Despite the buzz, how large is the demand for NFT art? How destabilizing will it be? And what part can established market players play in the future growth of the sector?The rapid growth of the NFT industry, combined with a dearth of research and knowledge, provided us with an opportunity to cover this space from the outset, and to track and control its advancement as it progresses.&nbsp;WHAT ARE NFTS (NON-FUNGIBLE TOKENS)?Consider an NFT to be a one-of-a-kind electronic identifier that verifies the ownership of every digital asset a video clip, a tweet, or a digital picture. This ownership certificates are stored on a blockchain, which can be thought of as a protected distributed ledger.Usually, NFTs are "minted" or produced by an NFT marketplace, and then sold and exchanged between collectors and investors. Since each NFT reflects possession of a unique object, they are not fungible: each NFT is unique. NFTs, including prints or photos, can be minted in "special editions," allowing a single digital asset to be "shared" by five or fifty separate collectors. For instance, there has been a buzz surrounding the trade of NBA TopShots, which are numbered edition basketball video highlights. HOW VAST IS THE MARKET FOR NFT ART?Defining what constitutes "NFT art" is a work in progress; it is as complex as defining what constitutes "art" or "is not art,".There are two main types of NFT art platforms: free, uncurated platforms like OpenSea and curated platforms like Nifty Gateway and SuperRare.The study concentrated on the NFT art and collectibles room as identified by the largest curated NFT portal, Nifty Gateway, which accounted for 71% of the US$437 million in NFT art sales during the first four months of 2021, according to Cryptoart. results.Between February 2020 and April 2021, Nifty Gateway made available for purchase 3,009 NFTs with a total of over 145,600 editions, representing the visual artworks of 272 artists. The NFTs collectively raised US$305 million.Overall, primary market sales have been high, with just over 139,000 editions sold, reflecting a 95.5 percent overall selling rate. The overall price was $1,228 US dollars. While secondary market sales volume is nearly half that of the primary market, the average selling price was higher, at $1,938 per NFT.Nifty Gateway unveiled 1,958 new NFTs in the first four months of 2021, compared to just 49 in the same timeframe in 2020. The dramatic increase in the supply of new NFTs is directly related to the growing number of artists who exhibit their work online.&nbsp;WHAT CAUSED THE BIRTH OF NFT ART?The NFT market's meteoric rise was almost certainly a cosmic alignment a massive spike in crypto capital as a result of rapidly rising Bitcoin rates, widespread celebrity endorsement, and social media chatter.Crypto wealth has grown exponentially in tandem with a 570 percent increase in the price of Bitcoin, from about US$8,500 in March 2020 to over US$50,000 in March 2021. According to CoinMarketCap, the cryptocurrency market is reportedly worth around US$2.5 trillion.“With insufficient options for crypto millionaires to diversify their resources into the tangible, modern world, the crypto investment group has sought refuge in the developing world of digital collectibles and non-fungible tokens (NFTs).The widespread media coverage of NFTs in recent months has also fueled considerable industry speculation. Google searches for "NFT" peaked in March, shortly after a piece by visual artist Beeple fetched a record-breaking US$69 million at Christie's. HOW DO TRADITIONAL PLAYERS ADJUST?The convergence of art and technology is here to stay; traditional players in the art industry should welcome the trend and engage in the market's future growth.“The NFT art market is very thrilling because it provides artists with different audiences and monetization methods, while still providing buyers with a novel and enticing ownership model.Mike Winkelmann, also known as Beeple, is the most prolific NFT musician, having earned a total of US$142.7 million from his work. Pak comes in second with US$42 million in revenue, followed by Hackatao with US$21.6 million in revenue.Major auction houses, such as Christie's, Sotheby's, and Phillips, soon recognized the importance of supporting NFTs, both in terms of exposure and as a tool for rejuvenating their aging client base.“They have established themselves as a link between 'traditional' and 'modern' art value systems. This may be a model for other art industry stakeholders to emulate. IS THIS THE FUTURE OF ART COLLECTING, OR IS IT ALL AN EXPERIMENT?Many people, like Beeple, believe that this is a bubble. There are undoubtedly some significant threats or hazards that prospective NFT purchasers should be mindful of. To begin, it is uncertain how much current market action is being motivated by collectors who are genuinely interested in the underlying artwork or object&nbsp; versus speculators and crypto-fans who are merely looking to move values higher. While some argue that much of NFT trade is a prank, those who buy are complicit. They are well aware so spending that much money on a tweet or a visual picture is insane, but it is amusing. This condition bears some resemblance to that of cryptocurrencies: Dogecoin's popularity has recently skyrocketed, despite the fact that it began as a joke.Second, there is the probability of surplus supply: although each particular item is rare or constrained in supply, an infinite number of NFTs can be produced with minimal effort. Any visual picture, video, or text may be converted into an NFT, and this is already happening a number of well-known individuals and organisations are attempting to join the NFT movement and establish their own. Not all of these will retain their worth in the long run.However, it is not uncommon for a modern invention to be accompanied by some exaggerated hopes, hype and experimentation, and almost certainly some scams. However, the NFT platform has a real-world use since it addresses real-world problems. Thus, even though any of the latest hype subsides, NFTs will remain.

