Non Fungible Tokens: The digital signature boom.

Non Fungible Tokens: The digital signature boom.

By Dzoelx | Scripts | 10 Apr 2021


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Mike Winkelman is probably considering buying an island as you read this, it’s very possible he already sealed a deal with an estate agent. After selling his art work for about $69 million, the graphic designer popularly known as Beeple is currently one of the richest artists alive. Sixty-nine million dollars, a whole lot I must say! The Non-fungible token bubble…sorry, boom, has taken the crypto space by the storm and for yet another time in the crypto space, money sounds like mere numbers!

Justin Sun’s $4.5 million dinner with Warren Buffet used to top my list of the most extravagant spending, but the NFT deals have taken up all these positions and Justin Sun appears to be a very conservative spender, relatively.

Depending on how I feel after posting this article, I might put it up for sale as an NFT, lol. Should worth at least half what Beeple sold his art for. Bubbles, craze and booms; the crypto space have seen an outburst of each and every one of these in their most severe mode. Jack Dorsey’s first tweet recently sold for over two million dollars and there are serious bids to buy many Elon Musk’s tweet. The rocket man has already joined the NFT campaign and has recently put up a song for sale as an NFT. Well, many of his tweets are worth millions of Dollars. You might want to check me out on twitter and buy some of my tweets too, I’ve got a couple I’d like to sell.
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American rap star, Tory Lanez recently released an album as an NFT, even though these songs were still posted on various streaming platform, the popular rapper didn’t hesitate to cash in on the current crypto and blockchain wildfire. Peter Schiff has also been vocal about NFTs and has jokingly offered some of his tweets to the NFT merchants…guess everyone wants a bite, me too.

Non-fungible tokens are brilliant inventions. Ethereum blockchain takes the lead once again, ERC-721 was the first standard for representing non-fungible digital assets on the Ethereum blockchain, the recent ERC-1155 smart contract token standard also supports the creation digital signatures for items.

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Non-fungible tokens have been a part of the ethereum blockchain since its inception, however, the cryptocurrency community is only waking up to realize what could be achieved with this feature. Flow blockchain and Bitcoin cash have also developed features which assigns a digital signature to items. This signature can only have one owner, cannot be copied, and cannot be accidentally or maliciously lost or duplicated. It creates a unique ownership of the item it is assigned to.

Well, I’m not writing to school you on what NFTs are, if you’ve been in the crypto space for the past few weeks, you certainly must have learnt a lot about them; passively. If not, then consider checking out this basic introduction to NFTs. NFTs allows owners of digital items such as artworks, music, video...and tweets create unique signatures for these assets. It a unit of data which represents the asset for which the signature is created. These units of data are stored on the blockchain and cannot be interchanged. The holder of the NFT is regarded as the rightful owner of the item for which the signature is created.

Non-fungible tokens serve as a proof of ownership for digital items. It presents a platform for the creation, storage and transfer of ownership for digital ‘assets’. Great artworks are worth a lot, same as great music and tweets, probably. But when it comes to creating hypes and outrageous values, trust it on the crypto space!

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In few weeks, the rave went live; Fear of Missing Out, propaganda, and hypes. Hundreds of ethereum coins for a tweet? Well, I guess we are accepting the fact that these cryptocurrencies are somewhat ‘overhyped’. I wouldn’t buy any tweet for anything more than three ethereum coins, but that’s simply a personal opinion. Artworks, on NFT markets are commanding thousands of dollars in cryptocurrencies.

The NFT markets have breathed new life into the art world, talented artists have found a new and convenient way to create ownership of their artworks and exchange for their real value…in a hyped market and a bubble too. It’s impressive how it has revolutionized the art world and showcased the unlimited abilities of blockchain technology.

From stores of value, to DeFi and now NFTs! Maybe when the hype settles down, we will start to see the real use case of digital signatures penetrate the world of content creation and ownership of digital assets. But before that happens, this Tweet and the article embedded are up for sale!

I'll be waiting for the best bidder

 

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Dzoelx
Dzoelx

Drinking coffee and writing about cryptocurrency. Follow me on medium: https://cryptoscripts.medium.com/


Scripts
Scripts

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