Fungibility is the potential for an asset to be traded or replaced with an identical unit. Currency (crypto or traditional) are considered fungible assets. “Non-fungible” is something that’s unique. Something that cannot be traded or replaced. Original works of art and collector’s items fall into this category. The fungibility of an item can vary depending on how unique it is.NFTs (non fungible tokens) can be described simply as “evolved art collection”. Technically, NFTs are a way to assign a unique fingerprint to a digital asset, allowing it to become unique and exclusive… ie. non-fungible. The first NFT appeared on the Ethereum blockchain in 2017. Online gamers were early adopters of the tech, using it as a platform to take control of trading in-game assets. Applications quickly expanded into the digital art world. Recently, their popularity has exploded with news of big name artists and brands’ high ticket listings. NFT legitimacy in the art world was cemented in February 2021 when the first piece of “Crypto art” by Beeple was listed on Christie’s. The value of the piece at the time of this writing is $3.5M USD.
WHAT’S IT’S WORTH?
So where exactly is the value in a digital asset if it can be reproduced so easily? In the case of NFTs, It’s what’s “under the hood”. Unlike a regular digital asset, A unique fingerprint is encoded and assigned to each NFT. NFTs are listed on blockchains (most commonly, Ethereum) via smart contracts. These act as a certificate of authenticity, and proof of the asset’s immutable ownership and scarcity. An NFT file cannot be replicated or destroyed. Unlike cryptocurrency, an NFT can only be transferred as a whole and cannot be portioned. If the platform endures the current emerging bubble, the implications for digital creators are profound. NFTs provide the opportunity to quantitatively assign limits, ownership, immutable rights and proof of authenticity to non-tangible, digital work. Digital artists now have a mechanism to make work exclusive while distinguishing the real deal from counterfeits. NFTs present a new platform for the trade and sale of non-tangible digital assets, unlocking avenues for artists to sell work (or skills) in innovative, culturally significant, ways.
BADPIXEL & NFTs:
Badpixel has made it’s name creating (and white-labelling) high-value, multi-disciplined digital art and content for large ad agencies and huge brands all over North America. The Badpixel team have built a business around maker and DIY culture. Since the beginning, we’ve kept an unblinking eye on bleeding edge digital creative technology. Our no-frills, small-footprint has allowed us to quickly pivot, test and apply novel production technique with minimal friction.
In 2021, one of Badpixel’s priorities is to partner our deep experience in digital trades in emerging platforms with anyone wishing to execute their ideas in the form of NFTs. Our plan is simple: To apply our successful model of commercial content production to this new world. To act anonymously, as the skilled hands behind brilliant people with amazing ideas. Contact us to collaborate!
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