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Although art in the form of non-fungible tokens has garnered attention in recent months, the conventional art world, with the exception of the major auction houses and a few prominent artists, has treated the market with caution.

How disruptive will NFTs be to the art world?

<h4>NFTs are Super Fun, Safe, and Unique – Except They Are Not</h4>NFTs are as prone to attacks from hackers as any other digital assets. In fact, the famous NFT that sold for $69.3 million was attacked by a white hat hacker who goes by the name Monsieur Personne. He attempted to show that the blockchain technology on which NFTs are minted and stored is not safe.&nbsp;Additionally, there have been several instances where an artist’s artwork has been downloaded/copied (read: stolen) and minted on the blockchain via a marketplace. Before we delve into the specifics of how NFTs are stolen, let’s read a story that attempts to revolutionise the way we look at NFTs.&nbsp;&nbsp;<h4>NFTs are as safe as any other digital asset</h4>On April 4, an unknown vigilante of the crypto world attempted to prove a point that most people had been missing because of the craze around NFTs. He “<a href="https://nftheft.com/">sleepminted</a>” (a term the vigilante was kind enough to come up on his own) Beeple’s artwork <a href="https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million">Everydays: The First 5000 Days</a>, which sold for a jaw-dropping $69.3 million, to another user named <a href="https://news.artnet.com/opinion/sleepminting-nftheft-monsieur-personne-1960744">Arsene Lupin</a>. Our dear Lupin, on the other hand, put the newly minted artwork on sale on <a href="http://rarible.com/">Rarible</a> and <a href="http://opensea.io/">Opensea</a>. The listings were obviously taken by both the marketplaces, but Monsieur Personne, our vigilante, uncovered a surprising yet unnerving fact about NFTs – that they can be manipulated.&nbsp;The white hat hacker was kind enough to <a href="https://nftheft.com/">share</a> that his attack was not “out of malice, but because of my disappointment in NFTs”. He went on to say in this post that he did not like the fact that artists were being given the illusion of the true value for their artwork when they were being comfortably ushered into a Ponzi scheme.&nbsp;The entire technical process behind how Personne managed to duplicate Beeple’s NFT has been <a href="https://www.coindesk.com/digital-art-beeple-nfts-seizure">covered already</a>. We are going to try and explain it in simpler terms here.&nbsp;Step 1: Personne created an Ethereum-based application that gave him the token ID: #40913, which was the one that Beeple’s original artwork had.&nbsp;Step 2: He created his own smart contract with a “seizure feature.” Through that, he managed to give an impression to websites like <a href="https://etherscan.io/">Etherscan</a> and <a href="http://rarible.com/">Rarible</a> that his NFT was created by Beeple.&nbsp;Step 3: This false impression is made possible by “dropping” the NFT in Beeple’s account and then taking it out again.&nbsp;This gave the overall impression that it was indeed Beeple who had put his artwork on auction again.&nbsp;<h4>The attack highlights that NFTs can be duplicated</h4>The whole motive behind this “attack” was to throw light on the fragility of these marketplaces and third-party applications like Etherscan to track and “<a href="https://coinrivet.com/what-is-etherscan/">validate</a>” transactions on its blockchain. Some are prompted to believe that this attack was educational and was done to enlighten us on ways we can follow to safeguard ourselves while minting our NFTs.&nbsp;On the other hand, there are people who have started to question what they actually own when they make the final purchase for an NFT.&nbsp;Personne has repeatedly attempted to <a href="https://nftheft.com/news/2021/02/03/The-Legalities-Of-NFT-Ownership/">clarify</a> that all “creative, copyright, and intellectual rights” are still retained by the artist/creator. Therefore, in theory, the artist could ask the owner to not flex it online and even transfer the ownership rights to someone else.