To celebrate the sending of an agoraphobe Robert “I am a” evil man kicking and shouting at NFT-Festival in ‘St Kilda’ (which we are told is a suburb of Melbourne) today we asked the voluntary hashtag Guinea Pig, the Geoff McAllister, managing director of Hex Trust, based in Hong Kong – #crypto, #defi, #digitalassets, #blockchain, #Custody, #fintech, #hextrust, #hiring #etc etc – to take a moment to bang your head against a cut concrete #SBF and expand our minds on the borders from Web3.
NFT. Innovative, genre work at the intersection of slicing and dicing incredible creations and emerging blockchain technologies, or #MoreBollocks designed to bleed the human heart dry with hope and money??
According to crypto data site Coindesk, “What is an NFT” still receives an average of 948,000 searches each month, globally.
So yes, what is an NFT?
Here is a response from CoinGecko Head of Research, Zhong Yang Chen:
“NFTs are unique, non-fungible tokens on the blockchain, often used as digital representations of assets such as art, collectibles, music, video game items, and real-world assets such as deeds, luxuries, diamonds, etc.”
It’s a good summary. although Badman still love enough The description of them also by Paris Hilton:
“[An NFT] is essentially a digital contract on the blockchain…so you can sell anything from art to music to experiences to physical items…” Hilton explained to The Tonight Show host Jimmy Fallon in August 2021.
In a message sent to Stockhead while arrived at the festival this morning, evil man said:
Not really an uplifting start.
But the festival apparently offers rare access to a comprehensive and diverse program of workshops, panels, cutting-edge virtual experiences and live performances, featuring exclusive content and contributions from creative leaders in painting, fashion, music, cinema and illustration.
That’s why we asked News Ltd to increase the entry fee by $220 and allow Badman out of the Surry Hills basement storage cupboard that he still thinks is an office.
It is therefore understandable that Robert – a man at war with art and culture – I would only attend reluctantly when I naturally integrated it with my wonderful leader and personal mentor SH editor Peter “the eternally tolerant” Farq-u-har-har (who actually hated to text before noon unless it’s seafood stocks), and he was immediately sent this:
To his credit, (from the Badman):
Anyway ladies and gentlemen, as I said, this from Geoff – a senior risk management executive covering all the riskiest topics – Crypto, DeFi, Digital Asset Custody & Financial Services, via New York , Sydney, Singers and honkers and Dubai with Goldman Sachs, Deutsche Bank, Credit Suisse, Westpac, NBAD/FAB and PSVB.
So Geoff, NFTs… it’s a scam, right?
(Ed: The following is a very light edit of Geoff’s extremely fast execution – so thanks MD GM)
“Hello…Christian and thank you for thinking of me while Robert Badman finds a park.
“You know, ladies and gentlemen, recently a former colleague had the audacity to ask me a very similar question:
How is this anything other than a scam?
“He was referring to the Metarembrandt Project. Where it seems they are splitting the Night Watch coin to raise funds for people to become a founding member of the Metarembrandt Museum. I didn’t look past the landing page…”
(Ed: Me neither… but here it is below!)
“But my response was not to explain the specifics of this project but to illustrate potential use cases for NFTs. Other similar questions on the subject followed from other friends.
“I think it’s a more helpful approach to provide a clear example and ‘paint the picture’ for some of my thoughts on the potential of NFTs.”
Look beyond digital printing for value
“For example, companies and projects can use NFTs as a membership club or key. In this case, imagine that founders want to build an immersive art museum or learning experience in the metaverse. interested people can visit, visit and learn all about Rembrandt and other artists in a place dedicated to sharing knowledge and exploring this facet of the art world.
“In this case, the NFT may be the ‘key’ that gives you special membership privileges, potentially governance responsibilities for the project and ownership/benefit participation.
“Think of it as a sort of fundraiser for the museum project, where the founding team is trying to create value for the initial investors through privileges and potentially profits depending on the business model/tokenomics of the project.
“Of course, there may be scams, but this can be a very legitimate project with admirable ambition.
“The way we can establish and build business models is changing…it’s great and will revolutionize starting and running businesses, both commercial and charitable. The idea is to give more input to content creators and the community that participates in the activity may also participate in the economic benefits/growth of a project.
“You can even donate a portion of the tokens to a charity, so that as the project grows and succeeds, the charity and the community it supports will benefit more and more.
“It will help attract a lot more users. The ability to share participation in an open and trusted operating model is amazing.”
More raise than scam
“Many such projects can fail, but the goals can be very solid and not necessarily fraudulent at all. This kind of thing can replace/augment membership programs and art gallery websites.
“Another friend chimed in on the chat… ‘Sharing something tangible versus sharing in the ethereal, I think, is my big reservation. I think we have a solution here that didn’t find a problem.
“I like the idea of membership. Sounds like a start, but I don’t think the current apps are useful.
“And another…’if I believe it will have value I will buy it. This then increases the ‘market value’. Has worked for crypto so far. As long as enough people believe that it has value 🤷🏽 ♂️’
“And another… ‘Always a lot of fancy words and thinking about ‘not buying anything’ 😉’
“And another… ‘It has the letters NFT so obviously a scam’
“The acronym doubt alone can go deep…and that’s really for another article…so. Maybe put a picture of Badman here, or something…I heard he looked like the guy from Avatar turning into one of the blue giants (note to self good idea NFT):”
What is real, what is tangible?
“We know that intangible digital content can have value, but an NFT can also be used as a tool to add value to real-world activities. Unhealthy fiat currency/’money’ can be printed at will, but ultimately account, value is always assigned by people.
“Imagine an online arts university…a traditional business model/corporate structure would allow participation in the business through stock ownership and a CEO with a board of directors would be needed to lead the company.
“A Web3 business model could raise funds via token sales (fungible or NFT) and the company can be governed on-chain by all NFT holders, instead of a board of shareholders. The NFT can be a membership/privileges token, sharing receipt, governance token…or all of the above.
“Money is a human construct to aid in barter/exchange of value, new methods of exchange are here. Your unique, immutable NFT can generate rewards for your content contributions, which can also be spent on consume the content of other contributors or exchange for other products and services.
“There’s a whole new world of business models ahead…it’s time to open our minds and get creative.”
Any views, information or opinions expressed in the interviews for this article are solely those of the interviewee and do not represent the views of Stockhead. All opinions expressed are the opinions of the author at the time of writing and do not constitute a recommendation to act. Stockhead does not provide, endorse, or take responsibility for the financial product advice contained in this article.