Last year's sales in 2021: how far do NFTs go?

NFT will undoubtedly be the great art this year. Artists advertise, release and sell pieces, and traders buy and trade one after another.

On November 14, the non-fungible token (NFT) market based on Tezos Hic Et Nunc (which means “here and now” in Latin) suddenly closed. Performers will take part in the NFT's first NFT "Ethereal Aether" exhibition (November 10 - December 10) at the Hermitage Museum and their first NFT exhibition "Human Machines: NFT and Evolving Art" (February 2-10) in Art Basel Miami World.) Begins to worry. 4) Vegetables.

Diane Drubay, founder of the We Are Museum and one of the NFT founders of Hic Et Nunc, moderated the Art Basel Miami conference. People immediately see it as a new step in their journey. Since our NFTs were kept on the chain when the site was closed, artists can continue to rely on NFTs to survive losslessly. HicEtNunc.art through the mirror image or the new model of HicEtNunc.art opened a few hours later and provided the support artists needed to sell, buy and present their NFTs, ”he added.

"The current community has been established, established as an independent organization (DAO) and continues to experiment with Web 3.0 distribution."

Will the “World Year of the Creative Economy” announced by the United Nations General Assembly be made history as the first year that NFT entered the mainstream? Or will NFT end up becoming a short-lived epidemic and eventually disappear from the long stream of world history at a time when the shadow of a new disease is too great? The author hopes to find answers through research and interviews.

Environmental impact, cost and consideration of NTVs

An NFT is a digital asset on a blockchain platform that can be traded like a digital card in exchange for crypto or fiat currency. Although often used to prove ownership of digital assets, the special rules associated with DFTs differ. Some NFTs use "smart contracts" as part of their tokens, which are set to be executed when an event occurs.

Computer scientist "Antsstyle" criticizes NFTs as follows:

“In short, there are two reasons why NFTs are bad: 1. They harm the environment because they rely on cryptocurrencies that produce more carbon ... 2. The advantages of NFTs are the only ones money laundering, tax evasion and wholesale. - large-scale property scams. "

Antsstyle's long-term research provides detailed insight into the evidence on issues (energy conservation) and evidence on performance NFT platforms (energy efficiency).

A. J. Woloszynski, chairman of Eisner Advisory Group LLC under EisnerAmper, further pointed out that the value of NFTs is determined by how much people are willing to pay. “Look at the image below for an example. Your computer is fine. What you see is a white gray box. This is an NFT called 'The Pixel'. Sotheby's in April 2021 was created and sold by an artist. 'Park' It sells for around $ 1.3 million at auction. "Other department stores like Christie's, Phillips and Portion also opened this year. NFT auctions are advertised on a variety of platforms NFT.

According to data from CryptoArt, Pak is the second best-selling cryptocurrency artist of all time with a market value of around $ 65 million for his work. NonFungible exceeds the Bored Ape Yacht Club and the final sale price of "Bored Ape # 9449" NFT over $ 1 million.

Although not on the NonFungible list, the low-res 24x24 image of computer-generated CryptoPunks from Larva Labs was the first major NFT. In March, Cryptopunk # 3100 sold for 4,200 ETH, or $ 7.6 million. This latest sale exceeded the retail price of "Daily: First 5000 Days". The work was created by graphic designer Mike Winkelmann (aka "Beeple") and raised $ 69.3 million on the same day. The report costs $ 13,800. According to DappRadar, Dapper Labs' CryptoKitties, the first large-scale Ethereum-based NFT project using the ERC-721 model, also saw a daily increase of 22,106% in its recent NFT marketplace.

TVNs are not widely controlled. For example, earlier this year, OpenSea, NFT's main company, started hype for the token after officially reported NFTs would be on the homepage of its website. It is clearly not illegal on the site. In another example, the NFT scam worth 5,265 ETH ($ 1.1 million) published by Hong Kong-based gaming and venture capital firm Animoca Brands and venture capital firm Blowfish Studios reportedly advertised and sold Discord. During the heist of the NFT century, hackers downloaded 20TB of NFT history between the Ethereum and Solana blockchains.

Blockchain analytics firm Chainalysis estimates that about 0.34% (about $ 8.5 billion) of the packaging industry in the $ 2.5 trillion cryptocurrency market is affected. by violation. According to NonFungible data, 265,927 wallets are actively running NFT on the Ethereum blockchain in the third quarter. With the rapid growth of cryptocurrencies and NFTs and their use in money laundering, hacking, cyber attacks and other illegal ventures, governments around the world are sharing data to investigate border tax evasion, special edition of the International Tax Enforcement Joint Conference. offenses and services.