&nbsp;<blockquote>But then, if we as “owners” of the artwork do not own anything, why on earth are we buying NFTs?!</blockquote><h4>&nbsp;</h4><h4>NFTs are not artworks but smart contracts that govern their usage</h4>Before we get into understanding why people value of NFTs, let’s revisit our definition of an NFT. An NFT is essentially a unique token that is hosted on a blockchain. A blockchain is a database where the transaction history of that token is maintained.&nbsp;What makes NFTs unique are the smart contracts that govern each token. These smart contracts are unique, thus making each token unique.&nbsp;Now, these smart contracts are where all the magic happens. They essentially have data about what kind of rights the owner has versus the kind of rights the creator has. The owner may/may not have the right to use the artwork for commercial purposes. Moreover, the creator of the artwork may have the right to reproduce the same artwork and sell it again.&nbsp;Or the artist can even <a href="https://www.thefashionlaw.com/nfts-what-are-you-buying-and-what-do-you-actually-own/">program</a> the smart contract in a way that any successful sale of the artwork returns some part of profit to them. Thus, you see that it is not so much about the artwork itself but what the owner of the art can now do with it that is detailed in these smart contracts.&nbsp;&nbsp;<h4>I can sell your artwork as an NFT on any marketplace</h4>That is absolutely right. If I wanted to make money off your artwork, I would simply download a jpeg file, upload it on a marketplace and act as if I am its creator. I would then mint it on the blockchain and create a record of me being the owner forever.&nbsp;The artist Derek Laufman found himself caught in a similar problem when he woke up one day to find that his art was <a href="https://www.theverge.com/2021/3/20/22334527/nft-scams-artists-opensea-rarible-marble-cards-fraud-art">being sold as NFTs</a> on the marketplace Rarible. And he is, unfortunately, <a href="https://twitter.com/simonstalenhag/status/1369661661146193925">not the only</a> artist who has been scammed like this. Some people have even taken it on themselves to “<a href="https://www.vice.com/en/article/n7vxe7/people-are-stealing-art-and-turning-it-into-nfts">tokenize</a>” someone else’s content and then list them on NFT marketplaces.Remember that NFTs are not actual artworks but tokens that point to those artworks that are further hosted through an IPFS, a peer-to-peer file hosting and sharing system. Sometimes, these tokens could also direct to the URL (on the marketplace) where the “original” artwork is stored. If the marketplace goes <a href="https://blog.malwarebytes.com/explained/2021/03/nfts-explained-daylight-robbery-on-the-blockchain/">bust</a>, the artwork will also be lost.&nbsp;While many marketplaces do take an effort to set up symptoms that can minimise such theft, several savants of the blockchain technology have said that hackers can still find a way around them. Identity theft is common, and hence hackers can very easily <a href="https://nftheft.com/news/2021/02/03/The-Problems-With-Proving-NFT-Ownership/">bypass</a> the automated security checks that many marketplaces use.&nbsp;<h4> Conclusion</h4>All of this goes to show that there is no way that NFTs are unique digital assets. In fact, the misconception that they indeed are digital assets is something that has been proliferated by a community of people that hardly put an effort into understanding how it works.&nbsp;What started as a craze because someone had become uber-rich by selling their artwork became just another opportunity for hackers to make money as well. Although there are artists that are commending the benefits of this technology, some of them are still figuring out ways they can use to safeguard their artworks. &nbsp;

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NFTs are as prone to attacks from hackers as any other digital assets. In fact, the famous NFT that sold for $69.3 million was attacked by a white hat hacker who goes by the name Monsieur Personne. He attempted to show that the blockchain technology on which NFTs are minted and stored is not safe. 

