At 20:00 on November 26th, the 67th BlockMania AMA live broadcast will continue. BlockMania is committed to bringing the deepest cognition and thinking of the blockchain industry to the industry and the public. We welcome other communities to cooperate with us to create a connection of ideas amps and amplifiers.

The theme of this AMA is "The Popularity of NFT Encrypted Art and the Collision of the Traditional Currency Circle". The guest speaker is Cao Yin, Managing Director of the Digital Renaissance Foundation, who has long studied the application of NFT in the field of art collections.

The following is a review of the content of this AMA

For NFT investment, what basic knowledge do you think investors need to know?

Currently, there are two types of NFT investments. The first is the tokens of some NFT projects, such as MANA tokens, and the other is NFT assets. Most of my votes are actually encrypted art collections. Investing in project tokens mainly depends on its supply and demand, but currently NFT project tokens face a problem, they are basically oversupply.

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First Supper

The threshold for investing in encrypted art will be much higher than that of investing in project tokens, and the cycle will be much longer. Of course, the return will be better than investing in encrypted digital currency. The premise is that you can buy the right collection at the right time. It requires vision, patience, and connections.

Where do you think the value of NFT is?

NFT itself has no value. The value depends on the assets carried on it. In fact, there are already many types of assets carried by NFT, such as some encrypted spaces, encrypted collectibles, encrypted works of art, etc. The logic of different NFT assets is completely different.

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AI Generated Nude Portrait

The value of encrypted art is quite clear. It is different from encrypted space. Encrypted space provides social occasions, and its value comes from the activities on it. While encrypted art comes from itself, the transaction of traditional digital art has always been a big problem, because it has the problem of reproducibility, that is, non-scarcity. With NFT, digital art becomes scarce, and then it can be traded, displayed, traced and confirmed. It turns out that it is very difficult for you to ensure that this kind of digital image work is the original version, and it is only for you.

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Girl Next door

Digital art has been recognized in major auction houses around the world. Chinese collectors may not be particularly aware of it. There is still a 20-year gap between China and the most cutting-edge art auction market in the world. There is no one in China that can rank among them. The top auction houses in the world have caused the level of Chinese collectors to be out of touch with international ones. We generally like to play with some antiques, jade or Chinese paintings, which are not very popular in the international art market.

Now a group of promising digital artists have appeared on the top international contemporary avant-garde art market. In the future, these people will definitely store their artworks in NFT. Now there are some institutions and artists that cooperate to help artists Make your own NFT.

Closer to home, the value of NFT is determined according to different asset attributes. The value of encrypted space comes from the digitization of social space, and then the scarcity of this occasion. Encrypted art comes from the scarcity of artworks on NFT. Artworks will inevitably be digitized in the future. Encrypted art is an inevitable path, so NFT artworks must be valuable.

How do you understand the statement that NFT is the next wave of DeFi?

I don't really agree with this point of view. Because the DeFi craze will not become obsolete, it will keep going. From the perspective of wealth effect, I still think that DeFi will be an irreplaceable theme in the currency circle for a long time. I think NFT will be discovered by value, but this value discovery will not necessarily come from the currency circle. I found a lot of encrypted art collectors, they are from outside the currency circle, after the common NFT of art in the future, digital art will be generally replaced, which will inevitably bring a lot of traffic and funds outside the circle, attracting attention from outside the circle At this time, NFT can help encryption technology out of the circle. This is a bit similar to STO (Note: STO, the full name is Security Token Offering, that is, the issuance of security tokens. Under the constraints of securities laws and financial supervision, through the issuance of security tokens Security Token for financing).

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You Are Here

The logic of encrypted art investment is actually very similar to that of non-encrypted traditional art investment. When there are some rich people, no matter in real estate, Internet finance or other industries, these people will invest in art after making money. This is the case in China, the United States, Japan and Europe, no exception. Therefore, the price of traditional works of art has been pushed up very high, and even a sky-high price of several billion yuan has appeared. The same is true in encrypted art. When people make money in various ways, they will also buy art. Therefore, the reason why I am optimistic about encrypted art is that I am optimistic about the future of this market.

What do you think is the difference between digital art and encrypted art?

Digital art is a large collection, and encrypted art is a subset of it. There are different media and tools for artistic creation, and encryption art provides new media and tools for digital art creation. Essentially, you can think of it as the difference between different media such as oil painting and printmaking with color on paper. NFT is actually a medium, and NFT creation tools are various, such as generative adversarial algorithms, processing, digital film, etc.

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costs of living

How do you think investors can be persuaded to buy an NFT artwork that can be copied at will?

NFT cannot be copied at will, what can be copied at will is traditional digital artwork. NFT can stand out in the digital art circle because of its irreproducibility. You can copy the image, but you can't copy his property rights, which is very different from the original. Because of traditional digital art transactions, the work itself and ownership are separated.

In order to ensure the ownership of the artworks they buy, some people specially make some certificates. In this case, the certificates must be handed over to the buyers when the works are traded. However, this certificate may be forged. The separation of the work itself and the proof of ownership can lead to many problems. But NFT is different. When you put an NFT into someone else's address, the ownership of the work is transferred. NFT is a natural work and proof of ownership is one, so NFT is a real non-replicable artwork.

From the perspective of creators, what are the attractions of encrypted art?

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Mendax

Although NFT is popular, it is only in the encrypted circle. How do you think NFT can break through the circle to gain attention and traffic?

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Green Bottle

In the future, there will be more outstanding creators, collectors, international art auction houses, galleries and other institutions in this market. It's just that you have to have the vision to receive good works here, and have the patience to accompany these works to the right fruit.

What are the conditions for NFT to go mainstream?

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Parabola