Three letters are dominating the art world right now, N-F-T. They stand for ‘non-fungible token’, which is represented as a unit of data, typically on the Ethereum blockchain. So how does this affect artists around the world? It returns the power to them. In today’s episode, we speak with intellectual property attorney Joshua Wattles, and former DeviantArt staff member, Tom Rowlandson. Together, they explain the ins and outs of NFTs, and why it’s such a hot topic right now. To kick things off, Tom shares his own experiences with NFTs, as he details his background in crypto as well as instances where he has bought and sold NFTs on the blockchain. Following this, Josh explains the NFT paradigm shift with artists and tells us what sets these digital tokens apart from standard IP. We then take a deep dive into what makes NFTs appealing to so many people, as we learn that factors like insurance and maintaining the item’s condition all play a role in the buyer’s decision making. With such a steep rise in interest and popularity, somebody has to be making a fortune, right? Tom and Josh then explain to listeners what gives NFTs their value, and touch on some of the fees you pay in marketplaces like Nifty Gateway. Toward the end of the episode, we discuss a few of the controversies that have come with NFTs. We talk energy consumption, authenticity, and why “buyers beware,” remains ever true. For more detail on how you can get involved in NFTs and why they’re set to shake things up for creatives, be sure to tune in today!
Key Points From This Episode:
Before we begin, we say thanks to International Women’s Month NRA host, Eric Yoshi.
We introduce today’s topic: non-fungible tokens.
Hear what NFTs could offer and what makes them so awesome.
We welcome today’s guests, Josh Wattles and Tom Rowlandson, to talk about NFTs.
Tom shares some of his experience creating and selling NFTs.
Hear how Tom and Josh have shares experiences in the world of art.
Tom tells listeners about his collaboration with Lora Zombie.
Josh explains the NFT paradigm shift for artists.
Why owning a token of an item, instead of the physical item itself, can be appealing.
We talk about what types of artists are benefiting most from NFTs.
NFTs and their inevitable versatility.
Hear about how NBA Topshots are changing the way NFTs are perceived by the public.
Find out who is getting rich off of this modern age gold rush.
We touch on the various market places available to buy and sell NFTs.
The environmental impact NFTs and running the blockchain.
How NFTs are going to help with the authenticity of products.
Why you shouldn’t be fooled by an NFT either.
Hear how NFTs are being used as a method of issuing tickets for events.
