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NFT

UNDERSTANDING PHYGITAL NFTS: MECHANISMS AND FUNCTIONALITY

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Source: Crypto Politan

The fusion of the digital and physical worlds has long been a topic of interest within the realms of technology and commerce. As technological advancements continue to reshape our understanding of ownership and value, the emergence of Phygital NFTs stands out as a significant milestone in this transformative process. This Cryptopolitan guide will tell you everything you need to know about Phygital NFTs.

Evolution of the NFT Space

Non-Fungible Tokens, colloquially known as NFTs, have roots that trace back to unique digital assets, such as the colored coins on the Bitcoin blockchain. However, their rise to mainstream prominence was catalyzed by the introduction of Ethereum‘s ERC-721 standard, a pioneering development that laid the groundwork for the creation of unique digital tokens. Over the years, these tokens have metamorphosed from being mere digital curiosities to assets with substantial economic significance, finding applications in sectors ranging from digital art to entertainment and beyond.

Read more: https://www.cryptopolitan.com/phygital-nfts-mechanisms-and-functionality/

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NFTs and blockchain bridge Ethiopia’s past and present in new art exhibition

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Source: Cointelegraph

America’s first major institutional exhibition of Ethiopian art throughout the ages will conclude its year-long tour at the Toledo Museum of Art (TMA) with a grand finale featuring non-fungible tokens (NFTs).

In June, TMA announced that the blockchain-based Ethiopian art collective Yatreda will be their second digital artist in residence, following the Nigerian-based non-fungible token (NFT) star Osinachi’s residency in 2023.

This year, Yatreda will stage a special installation within TMA’s iteration of “Ethiopia at the Crossroads,” which TMA co-curated with the Walters Art Museum in Baltimore and the Peabody Essex Museum in Salem.

Yatreda’s contribution, titled “House Of Yatreda,” will feature loans of some of their most famous NFTs and debut a new series, too. Together, it will bridge the historical relics in “Ethiopia at the Crossroads” with cutting-edge art from Ethiopia today.

Read more: https://cointelegraph.com/news/nfts-blockchain-ethiopia-art-exhibition

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How NFTs are Shaping the Future of Art

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Source: Analytics Insight

Over the past couple of years, non-fungible tokens have emerged as one of the most innovative creations within the digital space—an innovation that would redefine the way art is going to be created, sold, and consumed. NFTs are one-of-a-kind digital assets whose scarcity and authenticity of ownership are verified by blockchain technology. This article features how NFTs changed the world of art and the benefits along with the problems to be solved by researching the prospects in the near future.

NFT and Blockchain Technology Introduction

NFTs are a certificate of ownership representing a unique item, mostly in digital art, music, videos, and virtual real estate. NFTs represent a single item, and each one is unique, while cryptocurrencies such as Bitcoin or Ethereum are fungible and can be traded on an equal basis for another. This is what makes NFTs very valuable in the art world right now.

Read more: https://www.analyticsinsight.net/blockchain/how-nfts-are-shaping-the-future-of-art

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Sotheby’s ‘Gold Fur’ Bored Ape NFT Auction Will Retest Art World Demand

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Source: R Scene

A curated batch of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs is set to be auctioned off at Sotheby’s on June 18, providing a white-gloved test of the staying power of Ape-themed assets in the fine art community.

The lot of collectibles includes an NFT profile picture (PFP) from the Bored Ape Yacht Club, adorned in a leather work vest and “sushi chef headband.” Known as Ape #8552, one of the NFT’s main selling points is its former, now-bankrupt owner—aside from the Ape’s solid-gold fur, of course.

Once an asset held by Three Arrows Capital (3AC), a crypto hedge fund wiped out amid the widespread market tumult of 2022, the NFT is accompanied by other pieces of digital art. Those include two, gold-furred NFTs from Yuga’s Mutant Ape Yacht Club collection and a depiction of a dog from Yuga’s Bored Ape Kennel Club line.

Read more: https://decrypt.co/233775/sothebys-gold-fur-bored-ape-nft-auction

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