NFTs (or “non-fungible tokens”) are a special kind of crypto asset in which each token is unique.
You may have heard about record-breaking sales of NFTs.
An artist named Beeple sold a collage of 5,000 “all-digital” works for a staggering $69 million.
You can think of NFTs as being kind of like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles, including:
- NBA virtual trading cards
- Music and video clips from EDM stars like Deadmau5
- Video art by Grimes
- The original “nyan cat” meme
- A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban
- Virtual real estate in a place called Decentraland
NFTs sales soared to an estimated $338 million in 2020.
Each NFT is stored on an open blockchain (often Ethereum’s) and anyone interested can track them as they’re created, sold, and resold. Because they use smart contract technology, NFTs can be set up so that the original artist continues to earn a percentage of all subsequent sales.
It’s the wild wild west out there, much like the early days of the Internet.
NFTs have raised lots of questions about the nature of ownership, government control, regulations, and opportunities.
You may be wondering why digital artifacts that can be endlessly copied and pasted have any value at all!
Huge changes are coming in the collectibles, music, art, and now even film spaces, and now is the time to get educated.
I’m in the process of setting up a discord server to discuss NFTs for filmmakers in general and Impact Factor Movie NFTs in specific. If you are interested in the topic, I would love to have you join and we can explore the world of NFTs together.
Hope to see you there!
All the best,
Best-Selling Author and Producer