NON-FUNGIBLE TOKENS & SZABOTAGE
Szabotage is the first urban artist in Hong Kong to offer NFTs, dropping November 2020 on OpenSea.
Szabotage first started getting involved with NFTs back in September 2020, after collector Benjamin Rameau started talking about them and offered to help create and set up Szabotage NFTs.
Fast forward to March 2021, and he currently has a few NFTs and one still available to purchase, as well as a Szabotage x Unic.ly NFT
Coming soon is a new collection we are getting ready to drop on the blockchain and we will release more details soon.
We will be exhibiting it at the Digital Art Fair Asia 2021 in Hong Kong form the 30th September - 17th!
Everything is possible.
The NFT Digital Art Fair in Hong Kong
Szabotage will be exhibiting NFTs and Digital Artwork as part of the first Digital Art Fair Hong Kong, showcasing exciting new media, photography, AR, VR and crypto NFT art... WHO'S READY TO CATCH?
NFTs (or, colloquially, “nifties”) are taking the art world by storm. They’ve rapidly become the next big thing in cryptocurrency’s crossover out of elusive anonymous e-wallet dealings and into the more public cultural web sphere. But, what exactly are they and what is all the fuss about?
NFT stands for “non-fungible token”. This kind of token is like Bitcoin, except while you can trade Bitcoin and have more of the same thing that represents real money at varying market value, each NFT is unique. You possess the token that says you own something, like an art piece, and you can trade it. But, if you do you’ll be getting an entirely different piece. To keep all the parts in place, there’s enforced scarcity.
NFTs introduced scarcity to the market for digital assets, and now site such as OpenSea lets collectors buy and sell art, typically using the cryptocurrency Ether.
NFTs became technically possible when the Ethereum blockchain added support for them as part of a new standard. One of the first uses was a game called CryptoKitties that allows users to trade and sell virtual kittens. Yes, thank you Internet!
You may love cats but not as much as the person who paid over US$172,000 for one, OR 600ETH (Ethereum) to be precise.
From one of the earliest attempts to deploy the underlying blockchain technology in order to transfer unique digital assets, the digital world has evolved to the boom that is the collision of the artworld and cryptocurrency.
NFTs are shaking up the art world and the potential applications of NFTs seems innumerable and varied enough to give you vertigo.
NFTs are a form of digital asset, whose ownership is recorded on a blockchain. What’s a blockchain, you might ask? Simply put, it’s a ledger that lives online, keeping a publicly accessible record of who owns what. Similar to the kind of networks that ground cryptocurrencies. You own a piece of art and the unique bit of information about that artwork – including its smart contract – is stored on the blockchain. This proves your ownership.
It’s easy enough to wrap your head around the fact that a piece of art can be created and exist digitally – on your computer, tablet, phone, etc. That piece can be seen, screenshotted and downloaded by anyone. However, the deeper concept of NFT art is agreed-upon value and ownership. Even if anyone can see, download and even print out a piece of digital art, only a select few can actually own that exact piece. It’s easy to see the disruptive appeal of the emerging form of digital collectibles. Technology ensures traceability and transparency of provenance, and in turn reduces the possibility of fraud.
HOW IS VALUE CREATED?
Following a year of COVID-19 disruptions, the artworld has found a way to monetise art objects that are hard to show and sell. With an era of shuttered galleries and art fairs, the digital world has given a solution to maintain the visibility of its wares.
NFTs present a seductive solution to two key art-market issues: it offers secure, yet very liquid medium of financial exchange, couples with an inviolable guarantee of scarcity and uniqueness.
For the artist, they have a track record that confirms their ownership of their work on the blockchain. NFTs also have a feature that pays the artist a percentage every time the NFT is sold or changes ownership.
For the buyer, there’s a growing marketplace where people are willing to spend lots of money on unique NFTs. The technology allows them to have an original copy. Anyone can see art on the internet but it’s the ownership that creates value. So with NFTs, not only do you have ownership, you have ownership on the blockchain, you have ownership that is transparent for everyone to see.
WHAT’S NEXT FOR NFTS AND SZABOTAGE?
The art industry is being primed for blockchain disruption. Digital scarcity in an Internet-abundant world is being reinvented. Art is one of the biggest and fastest-growing applications for NFTs. The intersection of proof of ownership and scarcity makes it a perfect match. This is where the real potential for earning comes into play. If an investor can scoop some of the NFT shares fairly early, the turnaround down the road could be considerable.
As the potential for NFTs continues to unfold, the arts and cultural economy could be set for a huge explosion.
Watch this space… Everything is possible.
EVERYTHING IS POSSIBLE
DIGITAL ART ASIA 2021
DAFA (Digital Art Fair Asia) is the first ever digital art fair in Asia.
DAFA showcases exciting crypto and digital art via online and offline virtual exhibitions, public art installations, webinar, seminars and in person events in Hong Kong.
#DIGITALARTASIA #CRYPTOART #DIGITALART