WTF is an NFT? #112

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Deepnews Digest #112

WTF is an NFT?

Editor: Christopher Brennan
WTF is an NFT? The short answer is “non-fungible token,” a sort of digital asset that also acts as a proof of authenticity. The longer answer is we are still finding out exactly how they will be used and whether the hype around them as an example of blockchain technology is warranted. The concept, which took off in the world of fine art with digital works (like the one above) being sold for millions, has now spread to music, sports and even newspapers. We set our algorithm to go find articles worth reading from the last few weeks to see what it is all about.

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The Art Newspaper

Jeremy Deller mints his first NFT: here is his advice for other artists

The British artist has entered the fray of crypto collectibles, collaborating with The Art Newspaper to auction an NFT for charity. How will an established artist fare in this brave new world?

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Score: stars image Confidence: 95%

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GQ

Who Needs a Mutual Fund When You Can Invest in Sneakers?

Your portfolio of NFT basketball highlights and Gamestonk isn’t complete without a few shares in a pair of rare Air Jordans.

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Editor’s Note:

The hype around NFTs of course does not occur in a vacuum. Here our algorithm highlighted a piece from Cam Wolf who ties them to recent happenings in Robinhood trading, the economic playing field and sneakers – Christopher Brennan, Editor


Score: stars image Confidence: 82%

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Vanity Fair

“Society Gets the Art That It Deserves”: NFTs Are Driving Stunts and Diving Into the Culture Wars

The NFT craze is disrupting the art world, as Bitcoin billionaires gobble up memeified art (think naked Elon riding a Dogecoin dog) and even racist images. Jack Dorsey, Ja Rule, and now John Cleese are in on the action, with Mr. Monty Python admitting that “the world has gone terminally insane.”

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Score: stars image Confidence: 78%

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Bloomberg

The Line Between NFTs and Fine Art Gets Even Blurrier in New Auction

The family of Russian modernist Wladimir Baranoff-Rossiné is auctioning off a non-fungible token that happens to come with a 100-year-old painting.

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Score: stars image Confidence: 69%

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The Verge

NFT Mania is Here, And So Are The Scammers

Artists are seeing their work showing up in NFTs they did not mint themselves

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Score: stars image Confidence: 68%

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Forbes

Largest NFT Sale Ever Came From A Business School Dropout Turned Star DJ

The Blau family gathered last weekend to celebrate a couple of things: the second and final Covid vaccination for grandpa Blau—and the live, multimillion-dollar internet auction featuring a newly booming type of cryptoasset put together by 30-year-old Justin Blau, the clan’s host at his suburban Las Vegas home.

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Score: stars image Confidence: 55%

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Billboard

NFTs Are Booming and the Music Biz Desperately Wants In

In the past two weeks, digital non-fungible tokens have grown from a niche interest to mainstream million-dollar sales.

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Score: stars image Confidence: 50%

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The Hindu

Vignesh Sundaresan | The nifty bidder

The India-born blockchain entrepreneur has bought a digital artwork for $69 mn

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Score: stars image Confidence: 99%

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TechnoLlama

Copyfraud and copyright infringement in NFTs

Here we go again. I was seriously planning not to blog again about non-fungible tokens (NFTs), and instead concentrate on writing a full academic paper about the subject, but events have overtaken us, and it seems like a day in NFT-land is like a month in the real world, much like time has become irrelevant in the pandemic, but I digress.

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Score: stars image Confidence: 99%

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Rolling Stone

Kings of Leon Will Be the First Band to Release an Album as an NFT

The band’s revolutionary tokens will unlock special perks like limited-edition vinyl and front row seats to future concerts.

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Score: stars image Confidence: 99%

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The Art Newspaper

The looming legal and regulatory questions NFT collectors and sellers should prepare for

An expert in anti-money laundering laws shares her thoughts on the booming digital art marketplace

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Editor’s Note:

The world of fine art has over time become increasingly one of investment, and NFTs bring questions about how exactly they are classified in law. Here our algorithm highlighted an interesting piece from Paige Mason, a former expert in money laundering for the US Treasury Department. – Christopher Brennan, Editor


Score: stars image Confidence: 99%

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New York Times

No. 3 in the Mets’ Rotation, and Leading the Way in NFTs

Taijuan Walker explained how he beat the rest of Major League Baseball to the market, auctioning off his own digital art using blockchain technology.

