New Media webinar | NFTs: Myth and Reality

Excerpt playing: (choose from the outline below)

Introduction

00:00 Who should watch this webinar?

02:30 Description of the New Media program

NFT myths and realities

04:33 8 common perceptions of NFTs

Jon shares his take on these claims.

"NFTs require cryptocurrencies (like Bitcoin)"
"Some artists have made millions with NFTs"
"NFTs are a way to sell digital images"
"NFTs transfer copyright"
"NFTs democratize the art world"
"Making an NFT is cheap"
"Digital art has arrived thanks to NFTs"
"NFTs preserve digital art for posterity"

14:00 What does all the jargon mean?

Demystifying vocabulary like NFT, token, crypto-art, blockchain, mint, pin, gas, wallet, and swap

19:05 The technology behind NFTs

The blockchain; metadata; storing files on a server versus peer-to-peer network; the role of marketplaces and other online services.

How to make an NFT

25:47 Get a digital wallet

This video shows how to use Kukai with the environment-friendly currency Tezos, but the principles are similar for other wallets.

(The wallet address shown in the video is not real.)

30:23 Get cryptocurrency

In this example, we are trading dollars for Tezos at the cryptocurrency exchange Coinbase.

🕐 Sending the process of sending cryptocurrency to your digital wallet, which can take 30 minutes or so.

⚠️ Be aware that Coinbase will take a cut of this exchange.

33:00 Create and share your NFT

This video uses HicEtNunc, a platform that works with the inexpensive and environmentally friendly cryptocurrency Tezos.

🕐 Minting an NFT can take several minutes.

⚠️ This excerpt does not show the additional "swap" step, by which you offer your NFT for public sale.

Likely outcomes for an NFT artist

38:44 Are NFTs likely to make artists rich?

40:07 Is there less economy disparity for crypto art than the traditional art world?

42:27 Do NFT contracts guarantee artists royalties for future sales?

45:09 Does the blockchain offer a permanent home for digital art?

This presentation was recorded by the University of Maine's New Media program. For more information, contact ude.eniam@otiloppij.

Timecodes are in minutes hours

This workshop on 25 May 2021 helps make sense of the craze over Non-Fungible Tokens—crypto-tokens that have helped some digital artists sell their work for thousands and even millions of dollars.

Our conversation focused on separating NFT myths from NFT reality, including:

What is an NFT, technically and legally?
Can selling NFTs help digital artists of any age profit from their work?
How much does an NFT cost to create, both financially and environmentally?
Do artists give up the copyright to their art when they sell an NFT?
Can NFTs serve as a digital collectible to help fundraise for school programs or sports?

(This recording edits out audience questions and interaction.)

Conducting the workshop is New Media professor Jon Ippolito, a former Guggenheim curator and expert panelist at the symposium convened by Sotheby's for their first auction of NFT art.

This is part of a series of free webinars on cutting-edge technologies offered by the University of Maine's New Media program, which teaches animation, digital storytelling, gaming, music, physical computing, video, and web and app development. These are not Powerpoint lectures but guided demonstrations that students can follow at school or at home on their laptops. More about these webinars.

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