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2021 ends with the question: will NFT still exist?

13 min reading

NFT has achieved a lot this year due to their influence in art but the question is will this continue till next year?

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On November 14, Tezos-based Irreplaceable Token Market (NFT), Hic Et Nunc – which means “here and now” in Latin – suddenly closed. Artists worry about their NFTs at Hermitage's first NFT exhibition, "Etheric Ether" (10-10 November (2-4 December).

Diane Drubey, founder of We Are Museums and NFT Digger at Hic Et Nunc – who hosted a panel discussion at Art Basel Miami – explained to me, “Of course it was surprising to see Hic et Nunc going around, but people saw it as a new step in the journey. You. Because when the website is closed, our NFT is kept in chain, nothing is lost and the artists can safely continue living from their NFT. We've seen the mirror or new version of HicEtNunc.art open just hours later, giving artists the support, they need to continue selling and buying and showcasing NFT. He added:

"Society is now organizing the formation of decentralized autonomous organizations (DAOs) to continue experimenting with decentralization in Web 3.0. In this incident, I asked myself: Will the "International Year of Creative Industries for Sustainable Development" announced by the United Nations General Assembly go down in history as the year NFT entered the mainstream? Or become the fad of the passing world of inventions lurking in the shadows of the COVID-19 pandemic? I did research and interviews to find the answer.

Impact, evaluation and regulation of NFT on the environment. NFTs are digital assets built on a blockchain platform and can be traded as digital trading cards in exchange for cryptocurrency or even fiat currency. They usually serve as proof of ownership of a digital asset, but the specific rights associated with NFTs vary. Some NFTs contain "smart contracts" as part of the token, which are executed automatically when certain events occur.

Also read: YouTube series is changing the way crypto is presented as an alternative media

Computer scientist Antsstyle criticizes NFT:

“In short, NFTs are bad for two reasons:

  • They are bad for the environment because they rely on cryptocurrencies, which emit large amounts of carbon. [...]
  • They are only valuable as a tool for money laundering, tax evasion and major investment fraud. The extended version of the Antsstyle analysis offers a comprehensive overview of the proof-of-stake (energy-efficient) and proof-of-work (energy-intensive) NFT platforms.

J. Woloszynski, manager of EisnerAmper's Eisner Advisory Group LLC, also says that NFTs have subjective estimates that are determined by how much someone is willing to pay for them: “For example, see the image below. You have no problem downloading images to your computer; What you see is a simple gray box. This is an NFT, known as The Pixel, produced by an artist named [Sir], and selling at Sotheby's for about $1.3 million in April 2021. Other major art auctions such as Christie's, Phillips, and Portion are also going on sale at auction. NFT, carved on various token platforms irreplaceable that year. According to CryptoArt, Pack is the second best-selling crypto artist of all time, with a market cap of around $65 million for his artwork. NonFungible took first place at the Bored Ape Yacht Club, with the last NFT "Bored Ape #9449" selling for over $1 million.

Although not classified by NonFungible, the Larva Labs computer-generated 24x24 pixel image of CryptoPunks was the first major NFT. In March, CryptoPunk #3100 sold for 4,200 ether (ETH), or $7.6 million at the time. That sale was topped by the sale of "Everydays: The First 5000 Days," NFT by graphic designer Mike Winkelman, aka "Beeple," for $69.3 million the same day for $13,800 Dollars for each digital artwork included in the collage. Dapper Labs' CryptoKitties - the first Ethereum-based NFT project to use the ERC-721 standard - also saw a 22.106% increase in daily trading amid the recent revival of the NFT market, according to DappRadar.

NFT is not widely regulated. For example, earlier this year on NFT's flagship marketplace OpenSea, the CEO sold irreplaceable tokens that he purchased after displaying them on the website's homepage – a move that allowed him to trade them domestically for a quick profit for sale. The NFT market isn't specifically illegal. In another case, a fake NFT worth 265 ETH (1.1 million) was discovered in the theft of the NFT of the century, a hacker uploaded 20 terabytes of NFT originally cut into the Ethereum and Solana blockchains.

Blockchain forensics firm Chainalysis estimates that about 0.34% of the $2.5 trillion, or approximately $8.5 billion, cryptocurrency market is linked to illegal activity. According to Non-Fungible, 265,927 active portfolios with NFT were traded on the Ethereum blockchain in the third quarter. To investigate cross-border tax crimes with the rapid development of cryptocurrencies and NFTs and their use in money laundering, hacking, cyberattacks and other illegal transactions, governments around the world – especially the general leader in global tax enforcement – are sharing information and resources.

