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Technology Revolution: The Future of Now

The Future of Your Digital Identity: All About The NFTs?

Technology Revolution: The Future of Now

Bonnie D Graham

News, Business News, Technology

4.9 • 112 Ratings

🗓️ 7 September 2022

⏱️ 56 minutes

🧾️ Download transcript

Summary

The Buzz 1: “NFTs are not just for digital art—and their popularity is growing. Now The Economist is experimenting with an NFT, to raise money for a good cause. – One candidate for the Oxford English Dictionary’s “Word of the Year” for 2021 will surely be “NFT”. Non-fungible tokens—cryptocurrency chits which represent digital images or videos—have been around since 2014, but took off in popularity in March [2021] when Christie’s, a British auction house, sold an NFT of “Everydays—The First 5,000 Days”, art by Mike Winkelmann, for a cool $69m.…On October 25, The Economist will auction off the cover of our issue from September 18: Alice in Wonderland embarking on a journey into the world of decentralised finance (DeFi)—in which NFTs form part of the foundation of the digital economy.” [economist.com] The Buzz 2: “Like it or not, the music industry has embraced NFTs …In March 2021, the album heralded as the first to be released as a non-fungible token was Kings of Leon’s barrel-scraping When You See Yourself—and people who bought the shiny new digital widget got their actual copies of the record as old-fashioned MP3s and vinyl records. Snoop Dogg announced his newly acquired Death Row Records, a hip-hop brand venerable enough for the Super Bowl halftime show, would become the first NFT label. [pitchfork.com] The Buzz 3: “Sotheby's offers a curated array of NFT's from Digital Art, Luxury, Collectibles, Sports and Pop Culture…In 2021, records were broken: the most expensive Bored Ape Yacht Club ever sold in October 2021 for $3.4M…the second most expensive Cryptopunk ever sold achieved $11.7M.” [sothebys.com] Within the next couple of years, some of our favorite establishments or even community groups might start to implement this technology to better interact with us. What kinds of new possibilities will be created with NFTs for both the creator and us, the consumer? We’ll ask Connor Borrego, Amina Touati and James Shannon for their take on The Future of Your Digital Identity: All About The NFTs?

Transcript

Click on a timestamp to play from that location

0:00.0

Where does yesterday's future, which is already here, really here, really here, meet today's future, which is about to happen, and tomorrow's future, which could be just minutes away?

0:16.5

Welcome to Technology Revolution, the future of now.

0:27.7

Where host Bonnie D. Graham asks savvy futurists for their predictions about the tech-driven trends that are shaping our future right now.

0:31.1

Here's your host who will take us into the future of now.

0:35.0

Bonnie D. Graham.

0:36.5

I never remember which way I say is the future in the past, so I just do this.

0:40.3

We're going into the future.

0:41.5

Welcome, welcome, welcome.

0:42.6

I've got such an incredibly hot topic for you today.

0:45.4

I only need three guests because they are such experts and so passionate about this topic.

0:50.4

It may be foreign to all of you listening or it may be something you've heard a little tiny bit about. We're going to explain it and talk about the future. I'm talking about

0:57.8

NFT's first panel wave hello to everybody on LinkedIn and Facebook and a verbal hello to Voice

1:05.2

America business channel. So let me do my intro here. It's a little long and then we'll get to

1:09.1

our panelists. NFT is a cryptocurrency

1:12.1

chit, C-H-I-T or non-fungible token. That's probably what you've all heard, that proves a buyer

1:17.8

owns an intangible marker connected to a unique piece of digital art, music, or another item.

1:23.2

Does that sum it up, guess? You're all comfortable with that one? Much like Renee Magrid, I'm getting into French art here, painting of a pipe that says,

1:30.9

this is not a pipe, an NFT is not the thing it represents.

1:35.3

Tweets, videos of baseball dunks, and even the source code to the World Wide Web have been sold as NFTs.

1:41.3

From June to September 2021, they generated, everybody sit down now, $11 billion in sales.

1:49.0

That's $11 billion, the billion, an eightfold increase on the previous four months, according

1:54.0

to DACR, it's a market tracker.

...

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