The Nft Art and the Power of the Community
Today is a great day for Valuart: the first auction has begun, with “Spike” by Banksy. Let’s take a look on the NFT community
Today , July 22, 2021, marks a momentous day in Valuart history , with our first stunning drop . The digitization of “ Spike ”, by the infamous Banksy , is up for auction : the original piece, created by the most enigmatic street artist in the world, is now in the hands of Vittorio Grigòlo . The world-renowned tenor, and co-founder of Valuart, has chosen to auction an original digital version of Banksy’s work, created in CGI combined with an aria performed by himself.In the world we have recreated, Spike floats among the stars in the Universe, until it reaches our planet, emerging as a newly minted non-fungible token .
For those unfamiliar with NFTs, just think of something that cannot have a duplicate, exactly like a painting but in digital form, and can be purchased at a public auction in exchange for a sum of cryptocurrencies, specifically in Ethereum. NFT literally means “Non-Fungible Token”, where “Non-Fungible” refers to something you can make replicas, but you can’t have two originals, because they are “non-fungible” or “non-replaceable”. And “Token” represents the ownership document you purchase, which certifies that you are the sole owner of a unique, non-replaceable digital artwork.
NFTs are based on the blockchain, i.e. on a widespread digital register, whose entries are grouped into “blocks”, concatenated in chronological order, and whose integrity is guaranteed by the use of cryptography. It is an alternative, which is proving increasingly valid, in terms of security, reliability, transparency and costs to databases and registers managed centrally by recognized authorities (e.g. banks, governments, etc.).
Where Is the Nft Community?
Beyond the platforms created only for NFT art, whether they are simple social networks or marketplaces that therefore include the buying and selling function, the discussion on the topic is spreading like wildfire on the main social media, from Instagram to TikTok , passing through Reddit, LinkedIn and Discord.
According to CrowdTangle, Facebook’s exclusive social media listening tool, nearly 4500 content (photos and videos) have been posted on Instagram in the last 30 days, just over 1200 on Facebook (including links), and about 2200 discussions on Reddit. On Twitter, taking into its analytics, there are more than 220000 accounts that have tweeted about NFT in the last 6 months. Meanwhile, 44 public and active communities on the NFT appear on Discord.
Considering the most followed Instagram account (@NFT), you can see the same growth parable compared to the previous Reddit chart: the same data interpolation can be found on every search of all the social media platforms in the same time frame, with the due volumetric proportions.
This is due to two factors: the first is represented by some milestones in the NFT world, of which the most famous was the sale of the first tweet by Jack Dorsey (Twitter co-founder, ed.) dating back to March 2021, where the social discussion data growth begins.
Then, the meme “Disaster Girl” sold for € 405 thousand in April, and the other meme “Overly Attached Girlfriend” sold for € 335 thousand, also in April; in May, the viral video “Charlie Bit My Finger” sold (in the Ethereum currency) for the equivalent of € 630 thousand in May; in June an NFT of “Doge”, the image of a shiba inu dog – one of the internet’s most popular memes – sold for € 3.2 million on the auction site Zora.
The second factor is good old word of mouth: NFTs have gone viral. Virality is something you can never predict, you can never measure ex ante. It’s a leap in the dark, and that’s what NFTs have been, and maybe they still are. It is talked about everywhere, from print to TV, via radio and obviously on the web. This has made it possible to reach people belonging to very different demographic ranges, but there is still a long way to go in its dissemination.
What Are the Demographic Data?
The data suggests that familiarity with the NFT world is not that high: they reveal that almost 70% of respondents had never heard of NFT before the survey. The greatest interest was found among the youngest – and this is not surprising -. People between the ages of 18 and 44 were twice as likely to have purchased an NFT than other age groups. The Civic Science survey reported that 14% of those between the ages of 18 and 24 had purchased an NFT compared with only 3% for the age group between the ages of 35 and 54.
Among the highlights on perceptions about the NFT world, there is that relating to celebrity support for auction platforms: also Civic Science has found that 95% do not consider it a determining factor for the purchase of NFT. Furthermore, regarding the idea of being able to get rich quickly thanks to digital art, the public is divided: 41% of respondents buy NFT with the expectation of being able to make a profit, but another 41% are not of the same idea.
What Is the Bored Ape Yacht Club?
Among the most active communities, the first and largest NFT club in the world has been created, the Bored Ape Yacht Club, deserving of great attention from all professionals. In addition to the very funny name, the characteristics that they bring with them are very interesting, and the decision-making power that a group fed on the web, united by a common interest it’s amazing (just think, for example, of what a Subreddit did with GameStop a few months ago…).
Imagine a yacht club where thousands of drawn monkeys (Gorillaz-style) discuss the latest Marvel’s movie they’ve seen or share tips on digital art collecting. This is the world created by the hand of Adam Smith and the NFTs. The project is gaining ground day by day, and has already registered over 60 million euros in trades. It ranks 10th among NFT collecting projects according to the DappRadar ranking.
There is a limited supply of tokens, 10000 unique NFT Bored Ape. The owners have access to special features, such as a digital graffiti wall called The Bathroom. The members hold a certain balance of tokens to access a special Discord server or a Telegram group.
The apes can also do whatever they want with the intellectual property associated with the token, which means they can make T-shirts or other products with that particular NFT they own and no one will sue them for it. A monkey, in fact, is enough to understand that the activities that can be created with and by NFTs have important dimensions.
All the members of the Ape Club note the great community strength, with unconditional support on every web platform, and high recognition, thanks for example to the profile photos of primates on social media.
An artistic style was devised to convey a particular atmosphere and thus attract a specific crowd. A 90s look, but which has nothing to do with the already very successful pixelated CryptoPunk art.
Perhaps, in NFT the way is to create extremely peculiar niches for each type of art, in order to enormously strengthen the specific weight in terms of (digital) money and during the auctions.
We asked Etan Genini, one of Valuart’s co-founders, to tell us what drove him and his partners to create this exciting new project in the world of NFT art.
NFT is a technology that we have known for a while, and working in the field of intellectual property we have kept an eye on the blockchain and how it was certifying assets derived from intellectual property. Then, we noted how the NFTs were impacting on crypto investors and we went: ” We have to be there , we want to be protagonists of this epochal change” ».
What Does Valuart Offer?
Valuart gives the possibility to reinvent new lives for the works of artists, to create new worlds, incredible settings in which everyone can model a reality that is always unique. This is an electrifying element, given by digitalization processes, which offers new solutions for using unique artistic pieces. In the first part of our path we will focus on “old style” artists, and then in the second part we will take care of native digital artists. We are all amazed with the first answers we received, and we can’t wait to shake and surprise the community we are going to create
Speaking of the community: what are the differences between crypto investors and the classic ones who have so far purchased physical pieces of art?
“The great peculiarity of NFTs has meant that we have begun to discuss digital art in the events and in the back rooms frequented by large institutions and classic investors. It is a breath of fresh air for the entire artistic movement. Capital is being unlocked, and there is a desire to explore a new world. Therefore, even these players that cannot be defined as digital natives are approaching NFTs with great curiosity and enthusiasm. And with Valuart we are here to create unique and incredible artistic experiences
So, what are you waiting for? T oday, with Banksy’s “ Spike ”, our Club opens its doors: we are waiting for you.