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Score: stars image Confidence: 99%

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WSJ ($)

NFTs Are Spurring a Digital Land Grab—in Videogame Worlds

Investors and gamers are buying millions of dollars worth of land that exists only in videogames

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Score: stars image Confidence: 99%

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Business Insider

We talked to crypto-art investors to figure out what’s driving people to spend millions on NFTs, despite no guarantee their value will increase

So, what’s driving people to get in on the NFT mania, investing anywhere from hundreds of dollars, to in some cases, millions? Crypto art investors say it’s a combination of several factors, including the pandemic, as well as the rise in bitcoin prices.

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Score: stars image Confidence: 99%

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Input

Record-breaking sale of Beeple’s NFT artwork seems shady AF

The buyer is selling fractional ownership of the artwork to the public through the sale of a new B20 token. Beeple owns two percent of that token. The first case of the virus had been confirmed in the state in late January 2020. It seemed just a matter of time before COVID claimed a life in Wisconsin. On March 19, it took three.

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Score: stars image Confidence: 99%

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National Law Review

The Future of Sports – Cryptocurrencies and Blockchain Technology

Sports as an industry has realised the potential that cryptocurrencies and blockchain technologies can bring to further monetise fan engagement, attract sponsors and engage a global market in ways that were unimaginable decades ago. Passionate fans, each a citizen of digital technology, consume sports and related content beyond the actual duration of a match. Teams, clubs and sporting bodies are innovating to survive in the new digital age and meet fan expectations

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Score: stars image Confidence: 99%

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NY Post

NYC man sells fart for $85, cashing in on NFT craze

A Brooklyn-based film director is simultaneously mocking and attempting to profit off the cryptocurrency craze for non-fungible tokens (NFTs) by selling a year’s worth of fart audio clips recorded in quarantine.

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Score: stars image Confidence: 98%

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Houston Chronicle

Tomlinson: High-risk, novel assets attracting investor interest could spell trouble

Nothing good happens when too much money gets concentrated in too few hands and ends up invested in madcap ideas, personality cults or volatile assets.

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Editor’s Note:

Beyond the view from the art world and the view from the tech world, there is the view of NFTs as another kind of asset, a risky one. Here our algorithm highlighted Houston Chronicle columnist Chris Tomlinson. – Christopher Brennan, Editor


Score: stars image Confidence: 98%

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Charleston Post and Courier

For better and worse, in Charleston, we are Beeple

I’m bothered by Beeple. And that is likely a good thing. From where I sit, getting exercised about a paradigm-busting digital artist offers renewed agency to an arts world that has been largely halted by a pandemic.

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Score: stars image Confidence: 98%

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Defector

Feeding Your Record Collection In A Pandemic Always Comes With A Cost

“No more records, for a while.” That was the edict given to me by my more-sensible partner after I dropped a hefty sum on a single LP last year. I won’t say how much it was, but I can admit it was large enough to warrant a statement like that. I agreed to that edict. How could I not, given the current state of, well, everything? But I never actually kept that promise. There was no way I could.

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Score: stars image Confidence: 98%

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OneZero

How I Became a Professional NFT Artist (Well, Sort of)

It took three hours, a partial understanding of some esoteric concepts, and $1,300, but I did it. I created an NFT (well, four, to be precise).

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Score: stars image Confidence: 97%

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NBC

The crypto art community is having a sustainability reckoning

A debate has broken out in some parts of the art world over blockchain technology and its environmental impact. Others are looking for a better way.

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Score: stars image Confidence: 97%

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Bloomberg

Prices of virtual real estate are booming, and now there’s a fund for that

Investors may not be clamoring to buy offices and hotels right now, but in virtual reality, property deals are surging and attracting millions of real-life dollars.

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Score: stars image Confidence: 97%

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ABC Australia

NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators

Paul “Lamborghini” Kell made the news in 2018 when he paid $US38,000 for a digital artwork that anyone could already view or download. This week, he sold the same artwork — a depiction of Homer Simpson combined with internet meme Pepe the Frog — for $US320,000.

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Score: stars image Confidence: 90%

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LA Mag

Can Stevie Nicks Stop Doggface from Selling an NFT?

All of a sudden, it seems like everywhere you look, someone is announcing the sale of an NFT, perhaps especially in the art and entertainment world (and local pizza shops). It’s easy to see how the ability to command huge sums for a digital file containing art, music, or video sounds extremely appealing after decades of revenue loss to piracy and streaming, followed by a year without income from touring and live performance.

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Score: stars image Confidence: 67%

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