I have a few ideas about creative works that are totally possible, yet people don’t seem to be doing. I keep telling myself I’m going to get started on some of these *any day now* but it never seems to happen. At some I just need to do these things, or put them out there for others to do, or at least get some feedback on.
So here is one I’d like to partner up on:
Note: I’m describing this as an ERC-721 smart contract, but there’s no need to restrict it to that specific technology. EOS offers a more secure platform to build this on, as do some others, but it will likely generate the highest amount of interest if built on Ethereum IMHO. I’m also more familiar with Solidity-based smart contracts than with others (which may not matter depending on partners) but the idea will work on a variety of customizable smart contract platforms.
An animated gif chopped into a small number of cells, each represented by an ERC-721 token, but the smart contract has a few customized functions. Each token + image is sold to a distinct purchaser, to the extent that the artist can discern.
The purpose of the custom functions added to the contract is to allow the entire animation to come together over time, and to re-form into a single work of art. The custom functions would ensure that secondary sales occur only when the purchaser is already an owner of one or more of the existing pieces (token+image)
If none of the owners dies without making some arrangements for claiming the work by heirs, then it’s quite possible that a single owner will emerge over time to own all the pieces. That is, the complete set of tokens, each uniquely tied to one cell or frame via hashes, plus the animation itself. Who knows, the artist may be long dead by then!
I’m not aware of a temporal work like this, that re-assembles itself over time in a manner controlled by the purchasers of said artwork. How long that proces takes, and who emerges with the composite work is a process that is an integral part of the work. In some sense that process and how it unfolds over time is what makes the work interesting.
I claim that tokenizing digital assets is compelling because it creates opportunities to do new things, and tokenizing physical assets usually doesn’t.
A simple thought experiment:
If we each paid $1000 USD to someone who offered us gold, but they inform us that they actually have $1000 USD worth of gold, and $1000 worth of gold-backed tokens, would you prefer to own the tokens? I believe that most of us would want the actual gold.
Is there an analog with digital assets? Why not?
I think you’d have to agree there is a difference.
I’m going to oversimplifiy things slightly in order to highlight the differences, while still addressing the rather nuanced situations in a variety of cases. I will not be talking about composite items, that have both physical and digital components. I will not be addressing securities on the blockchain – i.e. ownership in a company or legal entity governed.
I believe the thought experiment posed above illustrates that tokenized physical assets incur additonal risk. This is the first key difference in my view. Continue reading “Tokenization of Assets – Physical versus Digital”
Blockchain all teh things!
While I’m a huge fan of tokenizing digital assets, I’m highly skeptical when it comes to the viability of tokenizing physical assets. The subject comes up in the context of real estate, creative works and more. However I find that the assumptions are not well thought out and I don’t believe this is a practical approach to take.
Four proposed solutions to this issue, specific to the context of creative works are:
- Use a verifier
- Use a platform to release your artwork
- Public announcement
- Use an OpenDime
Let me start with the last one. This solution is the only one that works in my estimation. Continue reading “Tokenizing Physical Assets”
Ever wish you could fight some of those CryptoKitties against each other? The creators say this is a common request and they’re considering it. Meanwhile, you might want to check out CryptoFighters to see just how fun a well designed fighting game can be.
Get a fighter from the marketplace – you’ll need to have some ETH and have the metamask browser extension to easily play this game. This enables the website to know what fighters you have without a login. Click here to get started with metamask extension.
Continue reading “CryptoFighters – engaging new Ethereum-based battling game”
Cryptobots is a blockchain-based app inspired by CryptoKitties, with clever new repackaging and graphics that seem to have been inspired by Homestar Runner.
The battle of Ethereum ERC-721 based token creatures continues with the beginnings of a cambrian explosion in crypto-whatevers. Today’s topic is the blockchain app called Cryptobots, where you can buy bots, manufacture your own bots, and battle your bots against others.
Buy a bot from the Cryptobots marketplace to get started, then battle it against others and get a free cryptobot if you win. You probably won’t, so try to manufacture a new bot instead, or just sell the damn thing and try again. Let’s take a closer look at doing all of these.
Continue reading “CryptoBots – battling blockchain bots!”