In his monthly crypto tech column, Israeli serial entrepreneur Ariel Shapira covers emerging technologies within the crypto, decentralized finance (DeFi) and blockchain space, as well as their roles in shaping the economy of the 21st century.
When trying to examine the nonfungible token (NFT) economy as it has been shaping in recent months, two main trends can be discerned. On the one hand, a completely new market that allows various artists to join a new creator economy — the creators of Bored Ape Yacht Club, various types of pixel art creators and creative flickers such as the creator of long-necked women’s paintings, the sale of which brought the artist, only 12 years old, close to 1,394 Ether (ETH), equal at the time of writing $6 million.
But the truth is that an NFT is much more than that. Take, for example, one of the first significant NFT sales, when Jack Dorsey sold the first tweet that appeared on Twitter in exchange for an amount that was then worth about $2.9 million. This NFT gained value, but in fact, its very assimilation as an NFT preserved a kind of heritage.
The day Twitter goes down the web, or the outdated text platform disappears, like many sites that were part of the web’s annals and simply disappeared, the only things left will be those for which someone has created economic value, beyond the symbolic value. A unique value, which stands on its own, and which makes the preservation of tradition and heritage a sustainable operation.
Garry Kasparov does NFTs
Garry Kasparov, the former world chess champion, the man who has held that title for more years than anyone else, has decided to turn his legacy digital, and turn extensive chapters of his past into an NFT.
“My NFT venture with 1Kind reflects my lifelong desire to take on new challenges and work with exciting new technologies,” says Kasparov. “From artificial intelligence to cryptocurrencies and the blockchain, I’ve always believed that innovation is the only way forward. We’ve worked together closely from the start to create not just unique…