The maturing interest in non-fungible tokens (NFTs) has perhaps not caught the limelight as much as the explosive growth of DeFi (decentralised finance) yet both emerging blockchain-based concepts may well share a common future.
"Tokenisation of everything" was a phrase often heard early in the development of smart contracts but has gradually dropped out of fashion as the majority of people's attention has shifted to what is happening now rather than what may develop further down the road.
However, I believe all of us, to some degree or another, can feel that a tokenised world is hurtling towards us at great speed.
That tokenised world will involve fungible tokens and non fungible tokens.
Say What?
Before getting into the interesting part, let's just make sure we're on the same page about what we mean when we talk about the two types of token.
In plain english, most of the cryptocurrencies you see listed on Coin Market Cap are fungible tokens. They are built so that each individual token is equivalent to the next. So, for example, the 0.001BTC I hold is the same as anyone else's 0.001BTC and holds the same value.
Non-fungible tokens are designed to be unique. An NFT's value is determined by it's individual characteristics. Love them or hate them, CryptoKitties serve as a good example of an NFT. The style and pedigree of each cartoon-looking cat is different from the next. Even though they are known collectively as CryptoKitties each feline is special in its own way and may well have a different value placed upon it.
This isn't intended to be a dry debate on the merits of fungible or non fungible though so let's move on to the art I mentioned in the title.
Freedom of Expression
The work we're looking at here is the Kinetoscope portfolio by Synoptic because it captures not just the cryptocurrency and DeFi phenomenon but also hints at elements of esoteric knowledge that have been hidden from most of us for centuries.
Such a multi-layered approach is already embedded in our artistic culture, and it permeates art, theatre, movies and music. We can appreciate any of these at a basic fundamental level of observation and enjoyment or, if we so choose, search and explore the hidden meanings they contain.
Image: OpenSea
Synoptic displays and sells the Kinetoscope range at both OpenSea and Rarible (there are no affiliate links here, I am not associated with either of the marketplaces or Synoptic) but I will use illustrations from Twitter so as to avoid any possible copyright issues.
The creator produces examples of static art pieces (click on the images below to see in full) as well as art in motion to convey the topic (click on the blue arrows in the images to set the graphic in motion).
De-Fi and DAOs
To start, let's take a look at some of the artistic renditions around concepts most of us are familiar with.
The esoteric work is where the possibilities of understanding are pushed to the limits.
While the idea of art being a store of value is nothing new, the melding of art and digital assets certainly is.
Such a transformation was bound to attract those who sought to profit from the new genre, but for me at least, the real value of NFTs is to be found in the transfer and spreading of knowledge in an individualised and thought-provoking way.
