What the Funge are Non-Fungible Tokens? Brave Bison chat to NFT gurus Power Up NFTs to find out
Non-Fungible Tokens (NFTs) have taken the digital world by storm in recent months, with iconic memes, viral videos and digital art such as Charlie Bit My Finger, Disaster Girl and Nyan Cat selling for hundreds of thousands or even millions of dollars.
Brave Bison chat to partners Power Up NFTs ahead of the Screaming Sheep auction to find out if it's a fad worth investing in.
So are NFTs set to become the Van Goghs and Monets of the modern era? Are they worth the money? And are they going to live up to the hype or prove to be just a short-lived fad? Some experts say that, just like the dot-com craze, NFTs are a bubble that will inevitably pop. Others are convinced that NFTs are here to stay, and that they will transform the investment world forever.
At Brave Bison we believe that NFTs are an exciting new development that present a unique opportunity for digital content creators—and we are excited to take the plunge into this space.
We have partnered up with Power Up NFTs—creators of The Three Stooges NFTs and a co-author of The NFT Handbook—to auction the NFT for one of the most superviral videos of all time. For nearly a decade The Screaming Sheep has been immortalised in TV shows, commercials, spoofs, and even a Super Bowl ad, and now we are going to be presenting the NFT community with the incredible opportunity to own this iconic piece of internet history!
On Friday, 27th August, The Screaming Sheep NFT will go up for auction on Foundation.app, so we sat down with our partners PowerUp NFTs to talk all things non-fundgible tokens and get the answers to the most burning NFT questions before the big event.
Brave Bison: What exactly are NFTs and how did the NFT craze begin?
Power Up: NFT stands for non-fungible token. They are digital collectibles on a blockchain, the same technology utilised by cryptocurrencies. While crytpocurrencies have huge supplies of tokens, NFTs have a supply of just 1, which makes them unique (non-fungible). The blockchain prevents NFTs from being copied and verifies their authenticity and provenance (chain of title). The craze began in 2017 with CryptoPunks and CryptoKitties, but really took off last year with digital art.
BB: What is their value to collectors?
PU: Prior to NFTs, there was no way to verify an original work of digital art or other digital file. Digital art had no value because it could easily be copied and transferred all over the internet. Because NFTs are unique and verifiable as the authentic original, digital art suddenly had value, and enabled digital artist Beeple, for example, to sell his Everydays NFT for over $69 million.
BB: What type of content performs best or is most valuable in the NFT marketplace?
PU: Digital art, collectibles and memes are driving the most value in the NFT marketplaces. Digital artists such as Beeple, Fewocious and Pak have generated tens of millions of dollars in sales. The NBA Top Shot collectibles have generated hundreds of millions of dollars. Meme NFTs such as Nyan Cat and Disaster Girl have sold for hundreds of thousands of dollars.
BB: What's the easiest way for content creators to enter the NFT space?
PU: The easiest way to get in the space is to create and mint (put the NFT on the blockchain) on one of the major marketplaces, such as OpenSea or Foundation. You’ll have to create an Ethereum wallet such as MetaMask, but it’s easier than you think.
BB: How can collectors get involved in the NFT space?
PU: Just visit one of the major marketplaces and search around. There are millions of NFTs out there. You’ll also have to create an Ethereum wallet to store your NFTs.
BB: If you could own an NFT of any viral video or meme ever created, which one would you choose and why?
PU: The Screaming Sheep, of course. I don’t think any other meme has been used as much as The Screaming Sheep. It was even in a Super Bowl ad. That’s over 100 million views right there.
BB: What's next for the NFT space?
PU: There are a lot of great NFT projects out there. A possible upcoming trend would be tying NFTs to physical objects, so ownership of the NFT would represent ownership of the physical object. NFTs could also be used to fractionalise ownership of non-bankable assets. The future of NFTs is bright.
Mariya Lyanguzova, senior content licensing manager at Brave Bison.
Content by The Drum Network member:
Brave Bison
Your world used to be limited by who you knew or where you lived. Now we live life in infinite digital space. Dating online. Working remotely. Minting NFTs. If you...
Find out more