NFTs are not safe

<h4>The Crypto Market Crash and the Fall of NFTs</h4>I was sitting in my pyjamas and sipping on my evening tea when it happened. That slow dip that seemed like the incoming of a storm. While some people carefully came out and said that the 19th May market crash was inevitable, some had not anticipated the fall. Regardless, it was indeed a point of significance in the history of cryptocurrency. Consequently, it was also a point of change for NFTs.&nbsp;&nbsp;<h4>The cryptomarket crashed but NFTs are not dead</h4>From the early beginning, the market has seen a tumultuous growth. Beeple sold his artwork for a whopping <a href="https://www.google.com/url?q=https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million&amp;sa=D&amp;source=editors&amp;ust=1624132049148000&amp;usg=AOvVaw00eHlnhWg74LegPcbb9EiT">$69 million on March 11.</a> Naturally, this sparked an increase in the number of sales of NFTs from 92,797 in the first week of March to over 179,000 sales in the last. This kind of overnight (fortnight, to be precise) increase in any tech innovation is quite natural and expected.<figure class="image image_resized" style="width:624px;"><img src="https://lh3.googleusercontent.com/WSd22YzYD5duD6de8CA-TDPbmsX6DSPuBoppAj1Z1I1g1hiqhrnLCsDz9021MI8u72ldOXH5_8EBe0e9go2GaL3UafU7nML4_LBlMRxQ282dqRDcErULef5ft_ijRwymxypsm5hqtguwA1H4Kw"></figure>Unfortunately, for us NFT lovers the numbers look bleak post the market crash on 19th May. Now the sales have plunged to 99,513 (as of 22nd May). Some had long predicted the fall of NFTs, thinking that it is a mere hype that is about to fade into oblivion. But¸ we must not forget that NFTs are traded in cryptocurrency (Ethereum, to be precise). <a href="https://www.google.com/url?q=https://fortune.com/2021/05/21/china-ban-bitcoin-price-bubble-crypto/&amp;sa=D&amp;source=editors&amp;ust=1624132049153000&amp;usg=AOvVaw0n8-lu3BQ4GYZzAk0ao0J_">China’s recent crackdown on retail mining of cryptocurrency</a> induced a year-low plunge for bitcoin.&nbsp;Ethereum’s prices too <a href="https://www.google.com/url?q=https://www.cnbc.com/2021/05/19/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html&amp;sa=D&amp;source=editors&amp;ust=1624132049153000&amp;usg=AOvVaw1bp608bh1X8RyzsjzDX5AL">dropped by 22%</a> on the day of the crash. This might lead some to believe that the crash and its consequences mean that people are going to sell their NFTs for the price that they are given, cash out of Ethereum, and save themselves. This is so not true.&nbsp;Amidst <a href="https://www.google.com/url?q=https://www.theguardian.com/business/2021/may/12/us-consumer-prices-soar-high-2008-inflation&amp;sa=D&amp;source=editors&amp;ust=1624132049155000&amp;usg=AOvVaw0_HHkjzcSdktFDHUd6BDMH">fears of rising inflation,</a> people are not willing to hold on to cash. In fact, most of them are looking to store their money in assets like NFTs or cryptocurrencies like bitcoin. Contrary to the general sense of the market, holders of NFT are not going <a href="https://www.google.com/url?q=https://www.reuters.com/technology/nft-enthusiasts-hold-firm-despite-crypto-price-plunge-2021-05-20/&amp;sa=D&amp;source=editors&amp;ust=1624132049139000&amp;usg=AOvVaw2LfV6cSKa5l4Vpe9thPgT7">“to sell their NFTs for 50%” when they have already spent thousands on them</a>, Pranksy (a collector of art) told Reuters.&nbsp;While this may be good news for people who have already invested in these digital tokens, some experts believe that it is <a href="https://www.google.com/url?q=https://www.forbes.com/sites/natashagural/2021/05/19/how-the-cryptocurrency-crash-could-impact-nft-art-sales-with-ethereum/?sh%3D2c8a3e306db4&amp;sa=D&amp;source=editors&amp;ust=1624132049143000&amp;usg=AOvVaw324eFWfhR-3ttv3GIk0Mbq">hard to predict</a> the kind of impact this market crash will have on them.&nbsp;&nbsp;<h4>People are still buying NFTs</h4>We know it sounds a bit strange – but can we tell you a little fact? People are still buying and investing into NFTs.&nbsp;In fact, more and more people and institutions are cashing in on this craze. One of the most recent addition is Sotheby’s, who recently collaborated with the “mysterious” artist <a href="https://www.google.com/url?q=https://www.one37pm.com/nft/art/meet-murat-pak-digital-artist&amp;sa=D&amp;source=editors&amp;ust=1624132049152000&amp;usg=AOvVaw0tX39xn1GtOocYiP5QjUSu">Pak</a>, whose artwork <a href="https://www.google.com/url?q=https://www.sothebys.com/en/digital-catalogues/the-fungible-collection-by-pak?locale%3Den%26cmp%3Dactn_CTP_gg_sea_tffc_onl_nft_pak_fungible_en_04-2021_int__ovr_searesp___general%26s_kwcid%3DAL!13028!3!513206057188!p!!g!!sotheby%2527s%2520nft%2520auction&amp;sa=D&amp;source=editors&amp;ust=1624132049155000&amp;usg=AOvVaw1X6MMqX2SDOfl0nG163ah7">The Fungible Collection</a> was sold for more than $16 million.