Thoughts on blockchain technology

Hello everyone. 
I'd like to open a discussion about blockchain tech and NFTs.
As artists, what is your experience with this kind of tech if any? 
Those of you that have experience, what are you thoughts about it? What obstacles have you encountered trying out this tech?

Comments

  • Hi and welcome to the forum. @Rarity

    I dont have a clue what either of those are, would you care to explain.
  • Welcome to the forum.  I have no experience with that.  
  • edited August 18
    Welcome to the forum, @Rarity.

    Most of us here just paint. I wouldn't  know an NFT if it stood up in my soup.  :) Are you selling them?

    MichaelD
  • Rarity
    • Blockchain has an environmental cost. At least, the way it is being used today, it does. ... 
    • Lack of regulation creates a risky environment. ... 
    • Its complexity means end users find it hard to appreciate the benefits. ... 
    • Blockchains can be slow and cumbersome. ... 
    • The “Establishment” has a vested interest in blockchain failing.
    5 Challenges of NFTs
    • Who Owns the Underlying Asset? ... 
    • Centralization in a Decentralized Ecosystem. ... 
    • Hacked Wallets and Blockchain Security Challenges. ... 
    • Fat Finger Mistakes. ... 
    • Scams and Copyright Infringements.
    Extracted from the web.

    Denis

  • The only technology I'm interested in is my equipment . . . brushes, pencils, paint, easel . . . you know, art stuff.
    MichaelDdewald
  • Me too @broker12,

    I have a feeling this may be someone trying to sell something.


    On that note, if any of you receive a message from me about canned meat dont open it, its SPAM 



      =)
    tassieguyanweshaGTOArtGal
  • RarityRarity -
    edited September 6
    Thanks for the comments. Great to be here.
    Denis, thanks for the shared info.

    I'll start with a few definitions:

    Blockchain: To keep it simple, and without going into too much tech talk, a blockchain is a shared ledger. It's a way to record transactions between a network's members and track the assets transactioned. These assets can be anything - A tangible asset, such as a house or a piece of art, or an intangible asset such as intellectual property or digital art.

    This leads me to the next definition, that of a NFT.

    NFT: NFT stands for non-fungible token.  Bare with me. I know it sounds Chinese...

    Tokens are digital assets.
    Non-Fungible means that something can’t be replaced.
    If i give you a dollar bill, and you give me back a different dollar bill, we have exchanged a fungible bill.
    If i send you a bitcoin, and you send me back a bitcoin, we have exchanged something fungible.

    On the other hand, a NFT IS NON-FUNGIBLE as each NFT stores extra information that is unique for that specific piece of data.

    NFTs are designed in a way that gives you OWNERSHIP. Create it, and it's yours. Sell it, and it will have a new owner.  The transaction is recorded on the blockchain FOR ALL TO SEE.  Everyone can now see that the NFT has changed owners.

    Let's talk about digital art - Here things are easy. If i create a piece of digital art, i can run it through a process called minting. This process means that i take the graphic file ( to which i can add layers of info such as the name of artist, year of creation, the style of the created piece, or any other info that i think might be relevant to that piece or info that makes it unique ) and convert it into information on the blockchain. Once it's on the blockchain i can trade it.

    When it comes to physical art, what usually happens is that the physical artwork is photographed ( preferably in high resolution ) and that file is minted into the blockchain.

    Now we have multiple possibilities: 
    - The artist can sell the digital file as a NFT
    - The artist can sell BOTH the physical piece and the digital piece as a whole. The NFT will then certify the physical work. Ask yourself - What will a collector prefer? A physical piece that might be stolen or faked? I for one would prefer to buy the physical and the NFT to certify that the physical is genuine and was indeed created by artist X .  Not only that, if i'm not the first owner of the piece, i will know because the whole history of the piece is on the ledger for everyone to see.

    Here are more things to think about:
    - Since NFTs are sold on dedicated platforms, each time a piece of art is resold, the artist gets a commission. EACH time.
    - Galleries can show artwork using NFTs. These galleries can use dedicated hardware and software to showcase different artists' work even if the physical piece itself is not in the gallery.
    - NFTs can come in multiple formats such as videos, music, 3D files etc
    - It's possible to combine Augmented Reality with NFTs. You can scan a QR code or a graphical representation and your phone will show you a 3D version of the art against the real work enviorment.

    I'll now address some of Denis's points, which are important:

    The environmental cost - When you work with a computer, there's indeed an energy consumption. Some tasks consum more energy than others. Most blockchains that i know of are probably ( based on some research ) harming the environment. One blockchain, which is the Elrond blockchain, is carbon negative ( https://offsetra.com/profile/elrond ). So your efforts to mint a NFT are offset.
    By the way, you should ask yourself if your oil paints are recipients are eco friendly...
    Lack of regulation - Well, there's a risk in buying physical art as well. It takes effort to make sure you're buying a genuine art etc.
    Complexity - The platform that i represent has tutorials in English, German, Romanian and in the future in other languages, taking you by the hand, showing you how to open a wallet, how to login, how to create a collection etc.
    Slow blockchain - The Elrond blockchain employs two unique features: Adaptive State Sharding – The process of splitting the Elrond infrastructure to support more transactions and programs. Secure Proof-of-Stake (SPoS) – The consensus mechanism devised to sync separate network components to a common ledger.   This makes Elrond FAST and CHEAP. We are talking pennies to mint a piece of art.
    Interest in blockchain failing - Elrond hasn't had a downtime since its establishment. It's DEX ( decentralized exchange ) did have some issues but things were resolved. The network itself was never 'down'.

    Been said all the above, i'd love to hear more about your thoughts and concerns.
  • MichaelD said:
    Me too @broker12,

    I have a feeling this may be someone trying to sell something.


    On that note, if any of you receive a message from me about canned meat dont open it, its SPAM 



      =)
    Naaa.Not trying to sell something. Trying to get a discussion rolling. A lot of NFT platforms have generated art or multiplied art ( some will argue it's not art ). Most of them don't have a connection to real world art, be it a painting or a sculpture. I want to explore ways of accomplishing that.
    MichaelD
  • @Rarity,

    My apologies, we do get a fair bit of spam on here from time to time and I thought your profile pic looked like a business logo.

    Do you do art yourself ?
  • MichaelD said:
    @Rarity,

    My apologies, we do get a fair bit of spam on here from time to time and I thought your profile pic looked like a business logo.

    Do you do art yourself ?
    Hi Michael.
    Yes, it is a business logo.  However as you can see, i have no intentions to post rubbish here.
    As for art - I do digital graphics from time to time.
  • I put less than a little trust in hackable technology. It’s all hackable.

    Going to be a tidal wave of get rich quick carrot on sticks  coming up around the bend. 

    Going to be harder to chase down assets than giving your physical paintings to a gallery. 


  • Rarity said:
    MichaelD said:
    Hi Michael.
    Yes, it is a business logo.  However as you can see, i have no intentions to post rubbish here.
    As for art - I do digital graphics from time to time.

    Great, I look forward to seeing your work.  :)
    tassieguy
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