Earlier this year, the Internal Revenue Service, in collaboration with staff from the Office of Civil Fraud and the Criminal Investigation Unit, launched Operation Treasure to investigate tax evasion among cryptocurrency and NFT users. A recent report from the IRS Criminal Investigation said 93% of all foreclosures worth $3.5 billion in fiscal 2021 were related to cryptocurrencies. The US Treasury has also placed 57 cryptocurrency addresses on its sanctions list, along with the exchange, Latvia-based Chatex, which the Treasury Department said facilitates transactions in "illegal or high-risk activities such as market-risk exchanges and ransomware."

As a continuation of US President Joe Biden's full-fledged efforts to combat ransomware and the illegal use of cryptocurrencies and NFTs, additional tax regulations have been introduced. HR 3684, the Infrastructure Employment and Investment Act, requires cryptocurrency “brokers” – including “anyone responsible for regularly providing digital asset transfer services on behalf of others for a fee” – to purchase cryptocurrencies and NFTs. File a report of more than $10,000 with the IRS on Form 8300, including name and social security number, or possibly be charged with a felony.

In October, the Financial Action Task Force (FATF) issued new guidelines on NFTs, stating that they are exempt from the definition of virtual assets. However, the FATF standard can still be applied to NFTs on a case-by-case basis.

Also read: The world's biggest fool launches NFT collection

Continuous NFT

That year, NFT was the world's biggest destroyer, artists cut, showcased and auctioned, and investors bought, sold, traded, and invested. Our Islam, early investor in NFT, said, “At NFT, the community action is mostly on Twitter and Discord. He also added: "Investing in Pak in many projects has created a huge multiplier and also helped us understand and establish some principles for investing in NFT."

Even Damien Hearst, Britain's richest living artist, started an NFT series called "Currency" this year that explores the nature of value, art and currency. It comes from Palm, the NFT platform that acts as Ethereum's side chain, and is available for sale via Heni for $2,000 each. Artist Ilya Shkipin told me that he has decided to start his MonarxNFT series on the energy efficient open source Tezos NFT platform: “Choosing Tezos is not an option, it is an obvious solution after talking to our supporters. Both the Monarx team and the community appreciate the low fuel costs and comfortable digging experience. In the end, we do what our community tells us to do, because art is for them, not us. My MonarxNFT series - a blend of neural networks carefully guided by artistic vision - was inspired at a time of loss in my life.

Reed Jaeger, Global Director of Communications and Public Relations at Tezos, explained to me that Tezos presented the first NFT art exhibition of its kind, which is an official partner of the Art Basel International Art Fair, in collaboration with local municipal institutions: “ On the Tezos Ecosystem -Exhibition in Art Basel Miami Beach, more than 25 artists from 18 countries on 5 continents will present their work. In addition, more than 30 artists, gallery owners, museum directors, celebrities and thought leaders will attend the Tezos Ecosystem Exhibition Speaker Series speakers in the exhibition hall. As part of the show, visitors can create their own artificial intelligence-generated portraits and copy them as NFTs on Tezos.

Yager added, “Tezos flagship NFT platform HicEtNunc, which recently completed the first-of-its-kind Web3 transition in the NFT market from a proprietary to a collaborative marketplace (DAO), has more than half a million NFT summarized by users from around the globe. . The Tezos blockchain is growing with more than 6 million contract views in September and November is on the right track. The Tezos blockchain is the number one choice for mining and collecting NFTs worldwide. In fact, one of the first NFTs in history was sculpted onto the Tezos blockchain from the museum by William Blake's The Ancient of Days Museum.

According to DappRadar, Hic Et Nunc was the 14th largest irreplaceable token market in terms of all-time revenue ($50.37 million) when it closed, with median earnings of $25.19 for NFT. The leading marketplace for NFT trading is New York-based OpenSea, which runs on the Ethereum blockchain for proof of performance. Ethereum is in the process of moving to Ethereum 2.0, a Proof of Stake blockchain that is 99% more energy efficient and more scalable, safer and more sustainable. However, it remains to be seen whether OpenSea or any other high-end market can survive in this rapidly changing market as some of the biggest companies enter the NFT space to transform the Metaverse including:

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

 

  • Fintech companies: China's blockchain-based service network, which will support future digital currencies from central banks in various countries, has implemented infrastructure to support the deployment of NFT in China and other countries.

 

  • Cryptocurrency Marketplace: Coinbase and Binance NFT, which sold the first irreplaceable tokens to Hermitage.