&nbsp;The surge in sales for NFT marketplaces like <a href="https://www.google.com/url?q=https://opensea.io/&amp;sa=D&amp;source=editors&amp;ust=1624132049138000&amp;usg=AOvVaw19bOLjud2ZiYL15d6ejZmt">OpenSea</a> peaked at $150 million in March, it fell to <a href="https://www.google.com/url?q=https://www.reuters.com/technology/after-first-quarter-frenzy-nft-market-shows-signs-stabilising-2021-05-04/&amp;sa=D&amp;source=editors&amp;ust=1624132049144000&amp;usg=AOvVaw3Ve5lhj6wK9b33_JCZcTiI">$93.6 million in April</a>. As we also saw above, trading volumes for NFT sales were considerably lower in the month of April than March.&nbsp;But that doesn’t mean that the craze has entirely ended. If we look at it from the perspective of a mere “fad” then there have been several trends that have had an impressive start but have fizzled out soon enough.&nbsp;NFT’s craze however is beyond a passing trend. The number of benefits that NFTs give us are huge and that is what sets it apart.Let’s understand the <a href="https://www.google.com/url?q=https://www.gartner.com/en/documents/3887767&amp;sa=D&amp;source=editors&amp;ust=1624132049144000&amp;usg=AOvVaw02GVK4ewr8s_pnwm9hNByo">Hype Cycle methodology</a> and how it applies to NFT. The “innovation trigger” in this case was Beeple’s sale of <a href="https://www.google.com/url?q=https://www.beeple-crap.com/everydays&amp;sa=D&amp;source=editors&amp;ust=1624132049151000&amp;usg=AOvVaw32pZbZchVBsFjMmxBS4Zma">Everydays</a> which we have talked about earlier. While it seemed like an incredible concept at the time, it’s “global use had not been proven”.The “peak of inflated expectation” followed as more and more people thought that their time to get-rich-quick had finally come. Moreover, the number of NFT marketplaces had suddenly seen a <a href="https://www.google.com/url?q=https://news.crunchbase.com/news/why-vcs-are-investing-in-nft-marketplaces/&amp;sa=D&amp;source=editors&amp;ust=1624132049140000&amp;usg=AOvVaw1T2NrhVyj9ZyU4gwaWmQxv">sharp increase.</a>&nbsp;Moreover, the folks at NonFungible stated that trading volumes had <a href="https://www.google.com/url?q=https://nonfungible.com/market/history&amp;sa=D&amp;source=editors&amp;ust=1624132049149000&amp;usg=AOvVaw3rXkElfxo6NACanJrYhO0q">increased substantially from last year.&nbsp;</a>However, as with every tech innovation, the “trough of disillusionment” hit quite soon as the “expectation” of making millions dissolved as quickly as the number of people creating and minting their NFTs on the blockchain increased.&nbsp;However, we can now safely assume that we are in the “slope of enlightenment” as more and more organisations are attempting to understand the massive benefits of NFTs and slowly making their way through the “hurdles”.&nbsp;Now, we patiently await the “plateau of productivity” which we are most likely going to hit soon. But it all depends on the overall market condition.&nbsp;&nbsp;<h4>New entries in the NFT space</h4>Okay, here’s some news that is going to excite you in ways that you’d never expect NFTs to excite you in. Have you heard of <a href="https://www.google.com/url?q=https://www.instagram.com/maxfelicitas.official/&amp;sa=D&amp;source=editors&amp;ust=1624132049151000&amp;usg=AOvVaw2hkBR6OhxBYHcmCOqFcBV4">Max Felicitas</a> and <a href="https://www.google.com/url?q=https://www.instagram.com/martinasmeraldiofficial/&amp;sa=D&amp;source=editors&amp;ust=1624132049138000&amp;usg=AOvVaw2a3DSeOn3qKMLqE8Cia5m-">Martina Smeraldi</a>? We doubt that you wouldn’t have.&nbsp;Under a new NFT project called <a href="https://www.google.com/url?q=https://pornvisory.com/&amp;sa=D&amp;source=editors&amp;ust=1624132049148000&amp;usg=AOvVaw3dw_OtJSZH_pw7Ml_l6dUs">Pornvisory</a>, a porn-based NFT, is going to launch the tokens for these incredibly hot pornstars. In fact, their non-fungible tokens have already been <a href="https://www.google.com/url?q=https://www.benzinga.com/markets/cryptocurrency/21/05/21235220/nft-market-heats-up-as-two-adult-content-stars-launch-their-tokens&amp;sa=D&amp;source=editors&amp;ust=1624132049149000&amp;usg=AOvVaw1M6u1s0QwDh0GjFxGFyM9I">“auctioned on eBay Inc. in addition to blockchain platform Opensea and the firm’s own PVY ART marketplace”</a>.We can tell you’re drooling already!