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The History of NFT's and Crypto Art with Alex Masmejean

From Audio: Showtime: Crypto Art and NFTs with Alex Masmejean

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station description Software Engineering Daily
Podcast – Software Engineering Daily
Duration: 05:31
"Podcast - Software Engineering Daily" guest Alex Masmejean outlines the history of non-fungible tokens and discusses their role in cultivating the digital art world over the last decade.
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"Podcast - Software Engineering Daily" guest Alex Masmejean outlines the history of non-fungible tokens and discusses their role in cultivating the digital art world over the last decade. Listen to Masmejean as he highlights the massive leaps the crypto art industry has made in recent years and gushes over the exciting future that NFT's have to offer.
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you know the definition of a N. F. T. Is pretty wide ranging because even the name itself, non fungible tokens is anything that is not fungible. And so for those who don't know, fungible means, you know like a money like aspect something that you can exchange interchangeably I guess, you know like one year or $1 is the same anywhere. Like it's the same dollar, the same value and FT is precisely not this. And so if you think about it, anything that is not money is potentially a N. F. T. So it's, it's pretty wide I would say. Yeah, like NFC today is something that you can own and in this era it's it's basically a digital art that is very popular and what you can own, you can trade and you can sell and so that's kind of the innovation here is like for the first time on the internet you're economically independent and you don't have to rely on the platform. You can own something regardless of the platform, just like on the Blockchain and just trade it and sell it. And as an artist it's it's pretty liberating. Does it matter what Blockchain these N. F. T. S get written to? I think it does matter because you know like a Blockchain without going too much into the details. Like it's important for trust. Like a Blockchain has to be credibly neutral. Like for instance you know we saw headlines recently about people selling a piece of art for $69 million. Like and it was sold on ethereum Because you know ethereum is a pretty decentralized Blockchain. It's it's like incredibly neutral which is like the characteristic that you want for Blockchain and why is this important? Well you know if you are the person buying a piece of art for 69 million like you really want to make sure This will be up and running in 10 years time. Like if this is a random Blockchain that just like dies in two years because no one cares, there's no users, like you will feel really bad. And so I feel like for very expensive purchases, it really matters like how long this Blockchain will last and hopefully forever. You know, it seems like ether and Bitcoin will always have fans, they will maintain the Blockchain regardless, and that's you really, really good for wanting to own things online because you really want them to to not be shut down. Can you talk about how the N. F. T. Growth has matured over the Last, let's say four years, four or five years from your vantage point, what has been the growth trajectory and what have been the important milestones? So it's been pretty insane. So if we go back to the very start of N. F. T. S, I think there is crypto bunks which was even created before the E R. C. 7 21 standard, which is the basic NFC standard. So it was just a just like small characters, very low resolution, pretty fun to own. And so collectibles were really like the first use case of NFC, which is like, you know, it's not artistic, it's just rare and it's rare and it's unique and you can trade them. And so Crypto punks with a big moment and then, you know, sometime past that was probably 2016 crypto punks. And a year later there was crypto kitties and this was a huge moment in the crypto space because for the first time ever it went a little bit mainstream. There was some articles about crypto kitties talking about it and how like, you know, it's those small cats that you can trade on the Blockchain and for the first time, like it was something that people were talking about beyond just you know, the Blockchain tech. And so that was interesting because it really showed the premises of an FCS are customer facing, and FTS are quite simple to understand. And so that's a huge gateway drug to crypto, which is usually very complex and theoretical. And so after crypto kitties there was like, you know, a few years since 2017 were like, not much happened, but some, you know, did some art platforms were created Open C. Was created which is like a google for N. F. T. To search all collections, you know, pretty comprehensive way. And for me, as an entrepreneur, like diving into the space in 2019, like I saw an F, Jesus, consumer facing, primitive. And so I was very excited of founding a solid there because I really love doing something for consumers who might not know about crypto and what I saw in the data was that in July 2020, N. F T volume started growing exponentially. So that dates back to july 2020. And so I see the space continuously growing and I'm like wow, like you know, is this ever going to stop? Like I need to get on this thing And in december november, I start thinking about short time, my current project and it turns out that it was awesome timing because in february, the DFC space just exploded to, you know, I think in july 2020 it was $100,000 of volume. And I was telling investors already in december that you're oh the NFC space grew 1000 X. Thinking like that was huge. But I think like as of this month, it's something like $600 million dollars or something like, it's just insane. The volume has just been skyrocketing like crazy and this is very exciting.
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