NFT and museums

A study by the International Council of Museums (ICOM) found that due to the COVID-19 pandemic, more than 30% of museums have been forced to cut staff and nearly 6% may never open to the public again. . . But the digitization of museums is progressing rapidly, and some museums are turning to NFT for a variety of reasons.

NFT Exhibition

The Hermitage's ethereal ether consists of 36 NFTs from around the world, including Ryptopunk #5652 Larva Labs, CryptoKitties's CryptoKitties' Dapper Labs' CryptoKitties Larva's, and Mihai Greco's NeoPyongyang I engraved on the Hic. Curators Dimitri Yozekov and Anastasia Garnova explained to me: “Interest in digital art increased during the COVID-19 pandemic as millions of people sat at home next to museums that were closed for months. The first NFT exhibition marks the beginning of Heavenly Hermitage, a new virtual world museum that will be turned into a digital offshoot of a real museum in the future. They also added:

"We are confident that the field of digital arts, in particular NFT, will thrive and look forward to a bright future - safe, smart and exciting." Todd Morley, co-founder of Guggenheim Partners, has announced plans to build the world's largest NFT museum in a giant skyscraper in New York, just four blocks from the Museum of Modern Art.

Also read: Why the cannabis industry needs crypto

NFT fundraising from the museum

Three of the 20 largest museums in the world - the State Hermitage in St. Petersburg (№ 2), the Metropolitan Museum in New York (№ 4) and the British Museum in London (№ 12) - solicited donations to the NFT to collect the year. Other examples include the Uffizi Gallery in Florence, Whitworth in Manchester, the Sao Roque Museum and Church in Lisbon, the Kansong Art Museum in Seoul, the Broadcast Communications Museum in Chicago and the Cinema Museum at the Academy in Los Angeles. There's even an NFT of an entire museum in the Metauniverse called the Museum of Digital Life. The Miami Institute of Contemporary Art has received a donation to CryptoPunk #5293 from one of its trustees.

Jean-Sébastien Beaucamps, co-founder of French environmental startup LaCollection - Ethereum-based platform NFT - explained to me: "Just in time for the exhibition Hokusai: The Great Picture of Everything (30 September to 30 January 2022) British Museum teamed up with LaCollection. io to sell Hokusai's 200 NFTs for every NFT our company cuts, we plant trees to offset last summer's forest fires and make the NFT carbon neutral: we call it our NFTree program will consist of works from the exhibition, including Big Wave famous ones, while the other 100 will come from BM's own collection, including pictures from the recently rediscovered book which is the theme of the exhibition.

NFT and environmental education

This year, the ICOM International Committee for Science and Technology Museums and Collections has 48 science and technology museums capable of approaching and presenting this important topic through education and exhibitions. I interviewed several museum directors to learn more about the role of the NFT in their museums. This is what they told me. George Ma, Head of the Office of Climate Protection, Social Responsibility and Sustainable Development at the Jockey Club Climate Change Museum at the Chinese University of Hong Kong:

“NFT is not on our radar at the moment, but it is something we can monitor. We have digitized our exhibition. We have a 360-degree virtual tour, a digital version of our permanent exhibition. Starting in 2018, we've created digital versions of every thematic exhibit we've developed, either in a more website-like format or in 360 VR.

Patrick Hamilton, Director of Climate Change, Energy, and the Environment at the Minnesota Science Museum:

"The Minnesota Science Museum is digitizing its collection, but I am not aware of any current plans to digitize its exhibits or sell the NFT."

Julie Decker, Director and CEO of the Anchorage Museum:

“NFT is a very interesting topic to think about and read about. At the moment we have no plans."

Vivian Gosselin, Director of Collections and Exhibitions and Curator of Contemporary Culture at the Vancouver Museum:

“Currently we are not selling NFT for fundraising - not yet. My understanding is that this is not a "green industry" at all so this is a bit of a red flag and it's gone for me!

Soren Brothers, Ship Curator for Climate Change at the Royal Ontario Museum:

"ROM is digitizing its collection, which can be found here (https://collections.rom.on.ca/). I don't know if ROM has any plans to sell NFT.

It should be noted that the Los Angeles County Museum of Art has an art and technology laboratory that is running a series of studies to investigate what NFT means for digital art collection agencies. It also deals with "artistic, curatorial, conservation, registration and legal issues of this new digital format". Drubay We Are Museums also recently announced “Opening the Web3 for Art and Culture,” a new program hosted by We Are Museums in partnership with TZ Connect and Blockchain Art Directory 2.0 to help arts and culture professionals navigate the Web3-Supporting innovation.

 

 

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