The three letters that are changing digital experiences now
[Music]
everything in the real world
is being recreated in the virtual world
the metaverse
the metaverse a persistent digital
universe
that mirrors our world but is becoming
as diverse
and awe-inspiring as the natural world
and you will be able to do everything
you do in the real world in the virtual
world
and more in the real world you can walk
into a gallery
by a one-of-a-kind artwork that is
signed and authenticated as original
take it home put it on the wall enjoy it
show it to your friends it might even be
an investment
the artwork becomes part of your story
and adds meaning to your life
it marks a time and a feeling for you
now we can have the exact same
experience in virtual galleries
with digital art
while this might seem like an obscure
niche on the internet
let’s take a look at a recent auction
sale that you might have heard of
in march of 2021 the major auction house
christie’s
sold a purely digital artwork by an
artist named beeple
for 69 million dollars in cryptocurrency
the auction
the artwork and the currency was virtual
but the transaction was very real but
who can afford a people
don’t worry there are lots of artists
creating digital art
and conceptualizing brand new art forms
that you can afford
i direct media entrepreneurship and
innovation at the creative media
industries institute
at georgia state university and our
students
are building the metaverse as i speak
we imagine a future where the students
and all digital artists
are able to continue building new
visions and new worlds
basically a better internet and can make
a living while doing so
the revolutionary instrument that
allowed for a digital file
to be sold as a unique artwork
for 69 million dollars is the same tool
that will allow our students to make
livings as freelance creators
there is a paradigm shift happening that
is turning the world of content creation
and its financial rewards on its head
gone are the days of the internet
being a giant copying machine of
intermediaries
taking a larger cut than the creators
and of
artists not receiving royalties this new
automated tool that allows for
guaranteed
proof of origination and ownership of
music
videos images and even text
is called an nft non-fungible token
the nft is allowing everyone to own
their own data
starting with art and there is a hope
that it will revolutionize
how value is created online and how
digital labor
is monetized so the eternal question
what is an nft simply put
it is a permanent tracking device that
proves ownership
of a digital file somewhat similar to
the way that you can ship a pet
to identify it as yours if it runs away
an
nft is a cryptographic token connected
to a digital asset
to preserve ownership rights in the
metaverse
non-fungible means not exchangeable most
things in the real world
are non-fungible because most physical
objects
are unique and can’t be traded one for
one
there is no painting pet or person
that is exactly equivalent to another
money on the other hand is one of the
few items
that is fungible meaning one dollar is
equivalent to another dollar
and when bitcoin is equivalent to
another bitcoin
the underlying decentralized technology
that enabled digital currencies such as
bitcoin
is blockchain blockchain prevents
digital money from being duplicated or
hacked
and it removes the need for a
centralized authority
such as a bank to validate transactions
and like bitcoin the record of ownership
of an nft is kept in a public database
on the internet that is maintained by
millions of computers that keep
track via consensus of all content
origination and transactions
at the blockchain lab at georgia state
university we study
how to monetize creative labor using
blockchains and other decentralized
ledger technologies
i believe that this technology in the
form of nfts
has the potential to humanize the
internet and to
create an equitable foundation for its
next phase
the metaverse this decentralized
business model
gives financial power back to the
creators and reduces the power
of the broker the middleman and even
social media platforms
amy raider is a fine artist in atlanta
who shows in traditional galleries
she created her first nft so that she
could expand to an
online audience and to add a new revenue
stream
to increase our income here’s a greg
mike mural
if you’re from atlanta you have probably
seen some of his work
on walls and buildings street art is not
permanent
so how will an important cultural icon
like greg mike
utilize this new creative economy
he is using the unique qualities of nfts
to innovate and to collaborate with
other artists and musicians
and connect with fans on the internet
this way
his work will live on and he can take
the proceeds
from the sales and resales and continue
creating his art
can also capture their true value using
nfts
atlanta music producer dallas austin is
allowing fans to collect memorabilia
of his great moments in music history
similar to the way that nba top shots is
allowing basketball fans
to collect historical replays as nfts
in the metaverse humans are represented
as avatars
an eight-year-old probably knows but did
you know that you can buy clothes for
your avatar
this is katie james she is leading the
way in digital fashion
that can only be worn in the virtual
world
today gucci sells sneakers that only
exist in the virtual world
and you can never wear them but your
avatar can
alternatively you can use augmented
reality to overlay
virtual sneakers onto your in real life
feet
and because of nfts anyone not just
well-known companies like gucci
can create digital fashion to be bought
sold and worn in games
online platforms and even in avatar
fashion shows
take the pioneer 18 year old ferocious
who was way ahead of gucci with his
crypto art
and digital sneakers the use of
augmented
and virtual reality fashion is becoming
mainstream
and experts predict that digital skins
and clothing
will be a 50 billion dollar business by
2026
but because nfts as art and collectibles
are so new
the predictions are too volatile for
anyone to make
but it is a sign that heavy hitters like
mark cuban
and snoop dogg are investing heavily
this is a new frontier for artists and
their fans and just like in the real
world
an artist can sell a one-of-a-kind piece
make limited editions to control for
scarcity
show and art show and art galleries and
marketplaces
but with nfts you can also
sell directly to your buyer without an
intermediary
collect royalties on all future resales
expand your audience to the entire
internet
show in virtual galleries and virtual
worlds
and sell 3d objects and clothes to
virtual humans
okay so how does this work and how do
you get involved as an artist
your artwork is a digital file to
protect this file
and capture the value of your labor in
perpetuity
you go to a digital goods marketplace
and meant it
meaning you register your work as a
token
for a fee on the blockchain
it will contain a signature timestamp
and any rules around its resale
once you have minted your work and you
want to sell it
you connect with your community and let
them know that your nft has
dropped meaning it is for sale
it is important to note that all the
same rules
that make for good art and good business
apply in the virtual world a strong
connection
to your followers an authentic or
compelling story
and consistent output and work ethic
so who will buy your art or how do you
get involved as a collector
buyers go to the same marketplaces that
artists use
there you look for art that you
appreciate
and artists you want a direct connection
with
some people invest because the artwork
resonates with them
or they recognize great talent or
they see a potential for that artist to
play a significant part in history
once purchased directly from the artist
you store your nfts in your digital
wallet
from there you can show on screens
in online marketplaces or in galleries
galleries such as rare rooms a
blockchain innovation
by atlanta’s gig labs and with nfts
a buyer knows their art is fair trade
transactions are transparent and the
ecosystem is equitable
the metaverse is a place where we will
spend more and more
of our lives who builds it
who owns it and how it is built will
determine
what this world becomes but just like
the real world
the metaverse is very complex and there
are many problems yet to be solved
and that is where you come in you are
the future
a digital citizen whose responsibility
it is
to be a good steward to the metaverse
making sure
that it is diverse equitable accessible
and sustainable this is just the
beginning
of the decentralized movement nfts will
revolutionize most online industries
but it is starting with the creative
economy
while nothing in this talk is financial
advice
it is definitely educational
encouragement and why not start learning
through art
jump in we need you
you