Artists and Web3
I’ve been lazily keeping an eye on NFTs in the news for a couple years now. It never ceases to bum me out. “No name artist sells crappy digital art for millions of dollars!” Ugh, great, some artist is making their millions on NFTs. I even did a little research and learned that you usually have to pay to get your NFT minted, and then there’s no guarantee that anyone is even going to see it, let along buy it. Yes, that’s all accurate. And no, I’m not here to say NFTs are the solution to all of artists’ problems, because that is definitely not true. I tend to be more cynical than optimistic, and I still have my doubts about NFTs and Web3. However, I’m curious enough to get my toes wet, and this article explains a bit about what I’ve learned and what I think of it so far.
Let’s talk Web3
The world of crypto and Web3 remained a mystery to me as I saw NFTs pop up in the news. I didn’t understand how they were all connected. That was a big reason that I decided to take a course on NFTs and artists with TAAS this summer. The most valuable information I learned in this class wasn’t about NFTs, it was about how artists manipulate, push and question the new burgeoning world of Web3.
Definitions
Not knowing what some of these terms means can make it even more intimidating so let’s give these terms definitions. Note: These are my simplified definitions and may not be 100% accurate or technically correct according to some crypto enthusiasts and experts.
NFT - non-fungible token. Some digital asset or thing written into a blockchain and usually for sale using a cryptocurrency. The main point of an NFT is showing proof of ownership of a digital asset whether that be a digital image, video, code or something else. Part of the fun of NFTs is playing around with the idea of what a “digital asset” can be. Yes, these digital assets can often (but not always) be easily reproduced, but owning the NFT of that digital asset means you own it, and in some cases, control it.
Blockchain - This is the code base where everything cryptocurrency and Web3 lives. It’s a different way to code than is currently used on the internet. New assets and rules and other digital things are coded into the blockchain and are not easily changed. Snippets of code are added onto other snippets of code to make a chain, and these code snippets are grouped together like blocks - making the BLOCK.CHAIN. NFTs and the metaverse live on (or are coded onto) the blockchain. There are lots of different blockchains that have slightly different models. Ethereum is a blockchain. Bitcoin is a blockchain. Tezos is a blockchain. There are TONS of different blockchains that are all battling to be the next big blockchain success.
Cryptocurrency - a form of digital-only money that is not controlled by any banks or national entities. Cryptocurrency uses advanced mathematics and code to secure the currency and make sure it is decentralized and unable to be hacked, but still traded.
Crypto - a broader term for all things based on cryptocurrency and blockchain. Can be used as a noun or an adjective - for example “crypto bro” or “crypto podcast”.
Web3 - Web3 is used as a catchall for the next version of the internet that is in very early stages right now. I like to define it a little further as a decentralized internet. In my opinion, the biggest differentiator of Web3 is the fact that control and security is decentralized which avoids mega corporations and dictators taking it over.
I like this article defining Web3 on ethereum.org and this short list of bullet points below describing it.
“Although it's challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.
Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties."
ethereum.org
Learning about Web3 and its potential is what draws me to cryptocurrency and NFTs. I’m less interested in decentralized finance (defi) or the new digital art world of NFTs. I’m more curious about decentralization on the internet in general and how it can be made useful for artists and other marginalized groups that are currently getting fucked by capitalism on a daily basis. DAOs (decentralized autonomous organizations) illustrate this the best at this point with their decentralized power structure and coded rules set. Of course, they have their issues and struggles, but I’m enjoying watching how these groups reinvent governing models.
Metaverse - This one is for all you marketing people out there. I work in marketing, and I think it’s hilarious how “metaverse” is the new advertising train “that you better get on before you miss it!” First of all, it’s a made-up word from a science fiction novel (Snow Crash by Neal Stephenson, haven’t read it, don’t intend to) that marketers like Mark Zuckerberg have amplified to build buzz around something that doesn’t really exist yet. It’s something that’s being imagined and built in real time right now. My best hopeful definition of what it is: an imagined virtual reality world that is similar to the “real world” but better. How you define “better” is a very individual personal thing - thus why it’s hard to define. Two things I can say for sure: the metaverse is digital, and it requires technology to access it. The metaverse is not owned by Meta, Zuckerberg’s rebranded company name, or Facebook. I think it should have been illegal for Facebook to rebrand as Meta and start claiming that they own the metaverse - not true now, and I really fucking hope it’s not true any time in the future.
What other definitions are confusing to you? Contact me to let me know, and I’ll add to this post in the future.
Awake NFTs
After learning about NFTs and Web 3 all summer, I was very excited to jump in and make my own NFTs. Right away, I thought bringing back the Awake project to put sleepy selfies on the blockchain was a great first project! So I started taking Awake selfies again in July this year for a new set of images.
Picking the project was easy, picking the blockchain was not so easy. My biggest issue with cryptocurrency right now is that it is so energy intensive. Writing new code into the blockchain is environmentally degrading and financially expensive. This is due to the “proof of work” model that is used on older blockchains compared to the newer “proof of stake” model that many new blockchains are using. I’m not going to go into the difference because it kind of breaks my brain, but if you care about the environment and want to pay less for NFTs, know that you want to look for a proof-of-stake blockchain. This is a known issue that many in the crypto world have already started to fix and needs to become more mainstream. Ethereum is the most popular cryptocurrency for NFTs right now and also an energy intensive one - that’s why it’s expensive to mint NFTs on Ethereum. I knew I didn’t want to work with Ethereum or Bitcoin, but what other cryptocurrencies match my values? This felt like a huge step and I weighed a few environmentally friendly options - Polygon, Tezos, Cardano - but ultimately I chose Tezos because they have a strong artist community.
Learn more about Tezos and NFT sites using Tezos
I love that my Awake projects are now minted on a blockchain and part of the new Web3 world. I think of them as digital avatars out in the world exploring new virtual spaces. You can see the Awake NFT collection on objkt.com and own one by buying with Tezos cryptocurrency.
If you don’t have any Tez (XTZ) yet, put some in your digital wallet and give it a try!
Let me know if you have any questions, and I’ll try to answer them in a future post.