NFT is not MP4
Any platform that intends to sell NFT you will see the phrase “What the hell is NFT?” in a distinctive place. This shows that the mainstream market is confused about NFTs, and also a bit contemptuous and suspicious. TK has tried to answer this question in So…WTF is an NFT? Here I give a different perspective to see if there is a way to calm you down.
Following the straightforward attitude of TK’s, I’ll start by saying that this cat was sold for 300 ETH.
NFT is not MP4
NFTs are neither MP4 nor JPG, PNG, MP3, otherwise they would be worthless. Mp4 files can be copied infinitely, and basic economics tells us that the value of an infinite supply of something approaches zero, which is probably the main reason why the majority suspect those who spend millions on digital files to be insane.
Art is more than just canvas and paint, and so is an NFT. We often describe NFT as giving artists, musicians and creators of all kinds a whole new form of creation. The reason art is valuable is that the creator gives meaning to the colors on the canvas, just as the digital creator now gives meaning to each pixel on the NFT.
An example that Fansi keeps bringing up for discussion internally is how much a banana taped to a wall can be worth. The answer is $120,000, and the third edition sold for $150,000, not because the banana was wrapped in gold, but because the creator used the banana to satirize the art world’s manifesto, and buyers bought it because they recognized that “it’s just a banana” and because they wanted to make the art world more real.
NFTs are not just MP4 files, NFTs are the creativity and imagination of the creator.
NFTs are not a public commodity
“Charlie bit me” is one of the most popular videos on YouTube. The fifty-five-second video has been viewed 880 million times on YouTube, and while they decided to auction it off as an NFT, they also plan to take it down from YouTube.
What NFT’s blockchain technology empowers is the ability to own digital files (if you’re not sure, check out TK’s article again). If the power of ownership is given to everyone in the market, then ownership becomes mere consumption and no longer has value, which is not much different from downloading music or using toilet paper.
If the NFT platform offers content that is similar to YouTube, Spotify or Stockphoto, it runs the risk of being seen as a mere commodity. Which is the reason why “Charlie bit me” was voluntarily taken down. NFT is not a technology that exists for mass merchandising, but for creating a more intimate and scarce digital connection between creators and fans.
NFT is more than just a social badge
For a long time, I thought art or collectibles were just social badges, which actually is not wrong.
If your Twitter profile icon is a Cryptopunk, you probably have more respect in the blockchain community and a higher chance of success if you want to raise money to buy B20. But if NFT acquisition is just for bragging and status, then the value is overly fake and will not sustain.
Have you ever had an experience where no matter what people say or how stupid they think you are, you still need to buy something you love? I have friends who bought basketball cards until they went bankrupt, colleagues who traveled all over the South China Sea collecting old records, colleagues who spent millions of dollars to buy a collection of motorbikes, and of course many who collect artwork.
NFTs are not just a social badge, it must also be a way to touch people’s hearts.
What isn’t art?
Takeshi Kitano said that art is something that is worthless. Some of his words coincide with some of my past thoughts. Artists do it for themselves, while entrepreneurs do it for others. Artists focus on self-expression in all their works. They put the expression of their lives into the market in a carefully crafted format, looking for people who are similar to them, who recognize them, and who can tell them more.
I don’t think of art as something solitary, but rather as a group of people with a specific talent trying to send out a message to the world.
Looking back at what an NFT is, it’s not a digital file, it’s not a mass commodity, it’s not just a social badge, it is an opportunity for creators to connect with the world. Don’t ignore it just because it’s digital, instead try to understand the good intentions and creativity behind the creators.
I hope that this article helped you.