China to launch state-run NFT blockchain

The infrastructure will be entirely separate from cryptocurrencies

The Chinese state-backed blockchain deployment infrastructure platform Blockchain Services Network (BSN) is moving closer to supporting NFTS — under the condition that the NFTs aren’t connected to cryptocurrency or public blockchains.

According to the South China Morning Post, the BSN will offer Chinese companies and individuals the infrastructure to implement NFTs into personal user interfaces such as apps in exchange for Chinese yuan. This infrastructure will be called the BSN Distributed Digital Certificate, or BSN-DDC, and is expected to roll out by the end of January 2022.

Because of the regulatory restrictions on public networks within China, so the BSN is using “open permissioned blockchains” instead. Permissioned blockchains put governance in the hands of selected groups and actors.

Miramax sues Quentin Tarantino over Pulp Fiction NFTs

 Blockchain tokens associated with high-resolution scans from original handwritten screenplay of Pulp Fiction

Production company Miramax has sued director Quentin Tarantino over his non-fungible token or NFT collection based on Pulp FictionThe lawsuit, filed yesterday in California court and noted online by attorney Mark Jaffe, says NFTs don’t fall under Tarantino’s reserved rights for the film. Miramax accuses him of violating the company’s copyright and trademark, and it’s demanding a halt to the upcoming sale.

Tarantino’s NFT collection is supposed to include blockchain tokens associated with high-resolution scans from his original handwritten screenplay of Pulp Fiction, plus a drawing inspired by some element of the scene. But Miramax alleges that Tarantino’s limited contractual rights for Pulp Fiction — including interactive games, live performances, and other ancillary media — don’t cover NFTs linked with the film’s screenplay.

https://www.theverge.com/

NFTs and the metaverse will make you an owner – not just a renter – on the internet

NFTs are the digital key to unlocking the metaverse

Headlines about the metaverse, blockchain, and NFTs are dominating the news, and you might be wondering how they’re all connected. What is the metaverse? Think of your physical world, the things around you, what and who you interact with. Now think of that physical world being digital. That’s it. That’s the metaverse. Cathy Hackl, who has earned the title of godmother of the metaverse, put it like this to Vogue in an interview in September: “It’s about the internet breaking free from the rectangles in our hands, desks and walls and being all around us.”

It’s like that Sims game so many grew up with, but better. Platforms like Decentraland and Cryptovoxels are already the social media of the metaverse in a way, said Andrew Steinwold, who hosts the crypto podcast Zima Red. There, “you can build a gallery; you can put photos of yourself, just like regular social media. You can get creative, scratch that itch. You can be social. You can go talk to your neighbors, go attend events.”

NFTs are the digital key to unlocking the metaverse, Shreyansh Singh, the head of Polygon’s NFT and gaming arm, wrote in a Decrypt article. An NFT, or a nonfungible token, is a unique digital asset stored on a blockchain, the same technology that underpins cryptocurrencies like bitcoin. The tokens give users ownership in the digital world.

“That was kind of the missing piece of the puzzle,” said Steinwold, who’s also a managing partner of NFT-focused firm Sfermion. “Now that that’s enabled, the metaverse is actually coming to fruition.”

https://markets.businessinsider.com/

A digital art just sold for nearly $70 million

NFT piece becomes first sold by major auction house

An artist has netted $US70 million ($90 million) from the landmark sale of a digital artwork that does not exist in physical form. In the first such sale by a major auction house, Christie’s sold the piece titled, Everydays — The First 5000 Days, by American artist Mike Winkelmann, known as Beeple, for $US69.4 million. It is a collage of 5,000 individual images, which were made one-per-day over more than 13 years.

The sale of the work has put Beeple in the top three most valuable living artists, Christie’s said in a tweet. The work is in the form of a new type of digital asset — a Non-Fungible Token (NFT) — meaning it is authenticated by blockchain, which certifies its originality and ownership.

https://www.abc.net.au/

NFT art: the bizarre world where burning a Banksy can make it more valuable

The blockchain art

A blockchain company has bought a piece of Banksy artwork and burnt it. But instead of destroying the value of the art, they claim to have made it more valuable, because it was sold as a piece of blockchain art.

The company behind the stunt, called Injective Protocol, bought the screen print from a New York gallery. They then live-streamed its burning on the Twitter account BurntBanksy.

But why would anyone buy a piece of art just to burn it? Understanding the answer requires us to delve into the tricky world of blockchain or “NFT” art.

It blends the niche subculture of cryptocurrencies with long running philosophical questions about the nature of art. No wonder people have difficulty explaining it all.

https://theconversation.com/