredible opportunity to discover insights from world-leading experts. The event also offers more than just engaging discussions. Synopsis 2021 offers the opportunity to connect with these experts through contests, quizzes, Q&As, NFT giveaways and more.
Uniting the crypto community, the summit will bring together those most passionate about the crypto industry. Expect to expand your network, deepen your connections, discover new opportunities and learn something new.
Ready to take part in Synopsis Chapter 2021?
Discover Synopsis 2021 here: https://events.sinofy.group/synopsis/
Check out the LinkedIn page for updates: https://www.linkedin.com/showcase/76097190/