Earlier this year, the Internal Revenue Service launched Operation Hidden Treasure, working with staff from the Fraud Enforcement Bureau Civil and Criminal Investigation Service, to investigate tax evasion by cryptocurrency and NFT users. . A new report from the Internal Revenue Service shows that 93% of foreclosures in fiscal 2021 affected $ 3.5 billion in cryptocurrencies. The US Treasury Department also put 57 Latvian cryptocurrency and exchange (Chatex) addresses on its sanctions list. The Financial Services Commission said the exchange made it easier for businesses to process "fraudulent or high-risk transactions, such as black market, high-risk exchanges," he said. and ransomware. "

Additional tax laws came into effect as President Biden's efforts to tackle ransomware and the illegal use of cryptocurrencies and NFTs continued. HR3684, "Infrastructure Investment and Employment Act," requires cryptocurrency "brokers", including "all entities that regularly provide services and trade digital assets on behalf of others," warns one or more of the 'IRS. Buying $ 10,000 worth of cryptocurrencies and NFTs, including your name and Social Security number, on Form 8300 may be illegal.

Last October, the Financial Services Commission (FATF) announced new guidelines exempting NFTs from the concept of virtual assets. However, the FATF standard can still be applied to NFTs on a case-by-case basis.

Sustainable TVN

NFT will undoubtedly be the great art this year. Artists advertise, release and sell pieces, and traders buy and trade one after another. Nash Islam, one of the early investors in NFT, said, “For NFT, community activism is focused on Twitter and Discord. He also added:

"I have invested in many projects at Pak which have been very rewarding and have helped me understand and develop some of the fundamentals of NFT investing."

Britain's richest artist Damien Hirst also unveiled the NFT "Father" series this year, exploring the importance of value, art and currency. It was launched on the Farm, an NFT platform powered by the Ethereum side chain, and sold for a unit price of $ 2,000 by Heni.

Artist Ilya Shkipin says she has decided to launch her MonarxNFT series on the energy-saving Tezos NFT open source platform. “When we talk to our sponsors, Tezos is the only viable option for us. The Monarx team and the community benefit from low GAS prices and easy spending in parts. Finally, we have complied. Communities need it. Art is for them. My MonarxNFT series was inspired by the fall of my life. "

"Talk to the king about @VitalikButerin. I don't know where to put the coins. ETH GAS prices will go down."

—Ilya SHK (@i_shkipin) 16 novembre 2021

"The king will rise in December of this year."

-Monarx.art (@MonarxNFT) November 13, 2021

According to Art Basel, director of the International Art Competition, Reid Yager, director of communications and global relations at Tezos, explained that Tezos created the first NFT art exhibition in collaboration with local organizations in the host city. “The Tezos Ecosystem exhibition at Art Basel will present more than 25 artists from 18 countries in five countries. It will also present more than 30 artists, artists, museums, artists and thinkers. series. As part of the presentation, visitors can develop their own graphic design skills and cast them as an NFT on Tezos.

Yager said, “Tezos NFT platform leader HicEtNunc recently completed its first three web-to-community (DAO) platform changes. Over 500,000 NFTs have been announced by users around the world. of the Tezos domain blockchain for September contract. The number surpassed 6 million and is expected to surpass that number in November, Tezos' blockchain is the world's largest choice for promotional coins and the NFT collection. In fact, the Whitworth Museum is located in the block of Tezos. Chains, William Blake's "Ancient Era. "" One of the first museum NFTs will be launched. "

According to data from DappRadar, Hic Et Nunc was the 14th largest NFT market at the time of closing ($ 50.37 million) with an average income of $ 25.19 per NFT. The main market for NFT trading is OpenSea in New York, which operates the Ethereum blockchain based on PoW evidence. Ethereum is in the process of moving to Ethereum 2.0, which is in the process of moving to a proof-of-stake blockchain that cuts power consumption by 99% and makes it more robust, secure, and stable. It remains to be seen, however, whether OpenSea or another retailer could have a place in this rapidly changing market. Indeed, some large companies have entered the NFT space and changed the global meta, including:

Tech companies: TikTok, Twitter, Facebook, Alibaba, Tencent, Xiaohongshu, Netease, Baidu, Microsoft, and eBay.

Banking Technology: China's blockchain-based service network will support the future of the bank's digital banking, build infrastructure, and support NFT exports to China and other countries.

Cryptocurrency Market Platforms: Coinbase and Binance Sell First NFTs at Hermitage Museum

NFT and museums

A study by the International Council of Museums (ICOM) found that more than 30% of museums have had to leave their staff due to a new illness, and almost 6% of them will never be able to reopen to the public. . As a result, the digitization of museums has increased rapidly, and for various reasons some museums have turned to NFTs.

