The NFT market is a virtual space where sellers and buyers meet, and products based on this technology are demonstrated and put into operation. During the European Economic Congress (EEC 2022) “Oil market. Investing in unique digital objects” guests of the panel spoke about the potential of technology in Katowice, the development of digital auction houses, legal regulations and traditional art, space and … virtual monkeys.
- Many people assume that many people want NFT tokens in their collections.
- The NFT token market is unregulated. Is it good for him or not?
- The issue of this technology was discussed by the guests of one of the sessions of the European Economic Congress (AEC 2022) in Katowice.
Non-exchangeable token (NFT) is a type of cryptographic token in the blockchain ecosystem. In contrast, inter alia, cryptocurrencies, all NFT tokens are indivisible and cannot be exchanged. This means that there are no two NFT symbols representing the same data string, and they cannot be represented as part of an integer.
Representing digital art has helped increase the popularity of NFT tokens. For example, a painting by Mike Winkelmann under the pseudonym Beeple sold in March 2021 for $ 69 million.
The session dedicated to NFT tokens at EEC 2022 was chaired by Sebastian Ogórek (votcza.biz).
One of the panel’s guests was Eva Blaisdell, co-founder of the Copernic Space and Lady Rocket Foundation. The mission of the Foundation is to ignite the passion for space through innovations in inter alia, entrepreneurship, education, art, media and space research. Eva Blaisdell has the idea to use NFT to go to the moon.
– We have made a big commitment to NFT and the flight to the moon. One of the strengths of NFT is that tokens can be used to finance very serious runs, but in the traditional business world it is sometimes difficult to finance. When SpaceX was launched, not even Elon Musk could find an investor … He had to do what we did, that is, invest his capital, Blaisdell recalled. – NFTs are able to plug this hole in the Earth and the Moon, which is sometimes larger and larger than traditional capital, which cannot keep up with man-made development. Copernic Space is the creator of an NFT, where, in addition to the beautiful NFTs based on art, the first private flight to the Moon will still allow cargo, not humans.
The moderator of the session, Sebastian Ogórek, asked what is the advantage of this NFT over other sources of funding.
– NFTs provide a quick and relatively easy way to participate in something we are emotionally or financially involved. Buying NFT is accessible to all of us. If we want to buy shares to participate in SpaceX, it is very difficult. Our NFTs democratize access to space, which is often not fully funded by traditional capital, such as venture funds or equity funds. NFT is an alternative that allows us to participate in something very new. I want this information to reach Poland, Eva Blaisdell explained.
For his part, Mosaico President Rahim Black added that the concepts are worth clarifying. As he said: NFT is one of the types of tokenization.
– We have many of them. NFT is currently the most fashionable. The most talked about thing about NFT today is that it is living the biggest fashion associated with its greatest success … NFT technology has helped make money from digital art – I believe it is material. I am a machine artist by profession. Even at the end of my education 10 years ago, there was no such thing as making money from digital art. Currently, non-tokenized art is counterfeit and can be copied. We are dealing with a completely new digital art, ”he explained.
A huge market for digital goods
Fanadise co-founder, founder and CEO of DDOB.com (Beauty Daily Dose) Bartek Sibiga admitted that there is a completely different approach to NFT.
– I have a completely different approach to NFT. I believe that art will be 1-2 percent. maximum market share. It started out as an art because it’s easier to show the simple application of NFT. It is a certificate of ownership. We can store the data in the form of metadata indicated by this symbol. We can point to a picture or any vehicle. It’s more than that … As a result of NFT being a property right and the key to many other things, it can be the key to smart contracts, it can be a ticket, and so on. he explained.
Semin has monkeys used as avatars on social media. Some of these avatars reach cosmic prices of tens of millions of dollars …
– Exactly a year ago you could buy them for $ 200, today the price of a standard monkey is 1.8 million PLN. On the other hand, I am convinced that monkeys have more valuable benefits than just finances. I will never sell the main monkey! Sibiqa was saying.
He added that it is not just about art. According to him, a huge market for digital goods will soon emerge, and the announced metaverts will not be available on the Internet without NFT and property rights.
NFT in the art market
NFT tokens are currently mastered art among others. The first NFT work to be auctioned in Poland was Tomasz Gornichki’s Fortune from the Outer Darkness series (November 28, 2021) for 312,700 PLN – more than Gornichki’s “based” statue. “A digital version of the work has been created. Among others, Rafał Kamecki, President of Artinfo.pl, is responsible for the implementation of the project.
He said during the session: “We had a lot of work to do. – We have been waiting for the first sales in our market for a long time. We were full of information from around the world. Everyone was waiting for him to start in Poland. We made a conscious choice to sculpt it and created an object that looks interesting in metaverts, can be viewed from all sides and can be included in some games. We took about 800 pictures of a real physical statue, turned them into a 3D model, and this model went on sale – with a starting price of 5,000 PLN. “Physical sculpture” is worth about 30-40 thousand PLN. zloty. The final sale price reached 312,700 PLN, which is several times higher than the price of traditional sculpture, Kamecki said.
A traditional art collector, who is very important to get the first NFT token, won the auction.
Customers may not be trusted
DESA Director General Juliusz Windborski noted that NFT is beginning to be and will continue to be an important element of the art market.
– Perhaps what we are witnessing is a manifestation of money leaps and attempts to make a profit with collective euphoria, but … There is a very important element here: what is a work of art and what makes it a work of art. What is an original work of art. If we sell a copy of a parallel work, what is the original – one or the other? There is only one original in the art world, Windborski is considered.
He also acknowledged that the NFT market is regulated at a brutally low level, and thus – this encourages many abuses and low expressions that will fall victim to customers from the traditional world.
“We want to enter this market, but we must do it wisely so as not to tarnish our reputation by saying, as our customers say, ‘they put us off the hook,'” he admitted.
NFT market – should it be regulated or not?
The operation of the oil market from a legal point of view was described during the session by Piotr Jaśkiewicz, Baker McKenzie’s advisor. He noted that there are no rules regarding serious NFT. When buying an NFT, it is worth paying attention to what the token is …
– It’s like a card – whether it’s a photo, a ticket, a banknote or a promotion … Each of these uses has real applications in the world of oil, but most jurisdictions do not recognize them as a separate application. active category. A lawyer working on NFT projects relies on old rules that were created before anyone knew what a blockchain was … Legally, simply transferring NFT would be as meaningful as giving someone a card. The main thing is what is going on in this NFT, what we should get with it. We need a contract with NFT for bigger investments, Jaśkiewicz explained. Many NFT lawyers want more regulation. This should help the market, people will be less afraid …