The authenticity of this tweet was verified by data securely held on one of the various blockchains, the same encrypted ledger that cryptocurrencies use to verify their transactions. By proving authenticity, digital assets and art can, in theory, become as expensive and desirable as physical art. When twitter founder Jack Dorsey sold his original tweet (the first on the platform) for close to $3 million (and donated the money to charity), the fact that it is the actual first tweet was the reason it commanded the price it did. Humans love collecting rare items, and while CryptoKitties’ limit of around 4 billion cats means they aren’t super rare, it has quickly been established that the same model and technology could be applied to genuinely rare items. It is this technology that has been utilised in the sale of other digital assets. Records and smart contracts kept on the Ethereum blockchain allowed users to prove ownership, breed, trade or sell their virtual cats with each other without the need for third-party mediation or supervision. One of the early uses of blockchain technology for recreation was an online game called CryptoKitties, in which users trade virtual pet cats.Įach cat is a digital asset, or Non-Fungible Token, making them a unique, one-off item that is not replaceable with another of its kind. Enter blockchain-based Non-Fungible Tokens (NFTs) that prove authenticity and ownership, with the option to attach smart contracts to those digital assets permanently.įunnily enough, this technology translates perfectly to event ticketing, so at Seatlab, we’re creating an NFT ticketing platform to eliminate fraud, reduce the impact of scalping and forge a closer connection between fans and the artists they love. There’s no collectable value to something anybody can download and display if there is no proof of originality. The problem? How to verify which picture or gif is the actual original. These curiosities are connected by an emerging technology that has the potential to revolutionise the way humans do business with one another.ĭigital assets have previously not been seen as collectable items why would anybody pay for something they could download for free with a quick Google search? A $3 million tweet, a $600,000 cat gif and an eye-wateringly expensive collection of NBA moments that people have spent around $230 million trading so far.
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