&nbsp;But that’s not the point. The point is that several artists from different industries find NFTs a more reliable way of making a deserving income.&nbsp;Take for example musicians like <a href="https://www.google.com/url?q=https://www.bbc.com/news/entertainment-arts-57164487&amp;sa=D&amp;source=editors&amp;ust=1624132049146000&amp;usg=AOvVaw3Lu0zHqIanygr2NtkYLdWf">Grimes, Steve Aoki, and Kings of Leon have successfully sold their work for $6 million, $4.25 million, and $2 million respectively</a>.&nbsp; For artists that put in dedicated hours of effort into creating their music, they earn an approximate $43 off of <a href="https://www.google.com/url?q=https://dittomusic.com/en/blog/how-much-do-music-streaming-services-pay-musicians/&amp;sa=D&amp;source=editors&amp;ust=1624132049150000&amp;usg=AOvVaw1PWalvjEMUl7ul0bZ3vaQq">10,000 streams.</a>&nbsp;<a href="https://www.google.com/url?q=https://twitter.com/mikeshinoda/status/1358090978075152385?ref_src%3Dtwsrc%255Etfw%257Ctwcamp%255Etweetembed%257Ctwterm%255E1358090978075152385%257Ctwgr%255E%257Ctwcon%255Es1_%26ref_url%3Dhttps%253A%252F%252Fwww.bbc.com%252Fnews%252Fentertainment-arts-57164487&amp;sa=D&amp;source=editors&amp;ust=1624132049142000&amp;usg=AOvVaw1Hh15EsbS_rfMcZ664-SMb">Mike Shinoda</a>, the co-founder of Linkin Park, has said that even if he would upload his song to “DSPs worldwide”, he would not be able to earn $10,000 – the amount that he was offered on one of his “piece”.This is just one of the many ways in which artist are benefiting from NFTs.&nbsp;<h4>NFTs solve problems</h4>Let’s take an example here. Let’s suppose that you are a writer who has been working on a concept for a revolutionary thriller that you think is going to take the world by a storm. You decide to share your ideas with a bunch of writer friends of yours and they like it. Before you have even written the concept on paper, your writer friends can pitch it to a publisher and get working on it as if it were their own.&nbsp;You know that your idea was stolen – but there’s no way to prove it.&nbsp;However, if you decide against of meeting with your friends for beer that day and go ahead and mint an NFT for that very concept and add in as many details as you possibly can – you save yourself the “idea” theft. Now, you can share that concept with publishers, scriptwriters, actors or anyone else in the world – and rest assured that your idea won’t be copied.&nbsp;The benefits of the NFT technology are endless.&nbsp;Nikhil Sharma <a href="https://www.google.com/url?q=https://www.gartner.com/en/marketing/insights/daily-insights/fashion-embraces-nfts&amp;sa=D&amp;source=editors&amp;ust=1624132049147000&amp;usg=AOvVaw0zFalqnWThBSTt7lCbxLVW">writes</a> about the uniqueness of their NFTs and its uses for the “fashion tech world”. He explains that the increasing problem of counterfeit merch is solved by the distinctiveness of the NFTs.&nbsp;Kamil Sattar, a Founder-CEO of an e-commerce mentoring company, <a href="https://www.google.com/url?q=https://www.forbes.com/sites/forbesbusinesscouncil/2021/05/17/are-nfts-the-future-of-e-commerce/&amp;sa=D&amp;source=editors&amp;ust=1624132049145000&amp;usg=AOvVaw2UAmXY3dipy-QrSTZhLepT">writes</a> on Forbes that the NFT tech will “help streamline digital sales and enable lifetime product data tracking”. This, he continues, is something that has so far not been possible.<a href="https://www.google.com/url?q=https://unlock-protocol.com/&amp;sa=D&amp;source=editors&amp;ust=1624132049145000&amp;usg=AOvVaw2Cl3CcONM5Tq9pcC9T5QK5">Unlock</a> offers the opportunity to unlock (no pun intended) membership benefits of the Forbes website.&nbsp;&nbsp;<h4>Conclusion</h4>Whatever happens in the broader crypto market is going to have an impact on the market for NFTs. Several people have started questioning whether it is even as unique and safe as the technology claims – primarily because of the increasing number of NFT threats going on in the market. However, one thing is for sure, every digital asset that is decentralised has its benefits and limitations.&nbsp;We must exploit the benefits and find a way around the limitations.&nbsp;&nbsp; &nbsp;

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I was sitting in my pyjamas and sipping on my evening tea when it happened. That slow dip that seemed like the incoming of a storm. While some people carefully came out and said that the 19th May market crash was inevitable, some had not anticipated the fall. Regardless, it was indeed a point of significance in the history of cryptocurrency. Consequently, it was also a point of change for NFTs. 

