Are NFT's useful to filmmakers? And what the hell are NFT's?

[Daniel D. Teoli Jr.]

https://news.artnet.com/market/melania-trump-launched-nft-platform-first-offering-watercolor-eyes-branded-amulet-inspire-2049967

I can't figure out exactly what they are. Is it like selling shares in a company or a thing? I looked them up. It said NFT's are related to cryptocurrency, which would mean it is nothing. But it looks like with NFT's you have something physical or at least digital. Is it like selling the exclusive digital rights to an image?

 

[Phil Rhodes]

A non-fungible token is intended to be a unique and non-alterable record of who owns something.

It uses the same underlying technology (a blockchain) as a cryptocurrency such as bitcoin or ethereum.

This is less complicated than it sounds. The idea is that each record in a chain has a serial number which is based, in part, on the serial number and content of the record before it. Thus, any change to a record in any given chain would change the serial numbers of all subsequent records, making it effectively impossible to retroactively alter a record without the tampering being obvious to everyone.

It's not bad technology; it's pretty secure. If there's a problem it's that verifying the integrity of any particular record can require significant computer resources, since every record in the chain must be examined to verify that its serial number and content properly reflects the serial numbers and content of the records preceding it. This has quite a large carbon footprint and has been criticised on that basis.

Phil

[Daniel D. Teoli Jr.]

Thanks Phil.

So how would this work?

https://www.theartnewspaper.com/2022/01/11/british-museum-banks-on-turner-nfts-after-hokusai-initiative

Everybody buys shares in an artwork, but the museum still owns it? Do you get a serial numbered hi-res digital image with your share?

[Daniel D. Teoli Jr.]

https://news.artnet.com/news-pro/kenny-schachter-crypto-pad-2061146?

An interesting article on artists and NFT's.