![]() ![]() Īdditional art direction belongs to a protest of a later generation, cyberpunk. The nostalgic, 8-bit heads draw likeness to every “first” computational rendering before it, like Mario’s blocky NES console debut or the geometric blobs from the heyday of arcades known as Space Invaders. Hall and Watkinson wanted to commemorate the anti-establishment essence that harkens back to the beginnings of blockchain technology, a kind of Web3 Wild West, in CryptoPunks. “ needed to be a collection of misfits and non-conformists,” they explained to British auction house Christie’s. The conceptual project sprouted from existential reveries of the web: What does ownership mean in the digital age? Will people value certified authenticity in the internet realm?Īesthetically speaking, the developer duo pegged the project to the 1970s London punk scene. Unsure of what direction to take, whether it would lead to a smartphone app or video game, they landed on an ephemeral digital art series that would test the dynamics between scarcity and demand. MORE ON ETHEREUM-BASED, NFT MARKETPLACES Where to Buy NFTs in 2022: 20 Marketplaces and What They SellĪ two-man team of Canadian software technologists Matt Hall and John Watkinson created an algorithm that generated a 10,000 randomized character collection of 24x24 pixelated avatars on the Ethereum blockchain, as an experiment. That said, anything that can be minted on a digital ledger is up for grabs. Other categories - sports memorabilia, video game assets, music and real-world assets - are quick to follow. While one Bitcoin will always match another Bitcoin, NFTs cannot be traded or exchanged at equivalency due to the stored metadata on a blockchain.Īrtworks and collectibles are the main current NFT types. This feature alone differentiates NFTs from other digital assets like crypto, and sources value for the token. The word itself - non-fungible - means irreplaceable, singular and unable to replicate. Transaction histories are recorded via blockchain, a publicly distributed ledger secured by encryption, which is used to certify authenticity and ownership. These digital assets link ownership to unique items, both physical and digital, and cannot be replicated. NFT is an acronym for non-fungible token.
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