NFT Exposition

The Hermitage's “Ethereal Aether” museum contains 36 NFTs from around the world, including “Cryptopunk # 5652” from Larva Labs, “Schrodingers Cat” from CryptoKitties from Dapper Labs and “NeoPyongyang I” from Mihai Grecu, cast at Hic. And Nunc.

Curators Dimitri Ozekov and Anastasia Garnova said: “As COVID-19 spreads, interest in digital art has increased as millions of people have been sitting in homes for months and in museums. The first NFT exposure will begin. The construction of the "Hermitage", a new endless museum, will in future be transformed into the digital branch of the real museum. "They also added:

“We believe that the field of digital graphics, especially NFTs, has reached great heights and we can expect a safe, smart and secure future.

Todd Morley, co-founder of Guggenheim Partners, has announced plans to build the world's largest museum for NFTs, located on a New York City skyscraper and just four blocks from the Modern Art Extension.

NFT Museum Money

Three of the 20 best museums in the world, the Hermitage Museum in St. Petersburg. Petersburg (2nd), the Metropolitan Museum of Art in New York (4th) and the British Museum in London (12th), were credited with supporting the country. money this year. Other examples include the Uffizi Gallery in Florence, the Whitworth Museum of Art in Manchester, the San Roque Museum and Church in Lisbon, the Can Tho Museum of Art in Seoul, the Radio and Connected Museum in Chicago, and the Museum of the Academy of Motion Picture Arts in Los Angeles. There is also NFT based on the entire Metaverse Museum called the Digital Life Museum.

The Miami Institute of Education received a donation "CryptoPunk # 5293" from one of its affiliates.

Jean-Sébastien Beaucamps, co-founder of the French environmental startup LaCollection, an NFT platform based on Ethereum, explains participating in the presentation "Hokusai: The Spirit of Everything" (September 30 - January 30, 2022): Japan), British Museum cooperates with LaCollection.io to sell 200 NFT of Hokusai artwork. For all NFT castings in our company, we will plant and produce NFT Zhonghe carbon to cover the fires of last summer. NFtree project. The NFT includes workshops including the popular 'Big Wave', and an additional 100 NFTs working on BM's own collection, including images from recently rediscovered books on display. .

NFT and environmental education

At the 48th annual meeting of the International Council of Museums this year, the International Museum and Museum of Science and Technology said that environmental issues and the Museum of Environmental Science and Technology have addressed these important issues. through education and presentation. them. The authors interviewed several museum curators to understand the role of TVNs in the museum. Here's what they taught:

George Ma, director of the Center for Climate Change, Climate Change and Safety at the Chinese University of Hong Kong Climate Change Museum, said:

“NFT is not currently in the planning stage, but can be happy about it. We have digitized the exhibit. We have a 360 virtual tour, a digital version of the exhibit all the time. All the content we create Starting in 2018, we are also creating a digital. version of the site that looks like a site or in 360 VR. "

Patrick Hamilton, director of the Center for Safety, Energy and Environment at the Minnesota Science Museum, says:

"The Minnesota Museum of Research is currently digitizing its collection, but currently has no plans to digitize its exhibits or sell NFTs."

Julie Decker, Director and CEO of the Anchorage Museum, said:

“NFT is a broad concept worth considering and reading. There is currently no plan for this. "

Viviane Gosselin, Director of Writing and Exhibition and Curator of Education, Vancouver Museum:

“At the moment, we don't sell NFTs for fundraising or fundraising, and we don't sell them. I understand that this is generally not a 'green economy' so this can not be accepted. for me and solve it! "

Soren Brothers, Schiff Curator of Climate Change at the Royal Ontario Museum:

“ROMs have digitized their scripts and you can access them here: https://collections.rom.on.ca/. I don't know if ROMs are ready to sell NFTs. "

The Los Angeles County Museum of Art has an Institute of Art and Technology that has started exploring what NFT means for organizations that print digital images. He also studied "design, repair, defense, registration and legal issues in this new digital form". Drubay of We Are Museum also announces “Unlocking the potential of Web3 for art and culture”, a new project developed by We Are Museum in collaboration with TZ Connect and Blockchain Art Catalog 2.0. Web3 innovation for arts and culture. .

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I remember reading in the 1990s that Microsoft founder Bill Gates once said that art would be digitized and people would not hang their pictures on the wall, but prepare their masterpiece to digital wall screen. At the time, this new idea made me very happy.

TVN's sales increased by 1000% in the second year of the new system. People use NFTs in a variety of fields such as art, video, music, and print to build brand awareness, entertainment, advertising, the carbon industry, and fundraising. .

Named the Word of the Year by the Collins Dictionary, I think the NFT will continue to exist.