Erick Calderon, a designer of the famous NFT collection Chromie Squiggles, envisions a future in which NFTs are valued without scarcity.
“Friday at the NFT Paris conference, he said, “Humans have a tendency to tilt towards individualism.” Notwithstanding this, he asked the following question: What is required for NFTs to be desirable without the promise of scarcity?
Last year, NFT trading volumes in U.S. dollars dropped by more than 90% due to the crypto winter. Even renowned collections such as Bored Ape Yacht Club and Azuki were affected by the economic crisis. Yet, the frequency of transactions has rapidly increased as users take up cheaper NFTs marketed as “digital collectibles” and supplied by conventional firms like as Reddit or Movie studio Warner Bros. Discovery.
Calderon wants to go beyond “fomo-based” market mechanisms in which corporations are able to offer people customized products.
For instance, he said that tourist landmarks like as the Eiffel Tower might utilise blockchain technology to capture a particular glittering light sequence and sell it as a non-fungible token (NFT) keepsake, with the proceeds going towards building maintenance and the artist.
ArtBlocks is “committed to bringing engaging works of modern generative art to life” by bringing together artists, collectors, and blockchain technology “in service of innovative artwork and extraordinary experiences.” It has carved itself a niche as a marketplace for the production and sale of one-of-a-kind artwork.
In 2020, Calderon produced Chromie Squiggles. According to NFT Price Floor, the current price floor for the collection is 12.5 ETH (approximately $20,000).
Also Read: The IMF Board “Generally Agreed” That Crypto Should Not Be Legal Tender
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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