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Trading Cards
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A
trading card (or collectible card) is a small card,
usually made out of paperboard or thick paper, which
usually contains an image of a certain person, place
or thing (fictional or real) and a short description
of the picture, along with other text (attacks, statistics,
or trivia). There is a wide variation of different
types of cards. Modern cards even go as far as to
include swatches of game-worn memorabilia, autographs,
and even DNA hair samples of their subjects.
Trading
cards are traditionally associated with sports; baseball
cards are especially well-known. Cards dealing with
other subjects like Pokémon are often considered
a separate category from sports cards, known as non-sports
trading cards. These often feature cartoons, comic
book characters, television series and film stills.
In the 1990s, cards designed specifically for playing
games became popular enough to develop into a distinct
category, collectible card games. These games are
mostly fantasy-based gameplay. Fantasy art cards are
a subgenre of trading cards that focus on the artwork.
The game with the highest number of unique cards and
one of the most successful is Magic: The Gathering.
(Wikipedia)
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Undertaker
NFTs to drop this Saturday ahead of WrestleMania -
8th April 2021
NFTs
(Non-fungible tokens)
A
digital-only artwork has sold at Christie's auction
house for an eye-watering $69m (£50m) - but
the winning bidder will not receive a sculpture, painting
or even a print.
Instead,
they get a unique digital token known as an NFT.
Where
Bitcoin was hailed as the digital answer to currency,
NFTs are now being touted as the digital answer to
collectables.
But
there are plenty of sceptics who think it is all a
bubble that is going to burst.
What
is an NFT?
NFT
stands for non-fungible token.
In
economics, a fungible asset is something with units
that can be readily interchanged - like money.
With
money, you can swap a £10 note for two £5
notes and it will have the same value.
However,
if something is non-fungible, this is impossible -
it means it has unique properties so it cannot be
interchanged with something else.
It
could be a house, or a painting such as the Mona Lisa,
which is one of a kind. You can take a photo of the
painting or buy a print but there will only ever be
the one original painting.
NFTs
are "one-of-a-kind" assets in the digital
world that can be bought and sold like any other piece
of property, but they have no tangible form of their
own.
The
digital tokens can be thought of as certificates of
ownership for virtual or physical assets.
How do NFTs work?
Traditional
works of art such as paintings are valuable because
they are one of a kind.
But
digital files can be easily and endlessly duplicated.
With
NFTs, artwork can be "tokenised" to create
a digital certificate of ownership that can be bought
and sold.
As
with crypto-currency, a record of who owns what is
stored on a shared ledger known as the blockchain.
The
records cannot be forged because the ledger is maintained
by thousands of computers around the world.
NFTs
can also contain smart contracts that may give the
artist, for example, a cut of any future sale of the
token.
What's stopping people copying the digital art?
Nothing.
Millions of people have seen Beeple's art that sold
for $69m and the image has been copied and shared
countless times.
In
many cases, the artist even retains the copyright
ownership of their work, so they can continue to produce
and sell copies.
But
the buyer of the NFT owns a "token" that
proves they own the "original" work.
Some
people compare it to buying an autographed print.
People
are paying millions of dollars for tokens?
Yes. It's as wild as it sounds.
How much are NFTs worth?
In
theory, anybody can tokenise their work to sell as
an NFT but interest has been fuelled by recent headlines
of multi-million-dollar sales.
On
19 February, an animated Gif of Nyan Cat - a 2011
meme of a flying pop-tart cat - sold for more than
$500,000.
A
few weeks later, musician Grimes sold some of her
digital art for more than $6m.
It
is not just art that is tokenised and sold. Twitter's
founder Jack Dorsey has promoted an NFT of the first-ever
tweet, with bids hitting $2.5m.
Christie's
sale of an NFT by digital artist Beeple for $69m (£50m)
set a new record for digital art.
But
as with crypto-currencies, there are concerns about
the environmental impact of maintaining the blockchain.
Is this just a bubble?
A
day before his record-breaking auction, Beeple - whose
real name is Mike Winkelmann - told the BBC: "I
actually do think there will be a bubble, to be quite
honest.
"And
I think we could be in that bubble right now."
Many
are even more sceptical.
David
Gerard, author of Attack of the 50-foot Blockchain,
said he saw NFTs as buying "official collectables",
similar to trading cards.
"There
are some artists absolutely making bank on this stuff...
it's just that you probably won't," he warned.
The
people actually selling the NFTs are "crypto-grifters",
he said.
"The
same guys who've always been at it, trying to come
up with a new form of worthless magic bean that they
can sell for money."
Former
Christie's auctioneer Charles Allsopp said the concept
of buying NFTs made "no sense".
"The
idea of buying something which isn't there is just
strange," he told the BBC.
"I
think people who invest in it are slight mugs, but
I hope they don't lose their money."
(BBC)
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