The crypto market crash and the fall of NFTs

Friends is back! The fans were eagerly waiting for the famous sitcom's much-anticipated reunion episode. The 90’s show has gathered a lot of fame over the years. Such that even after 16 years of the airing of its last episode the series is relevant even today.&nbsp;<figure class="image image_resized" style="width:602px;"><img src="https://lh5.googleusercontent.com/uFUpmc1mUjdQRMBwMqtmeBlHPxqooeu_u9CAbgAZ7WGvO-ztLV8iVj4kLz0A_E61qztogV-tkmSKnT_fMczGGW_nGvy1aNyF8VibmWDvac4SqXhZAwPE1PzsBs9cwwwLRmPkjp1RVtbMEM_NQA" alt="Friends: The Reunion Date, Time, How to Watch, Trailer, and More | Entertainment News"><figcaption>Photo Credit: HBO Max/Warner Bros</figcaption></figure>&nbsp;Recently, HBO released the <a href="https://www.youtube.com/watch?v=HRXVQ77ehRQ">trailer</a> for the reunion special on their Youtube channel. In just 6 days, the trailer amassed 18 million views on Youtube. That’s just Youtube though. Fans flooded Instagram and Twitter with iconic Friends clips showing support to the highly demanded reunion.&nbsp;<h3>Friends Revenue:</h3>Friends is produced by Warner Bros. It still manages to <a href="https://www.independent.co.uk/life-style/friends-cast-salary-jennifer-aniston-b1811729.html">earn 1 Billion dollars</a> each year from syndication revenue. Also, It was negotiated that the cast will get 2% of the syndication revenue. This entitles the main cast (Jennifer Aniston, Mathew Perry, Courtney Cox, Lisa Kudrow, David Schwimmer, Matt Le-Blanc) a whopping $20 million each every year.&nbsp;&nbsp;Friends have a fan demographic from 15-50-year-olds. Friends is run on comedy central on a loop for many days and nobody complains. Even Netlfix, who produced their own show for the highest of $130 million, bought rights to stream the show from warner <a href="https://www.nytimes.com/2018/12/04/business/media/netflix-friends.html">media for $100 million</a>. This deal is only valid for 12 months. That’s how big the market is.What I want to imagine here is the potential for the show to launch NFTs.&nbsp;<h3>NFT Sales:</h3>Since the beginning of the year, along with cryptocurrency, NFT has also taken the digital space by storm. It has given artists freedom and complete control over their art pieces. There is little to no intervention of the middle man and the transactions are smooth.&nbsp;<h3>Digital Art:</h3>NFTs have allowed artists like Beeple, to sell his art for millions of dollars. The highest his art was sold for was $69 Million. Although digital art has found its space in NFT markets, the markets are not limited to that. Any digital asset can be sold as an NFT.&nbsp;<h3>Memes:</h3>Recently memes are making the headlines for getting sold for thousands of dollars. “Dangerous Girl” meme, in which a girl is smirking in front of a burning house, got sold for $500,000. She also has 10% royalty in that meme and thus will continue to profit from that meme.The infamous “<a href="https://www.charliebitme.com/#/auction/39">Charlie Bit My Finger….Again</a>!” has been sold for $720,000. That Youtube video will be taken down now and the owner of the NFT will have the original copy now.<figure class="image image_resized" style="width:536px;"><img src="https://lh6.googleusercontent.com/_UzscbgSDo5nIZSVyMe5TX0Opnnzs1ircnitSB8PH0Kq5fXx102Vsu62J9WyxSe6he3YGIqAq4cBcGxzBoLBBplBmwF2IbiOqPMXBOXu7En1m3xjcwU6iXCG5qmHejqovfa4dsWdWVYwEWlItQ"><figcaption>Source: <a href="https://twitter.com/search?q=Charlie%20bit%20my%20finger&amp;src=typed_query">Twitter</a></figcaption></figure>&nbsp;<h3>Sports:</h3>After NBA Top shot made $338 million by the mid of march, other sports have also entered the NFT market. Dynamo and Kyiv are about to launch NFT to sell on the new Binance&nbsp; NFT marketplace. The NFT will act as tickets for their matches in the upcoming season. The team hopes that about 25% of the future tickets will be bought by using NFTs.