NFT Market. Investments in unique objects

The NFT Marketplace is a virtual place where buyers and sellers meet, and products based on this technology are displayed and made available. Guests of the panel “NFT Market. Investing in unique digital things “during the European Economic Conference (EEC 2022) in Katowice also spoke about the potential of technology, the development of digital auction houses, legal regulations and traditional art, space and …. virtual monkeys.

  • Many people speculate, many people would like to have NFT tokens in their collection.
  • The NFT token market is unregulated. Is it good for him or not?
  • The issue of this technology was discussed by guests of a session during the European Economic Conference (EEC 2022) in Katowice.

A non-fungible token (NFT) is a type of token that is encrypted in the blockchain ecosystem. Unlike, among other things, cryptocurrencies, all NFT tokens are indivisible and not interchangeable. This means that no two NFT symbols represent the same data series, and they cannot be represented as a fraction of an integer.

The representation of digital art has contributed to the increasing popularity of NFT tokens. For example, a painting by artist Mike Winkelman was sold under the pseudonym Beeple in March 2021 for $69 million.

The session was conducted during EEC 2022 dedicated to NFT tokens by Sebastian Ogórek (votcza.biz).

Among the panel guests were Eva Blasdale, Co-founder of Copernic Space and Lady Rocket. The Foundation’s mission is, inter alia, to ignite a passion for space through innovation in the development of entrepreneurship, education, art, media and space research. Eva Blaisdell has the idea of ​​using NFT to go to the moon.

We made a big commitment to NFT and the trip to the moon. One of the strengths of NFT is that tokens can be used to fund very risky ventures, but which are sometimes difficult to fund in the traditional business world. Even Elon Musk couldn’t find investors when SpaceX was launched… He had to do the same thing as we did, putting up his own capital – Blaisdell mentioned. NFTs are good at filling this hole, sometimes bigger and bigger, for traditional capital that doesn’t keep pace with human-driven development on Earth and on the Moon. Copernic Space is the creator of the NFT, which in addition to the fantastic NFTs represented here based on art, will allow the first private flight to the Moon, not after humans, but cargo.

What is the advantage of this NFT in relation to other funding sources, asked Sebastian Ogorek, Moderator.

NFTs provide a quick and relatively easy way to buy participation in something we are emotionally or financially attracted to. Buying NFT is available to all of us. If we want to buy shares to participate in SpaceX, it is very difficult. Our NFTs democratize access to space, which is often not entirely funded by traditional equity such as venture capital or equity institutions. NFT is an alternative that gives us the opportunity to participate in something very new. Eva Blaisdel explained, I want this information to reach Poland.

In turn, Rahim Blake, President of Mosaico, added that it is worth clarifying the concepts. As he said: NFT is a type of token.

– We have a lot of them. NFT is the most stylish at the moment. Today, the most talked about thing about NFT is that it tests its greatest fashion, associated with its greatest successes…NFT technology has helped the world monetize digital art – I believe the material too. I am a pregnant painter by profession. Even at the end of my studies 10 years ago, there was no such thing as monetizing digital art. Currently, uncoded art is fake and copyable. Explain that we are dealing with a completely new digital art.

Huge market for digital things

Partek Sibiga, founder and CEO of DDOB.com (Daily Dose Of Beauty), co-founder of Fanadise, admitted he has a very different approach to NFT.

– I have a completely different approach to NFT. I think the art would be 1-2 percent. Maximum market share. It started as an art because it was easier to show the simple implementation of NFT. It is a certificate of ownership. We can save the data in the form of metadata that this token refers to. We can point to a picture or any means. It’s something much more than that… As a result of the fact that NFT is a proprietary right and it might be a key to many other things, it might be a key to smart contracts, it might be a ticket, etc. . – It is to explain.

Sam has monkeys used as avatars on social media. Some of these avatars reach cosmic valuations of tens of millions of dollars…

– Exactly a year ago, you could buy it for $ 200, and today the price of a standard monkey is 1.8 million PLN. On the other hand, I am convinced that monkeys have more utility than being purely financial. I will not sell my primate! Sebiga was saying.

And it’s not just about art, he added. In his opinion, a giant market for digital goods will soon be created, and the announced metrics will not be able to exist without NFT and property rights on the Internet.

NFT in the art market

NFT coins are currently mastered by, among other things, art. The first NFT artwork to be auctioned in Poland was Tomas Guernicki’s ‘Fortune’ from the Outer Dark series (November 28, 2021) priced at PLN 312.700 – much more than the Guernicki sculpture whose “base” is a digital version of the work Which was created.Responsible for the implementation of the project, among others Rafai Kamiki, President of Artinfo.pl.

“We had to catch up a lot,” he said during the session. – We have waited a long time for the first sales in our market. We are overwhelmed with information from the world. Everyone was waiting to start in Poland. We made a conscious choice to make it sculpt and created something that looks interesting in the metrics, is visible from all sides and can be included in some games. We took nearly 800 photos of a real physical sculpture, converted them into a 3D model and this model was offered for sale – starting at PLN 5,000. The value of a “body sculpture” is about 30-40 thousand PLN. zloty. The final sale price amounted to 312,700 PLN, which exceeded several times the price of a traditional sculpture – said Kamiki.

A traditional art collector won the auction, as it was very important to buy the first NFT token.

Customers may not be trusted

DESA CEO Julius Windborsky noted that the NFT has started and will continue to be an important component of the art market.

– What we notice is the appearance of perhaps not a critical leap and attempts to gain collective ecstasy, but … here is a very important element: what is a work of art and what makes it a work of art. What is the original artwork. If we are selling a copy of a work that runs in parallel, what is the original – this or that? There is only one origin in the art world, that is Windbourski.

He also admitted that the NFT market is not rigorously regulated, and therefore – it encourages many excesses and underestimates, the victims of which will be clients from the traditional world.

– We want to enter this market, but we do it wisely, so as not to spoil our reputation by doing what our customers call “stopping us out” – he admitted.

NFT market – to regulate or not?

The performance of the NFT market from a legal point of view was described during the session by Piotr Jaśkiewicz, advisor at Baker McKenzie. It has been noted that there are no regulations strictly related to NFT. When buying an NFT, it is worth paying attention to what the token is …

– It’s like with a card – whether it’s a photo, a ticket, a banknote, an action… Each of these uses has real applications in the NFT world as well, but most jurisdictions don’t recognize them as a separate asset class. A lawyer working on NFT projects relies on old rules that were created before anyone even knew what a blockchain was… Legally speaking, just transferring an NFT is as much about giving a card to someone. What matters is what happens in the NFT, and what we have to get with it. For larger investments, we must have a contract with NFT – Jaśkiewicz explained. Many NFT attorneys want more regulation. This would help the market, people would be less afraid…

Leave a Comment