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Katy Perry attends the NFT collection
NFT Markets Aren’t Equivalent To Amazon Yet
The trend around NFTs shows that blockchain technology is not just about Bitcoin & Co. The acronym stands for a non-fungible token, that is, tokens that are not replaceable. In this capacity, trend commodities are different from cryptocurrencies, writes The Verge. For example, if you exchange one unit of Internet currency for another, you will get a similar good. Instead, NFTs are more comparable to trading cards that are exchanged with and different from each other, the gate continues. Most of the NFTs are placed on the Ethereum blockchain, which supports the exchange of commodities as well as the associated electronic currency, Ether. But what exactly are these symbols? Shows are varied and may include artwork and music pieces, The Verge continues. It is only necessary that these are digital goods. Purchased files become the property of whoever pays the highest price, but their consumption is not limited to the buyer only. For example, NFTs are generally publicly available, so only ownership of the file is taken. The Verge compares NFT owners to museums that buy art but still make it accessible to the masses.
Twitter CEO is selling his first NFT tweet
There are now many examples of NFT purchases. Among the most famous is the first ever tweet posted on SMS and by the founder Jack Dorsey Originates. I’m setting up my Twitter now[-Konto] In,” the platform’s CEO wrote on March 21, 2006.
Just set up my twitter
– Jack (@jack) March 21, 2006
Then, in March, the tweet was auctioned off for 1,630 ethers — about $2.9 million at the time. According to the BBC, within minutes of the auction starting, bids were said to have reached more than $88,000. In the end, the bid went to Malaysian software entrepreneur Sina Estafi, who runs blockchain firm Oracle Bridge. The tweet remains publicly available, even if it becomes the property of Estavi.
Katy Perry launches NFT collaboration with Tetha Network
In the meantime, the trend of NFT has developed greatly and has partially reached the mainstream. Pop star Katy Perry recently announced that she intends to introduce a series of exclusive content across NFTs in the fourth quarter of 2021 in collaboration with blockchain operator Theta Network that specializes in video content.
Excited and “weird” to launch my first ever service # denied later this year w/ Tweet embed. Find Creative and Unforgettable Moments from 🍄 My Digital Collectible Stay & Experience IRL TNGIBLE 😱 PRE-REGISTER FOR MORE INFORMATION! https://t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy
– Katy Perry (@katyperry) June 30, 2021
According to the blockchain portal The Cryptonomist, the digital content could be linked to the singer’s “Play” concert series, which is scheduled to take place in Las Vegas later this year. “This is a new and unique opportunity to connect with my fans around the world, even if they are not with me in Las Vegas,” the multiple Billboard Music Award winner said, according to the crypto portal. “I can’t wait to work with the Theta team on all the exciting and memorable creative pieces so that fans can have a special moment of my party season that is a collectible digital and real-world experience.” Theta Network is also pleased to collaborate: “Working with a global icon like Katy Perry next year, which coincides with the launch of Theta Mainnet 3.0, marks an important turning point in the history of Theta Network and a major step towards global adoption of Theta blockchain,” said Mitch Liu, CEO of Theta. Labs, for Cryptonomist. “With the help of Creative Artists Agency and Katy’s management team, we are on our way to reach beyond crypto-enthusiasts to the millions of music, media and entertainment fans around the world. Ultimately, we see this as a significant milestone on the road to a million daily transactions on the network. Theta”. Interested parties can already register on the Theta Network website to be notified as soon as the campaign starts.
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NFT trend also arrives in Germany
Perry’s classmates Lindsay Lohan and Jay-Z have also been involved in the NFT business, Business Insider reports. Other NFT kits come from the pen of the US Space Force and the Golden State Warriors, a basketball team from the NBA. And the movement has already reached Germany: Ramstein singer Till Lindemann wants to sell ten digital copies of a previously unreleased music video for 100,000 euros each, Deutsche Welle reports. A joint dinner for two in Moscow, including travel, accommodation and visa, must also be included in the NFT package. The video was filmed at the Hermitage in Saint Petersburg, but the fact that Lindemann presents his artwork as an NFT may have criminal consequences, writes International Radio. The facility allowed the musician to shoot video on the premises, which included objects from the group, but it violated previously concluded agreements. This makes NFTs illegal.
NFTs are not yet suitable for the masses
And even if the trend toward digital artwork has increased significantly this year and now extends into different areas, there is still room for improvement if Alex Salnikov has his way. The co-founder of Rarible, a platform that specializes in creating, selling and collecting digital artwork, told Business Insider that while NFTs are gaining in popularity, they haven’t yet made it into the mainstream. To do this, goods must not only become affordable, but also make their purchase more accessible. Companies are responsible for considering the prices consumers are willing to pay and which applications are suitable for them.
One of the pitfalls of buying an NFT currently in the store is that it requires a crypto wallet in which cryptocurrencies must be stored. Direct payment by credit card or bank transfer is not possible. “It’s not as easy as going to Amazon and buying something,” Salnikov said. “It is still not suitable for the end user.”
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