Mar 14, 2021
The craziest thing that happened this week!
And a brave prediction about NFT and Sports
The most expensive NFT kitty ever sold, meet Dragon.
This is Dragon.jpeg, it is now worth 600 ETH600 ETH = 1,110,707.97 USD at the rate on 2021-03-14.
But that’s not crazy enough, this digital art got sold for $69,000,000 on 11th March 2021
Now, take your drink and hear me out.
What if I told you that I have a candid video with Maradona singing “football coming home” after the match against England, the same match in which he scored “The hand of God” goal. The goal took place on 22 June 1986, at the Estadio Azteca in Mexico City.
As you are a nice person, you will believe me! I trust you.
Now, what if I tell you that I am selling this video for $100,000,000 at an auction, your next thought will be “is that even an original or is it fake?”
You will ask for its authenticity and probably for proofs or ownership, in simple words, you will ask me for receipts. And if I fail to provide you with them, you will stop taking me seriously and probably unfriend me, as you should.
Traditionally, the art galleries have a protocol in place to authenticate original art versus fake but sometimes even they get deceived in curating fake art, or worse if they are complicit in auctioning fake art, we are in a deep sh*t.
Watch Made You Look: A True Story About Fake Art (2020) to know what I am talking about and if you are into art.
With deepfake technologies and highly professional video editors, we can even bring dead people alive, so it is possible that my karaoke with Maradona is fake. (for the records: It is a made-up story).
So how do we avoid this trap? that’s when NFT comes into the picture.
Now let’s see what a Non-fungible token (NFT) is?
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
By Mitchell Clark (excerpt source: TheVerge 1 )
For the sake of imagination, assume that the video is original. I would register (tokenize) the karaoke video on the Ethereum blockchain and that’s it.
You have an NFT!
Now you may ask, why don’t you just upload the video on a website and earn advertisement revenues from it? you can but the chances of it being copied and used for commercial purposes is very very high.
The closest analogy would be an original painting of Van Gogh vs China’s Van Goghs
Watch China’s Van Goghs (2016)
The NFT will give collectors of sports memorabilia a good market place.
What do you think about the intersection of NFT and Sports digital memorabilia?
If you liked this thought experiment between disruptive art movement and sports, let me know your feedback, we can create part 2 of this thought experiment.
Have an amazing week ahead! Good things are coming in the NFT world.
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
