JOURNALISM IS ABOUT telling a story, rather than living it. Yet sometimes these realities collide. When a new technology shows promise, experimenting with it can help tell the story. In September we wrote that non-fungible tokens and the crypto infrastructure they sit on could transform finance and the digital economy.
Why would such a set-up exist? NFTs were invented by Anil Dash, an entrepreneur, and Kevin McCoy, a digital artist, to help convey that an item was a digital original. They provide proof that the holder owns that specific token, even if it does not give them copyright or exclusive use of that work. Even Mr Dash seems a little bemused by their popularity.
Monthly NFT-trading volumes on designated art platforms, including Nifty Gateway and Foundation, reached $205m in March this year, with the sale of Beeple’s opus marking the height of the frenzy. The ardour for artwork has cooled since. But the wider market for NFTs is evolving. The idea of issuing a unique token that contains information, proves ownership and has some ownership rights has taken hold for other uses.
But the tokens could also be useful for activities conducted in the real world. Some universities are experimenting with using them to fund research. The University of California at Berkeley raised $50,000 by selling an NFT based on documents relating to Nobel-prizewinning research on cancer immunotherapy as a collectable item. It is planning another, similar auction. The country of San Marino has approved the use of the tokens as digital covid-vaccine passports.
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You guys have been pushing quite a bit of NFT content lately
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It's been on the cards for long while..Twitter is now contemplating a bonus system that incorporates bitcoin and nft😎
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