We were not surprised to read that a company that tracks NFTs declared that most NFTs are now worthless. But the NFT — non-fungible token — market was huge, so around 23 million people invested in NFTs that are now worth nothing. Worse still, the company notes that because of oddities in how NFTs are priced, the real number of worthless assets is probably even greater than they think.
It is easy to look back and think that it was obvious. After all, an NFT of the Mona Lisa isn’t really the Mona Lisa. Nor does owning it confer any real benefit other than “bragging rights” of owning an NFT of the Mona Lisa. But that’s like saying Luke should have known Darth Vader was his father — it’s only evident after the fact. History is replete with bad ideas at the time that paid out down the road. Of course, history is also full of bad ideas that were simply bad ideas. For every Apple or Google stock you didn’t buy at $4 a share, there are a hundred $4 stocks that you shouldn’t have bought.
The NFT craze was sort of a viral event. We usually think of these as part of the Internet culture, but that’s not really true. There is actually very little new on the Internet. The Internet just lets things reach further and faster than before.
Don’t believe me? Kilroy was a viral meme in the 1940s. Fads such as hula hoops, phone booth stuffing, and flagpole sitting were the ice bucket challenges of their day. But, of course, these things weren’t economic. Just fun fads. But economic fads that turn out to be a bad idea are nothing new, either.
When it comes to cryptocurrency security, what’s the best way to secure the private key? Obviously, the correct answer is to write it on a sticky note and put it on the bezel of your monitor; nobody’ll ever think of looking there. But, if you’re slightly more paranoid, and you have access to a Falcon 9, you might just choose to send it to the Moon. That’s what is supposed to happen in a few months’ time, as private firm Lunar Outpost’s MAPP, or Mobile Autonomous Prospecting Platform, heads to the Moon. The goal is to etch the private key of a wallet, cheekily named “Nakamoto_1,” on the rover and fund it with 62 Bitcoins, worth about $1.5 million now. The wallet will be funded by an NFT sale of space-themed electronic art, because apparently the project didn’t have enough Web3.0 buzzwords yet. So whoever visits the lunar rover first gets to claim the contents of the wallet, whatever they happen to be worth at the time. Of course, it doesn’t have to be a human who visits.
Here at Hackaday, we’re always working as hard as we can to bring you the latest and most exciting technologies, and like so many people we’ve become convinced that the possibilities offered by the rise of the Blockchain present unrivaled opportunities for humanity to reinvent itself unfettered by the stifling regulations of a dying system. This is why today we’ve decided to join in with the digital cognoscenti and celebrities embracing Non-Fungible Tokens, or NFTs, as a new promise of non-corporeal digital investment cryptoasset that’s taking the world by storm.
Crypto Non-Fungible Investment Gains!
An NFT is a digital token representing something in the real world, and coupled to a unique ID held in a secure entry in the Blockchain. It’s non-fungible, which means that it’s unique and not interchangeable in the manner of a traditional old-style cryptoasset such as Bitcoin. As it allows a real-world object to be tokenised in digital form it represents a way to own something that provides an irrefutable connection to it as as a digital cryptoasset.
It’s a complex system that’s maybe too difficult to explain fully in a single article, but think of an NFT as a way to invest in a cryptoasset in digital form with its uniqueness guaranteed by Blockchain security, without having the inconvenience of physically owning it. Instead your NFT is safely held on a server on the Internet, and can’t be physically stolen as it would from a bank vault because it has the Blockchain cryptosecurity baked in.
Non Fungible Blockchain Cryptoassets!
NFTs have so far found a space in the creative markets, where they have provided a revolutionary opportunity for artists to expand their sales in the digital realm by selling NFTs of their work. A struggling artist can now access buyers all over the world, who can in turn now invest with confidence in creative talent to which they would never otherwise be exposed. It’s a win-win situation in which both cryptoinvestor and artist benefit from The Power of the Blockchain.
Hackaday is excited to offer a once-in-a-lifetime chance to acquire a Blockchain-cryptosecured NFT representing one of our own articles; our first ever NFT is the only officially sanctioned digital copy of a Hackaday article presenting a novel method of handling toilet paper shortages. The original article will continue to exist on Hackaday.com with all rights reserved, but we will not make any other NFTs of it. We may also decide to update the original article to let everyone know you are the lucky owner of the only digital copy of this piece of greatness. That’s right, this NFT will let you prove you own a screenshot!
Having today sold you on the incredible cryptoinvestment opportunity offered by NFTs, we’ll be back on another date with a more sober and in-depth technical examination of the technology behind them. Meanwhile should our brief foray into NFTs garner any interest (and we really hope it does not), we will donate proceeds to the excellent Girls Who Code, a truly solid investment with a tangible bright future.
Thanks [Micah Scott] for some NFT consultancy during the making of this piece.
Science fiction movies often portray horticulture in the future, be it terrestrial or aboard spacecraft, with hydroponic gardens overflowing with leafy greens and brightly colored fruit. There is no soil, just clear water that hints at future-people creating a utopia of plant strains untethered from their earthly roots.
The starting point for this build is a sturdy wooden base. The PVC tubing and fence parts on top are light, but the water inside them will get heavy, and if you grow large plants, they become surprisingly heavy. Speaking of water, the sub-category of hydroponics this falls under is Nutrient Film Technique, or NFT, which uses a shallow stream of water laden with all the nutrients for plant growth. The square fence posts provide a flat top for mounting mesh cups where the plants grow and a flat bottom where the stream continuously flows. A basin and pump keep the plants refreshed and fed until they are ready for harvest.