&nbsp;Other football teams have taken a similar route. They are offering rights to take certain decisions of the team to the NFT holders. Special access to content, digital arts, chance to meet the teams, etc are being offered to anyone who owns the team's NFT. This creates a special bond and feeling of ownership for the fans which was missing earlier.&nbsp;<h3>Shows And Their NFTs:</h3>So, if a popular show like Friends, had to step into this booming NFT space, it is bound to record big numbers. This idea of mine has been influenced by Fox.&nbsp;&nbsp;<h3>Krapapolis:</h3>The special thing about this show is that it will be the 1st show to be curated entirely on blockchain. Fox aims to bring their advertisers into the blockchain world with this move. The show is aimed to advertise the NFT company called Blockchain Creative Labs.&nbsp;&nbsp;The show will be created by Dan Harmon who is known for his animated show Rick and Morty. The show is named <a href="https://www.fox.com/krapopolis/">Krapopolis</a>, which is set in mythical ancient Greece. It involves a family of gods, humans, monsters which are trying to run a city.&nbsp;&nbsp;What Fox is planning is to curate and sell videos, gifs, goods, arts, etc on its dedicated token-based platform. They will also offer tokens that can be used by super fans for exclusive content, news, special experiences, etc.&nbsp;&nbsp;<h3>Friends:</h3>In 2019, Friends props were auctioned for the Trevor Project. That auction involved auction of Hugsy (Joey’s stuffed penguin), Ross Armadillo costume, autographed pilot scripts, etc. This auction alone generated $241,000.If Friends had taken the NFT route for its reunion, it could have generated millions of dollars. It would have created a buzz about NFT. They could have sold tickets to their Reuninon’s live taping as NFTs. Short interviews before and after the taping of the reunion could have been sold as NFTs.&nbsp;Other content like bloopers, never-before-seen clips, auditions for various roles, etc. could have earned a lot of money for them. Many EDM artists are doing this. They are providing access to never seen before content by creating NFTs and using them as a pass.&nbsp;Speaking of music, The Rembrandts could make huge money too. The Rembrandts are the band responsible for the Friends theme song “I will be there for you”. Like other artists, they could sell the previous edition of the songs as NFT.&nbsp;Recently <a href="https://www.forbes.com/sites/abrambrown/2021/03/03/3lau-nft-nonfungible-tokens-justin-blau/?sh=2169386b4643">Justin Blau made nearly $12 million</a> by selling some of his music as NFT. This included never-before-seen clips, backstage videos, custom art based on his music, etc. The Rembrandts, I think could easily bring millions of dollars, especially after the fan base friends have. The friends theme song has <a href="https://www.youtube.com/watch?v=q-9kPks0IfE">about 10 million views on Youtube</a> alone.I for one believe that they could have created records in the NFT world. Not only that, they could have continued to gain profit by having royalties in them.&nbsp; &nbsp;

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Friends is back! The fans were eagerly waiting for the famous sitcom's much-anticipated reunion episode. The 90’s show has gathered a lot of fame over the years. Such that even after 16 years of the airing of its last episode the series is relevant even today. 

the daily blogbeta

How disruptive will NFTs be to the art world?

He who loses money, loses much; He who loses a friend, loses much more; He who loses faith, loses all.