Blockchain-based NFTs have revolutionized the creation and consumption of experiential art, gaming, and cinema.
They are redefining the way we work, play, and communicate through our online avatars. Blockchain technology also forms the core of Web 3.0, which allows users complete ownership of their data.
NFTs are the latest disruptor synthesizing art and technology. The fusion has increased the affordability for artists, creators, authors, and filmmakers to dabble with artificial intelligence and virtual reality. The products created have seen spiraling interest and engagement from the audience.
Join leading artists, curators, and tech experts as they unpack the most cutting-edge and forward-looking usage of NFTs, and how web 3.0 will transform the future of the internet. The panel will share their insights on community building and expanding the platform for the growth of Indian Metaverses.
What is NFT ?
Can Art, Gaming and cinema be traded by NFTs ?
NFT is short form for “Non Fungible Token”
To create this token, concrete assets are converted into digital assets and then owned and traded on a digital exchange.
It is a unique token which corresponds to the physical asset, near impossible to duplicate due to the use of very high levels of digital cryptography, when created.
When these physical assets are converted or minted into NFTs, it is recorded in a block chain, which ensures that the ownership is unique, secure and permanent.
The question comes as to why should one turn his concrete asset into a digital form?
Answer is it’s more secure in that form, it cannot be stolen, it can have several part owners and each time someone trades it, the original artist earns royalty.
How does NFT work?
In a summarised way, to turn the concrete asset into a digital one, you need:
A digital platform to trade your asset, a digital wallet to store your asset and a digital currency or crypto currency to pay or receive consideration when you trade.
Meta verse is a term much like our internet. The difference is you enter this digital space by wearing a pair of VR glasses and creating a digitised virtual version of your real self and interact and experience this digital world.
NFTs are redefining the way we work, play, and communicate, either in the real world or through our online avatars ( in the Metaverse, where we can create our “virtual” self )
Blockchain-based NFTs have revolutionized the creation and consumption of experiential art, gaming, and cinema and many other such assets.
To trade in NFTs, an artist can create a digital version of his art or begin with his creation of digital art.
Similarly there are digital games which can be minted to be digitally traded. Also a whole film or a part can be digitised, or the rights or shares can be digitised, so also the poster can have a digital form for this version of trade.
The fusion has increased the affordability for artists, creators, authors, and filmmakers to dabble with artificial intelligence and virtual reality.
The products created have seen spiraling interest and engagement from the audience.
The very first exposure for a lot of people in Mumbai to a difficult term like crypto currency and NFT was when Avid learning conducted a workshop in the subject about a year ago.
Once the panel decoded the terms and explained how the trading really happens, it became much easier to get into the crux of the matter, and layer by layer peel the forbidden fruit. As it is still a path breaking idea, people are still not sure why turn a concrete item into air like invisible untouchable commodity.
It is much like the in Store shopping vs the online shopping. People have to believe in it, experience it and feel confident with using it.