Non-Fungible Token: Twitter CEO Jack Dorsey, Katy Perry & Co .: NFT Trend Spreads – But Room for Improvement | news

Ownership of digital content
Katy Perry prepares NFT collection
NFT marketplaces not yet similar to Amazon

Trending lasts NFTs

The trend around NFTs shows that blockchain technology is not only related to Bitcoin & Co. The abbreviation stands for Non-Fungible Token. In this capacity, trend goods differ from cryptocurrencies, as The Verge writes. For example, if you swap one unit of one internet coin for another, you get an identical item. Instead, NFTs are more comparable to trading cards that are exchanged with each other and differ from each other, the portal continues. Most NFTs are located on an Ethereum blockchain, which supports the exchange goods in addition to the associated cyber currency Ether. But what are these tokens really? The range is varied and can include works of art and pieces of music, The Verge continues. It is only important that these are digital goods. The purchased files become the property of the highest bidder, but their consumption is not reserved for the buyer. For example, NFTs are generally publicly available, so only the ownership of the file is acquired. The Verge compares NFT owners to museums that buy works of art but still make them available to the masses.

Twitter CEO sells first tweet as NFT

There are now numerous examples of NFT purchases. Among the more well-known, the first tweet ever posted on the SMS service and by Founder Jack Dorsey derived from. “I’m setting up my Twitter right now[-Konto] on, “wrote the platform’s CEO on March 21, 2006.

Then, in March, the tweet was auctioned for 1,630 Ether – about $ 2.9 million at the time. According to the BBC, within minutes of the auction starting, bids should have been in excess of $ 88,000. In the end, the bid went to Malaysian software entrepreneur Sina Estavi, who runs blockchain company Bridge Oracle. The tweet remains publicly visible even though it became Estavi’s property.

Katy Perry launches NFT collaboration with Tetha Network

In the meantime, however, the NFT trend has developed markedly and has partially reached the mainstream. Pop star Katy Perry recently announced that she intends to offer a range of exclusive content via NFTs in the fourth quarter of 2021 in collaboration with blockchain operator Theta Network, which specializes in video content.

According to blockchain portal The Cryptonomist, the digital content may be related to the singer’s “Play” concert series, which is scheduled to take place in Las Vegas later this year. “This is a new, unique opportunity to get in touch with my fans around the world, even if they’re not in Las Vegas with me,” the multiple Billboard Music Award winner said, according to the crypto portal. “I can’t wait to work with the Theta team on all the exciting and memorable creative pieces so my fans can own a special moment of my concert season, which is both a digital collectible and a real-world experience.” And Theta Network is also pleased with the collaboration: “Working with a global icon like Katy Perry next year, which coincides with the launch of Theta Mainnet 3.0, represents an important turning point in Theta Network’s history and is a major step towards global adoption. of Theta blockchain, “Theta Labs CEO Mitch Liu told Cryptonomist. “With the help of the Creative Artists Agency and Katie’s management team, we are well on our way to reaching far beyond crypto enthusiasts to millions of music, media and entertainment fans around the world. Ultimately, we see this as an important milestone on the road to one million daily transactions on the theta network “. Interested parties can already register on Theta Network’s website to be notified as soon as the campaign starts.

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The NFT trend also reaches Germany

Perry’s colleagues Lindsay Lohan and Jay-Z have also entered the NFT industry, Business Insider reports. Other NFT collections come from the pen of the US Space Force and the Golden State Warriors, a basketball team from the NBA basketball league. And the movement has already arrived in Germany: Rammstein singer Till Lindemann will sell ten digital copies of a previously unreleased music video for 100,000 euros each, as reported by Deutsche Welle. A joint dinner for two people in Moscow, including travel, residence and visa, should also be included in the NFT package. The video was shot at the Hermitage Museum in St. Petersburg, but the fact that Lindemann offers his artwork as an NFT could have criminal consequences, as the international television station writes. The facility allowed the musician to record the video on the premises, which included items from the collection, but violated the agreements made in advance. This makes the NFTs illegal.

NFTs not yet suitable for the masses

And although the trend toward digital artwork has risen markedly this year and now extends to different areas, there is still room for improvement if Alex Salnikov has his will. The co-founder of the platform Rarible, which specializes in the creation, sale and collection of digital artwork, told Business Insider that although NFTs have gained a lot of popularity, they have not yet reached the mainstream. To do this, commodities must not only become more affordable, but access to buy them must also be facilitated. Companies are responsible for considering what prices consumers are willing to pay and what applications make sense to them.

One of the pitfalls that the NFT purchase right now has in store is that it requires a cryptocurrency in which cryptocurrencies must be stored. Direct payment by credit card or bank transfer is not possible. “It’s not as smooth as just going to Amazon and buying something,” Salnikov said. “It is still not suitable for the end user.”


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