In January, MAB, my friend and erstwhile web2 colleague, asked if I would collaborate on a NFT project featuring her 35mm photography. She encouraged my explorations into NFTs and I was excited to work with her on this project. From this collaboration we have launched the Purple Coast Origin Collection, an NFT which is now available for minting and on the secondary market. For more on the background of the art and the associated magic spray, check out MAB’s Enter the Purple Mist post.
Through the winter months, we brainstormed, discussed concepts, and arrived at the following goals for the project:
Even after a year when everyone from Wall Street financiers to late night TV hosts got into NFTs (non-fungible tokens), what do people really know about NFTs?
Often the media portrays NFTs as a sort of digital collectible and a way to own an image. For this reason, NFTs are sometimes mocked as putting a “JPEG on the blockchain”. Some question the value of this type of ownership since the blockchain cannot control who sees or shares a JPEG image.
The criticism is understandable, but reflects a misunderstanding of NFTs, how they open new possibilities for the web, and where their value lies. To begin, we need to discuss “smart contracts” and how they are involved in creating NFTs.