Recap Ideas of Identity and community in Jersey
Before embarking in the research of my NFT project I want to recap on the foundations of the project: community in Jersey.
The Government of Jersey is currently consulting the public about what makes Jersey special through a project called Island Identity.
I brainstormed a reaction to what the above question was asking to set a foundation for my NFT project.
The ISLAND IDENTITY project has produced a website and a report that has identified distinctive qualities of island life in Jersey. It discusses:
Constitution & Citizenship
Communities
International
Economy
Education & Sport
Heritage, Culture & the Arts
Environment
I want to keep these themes prevalent throughout our NFT project.
What is an NFT
An NFT is a “one-of-a-kind” digital asset that can be bought and sold like any other piece of property. As with crypto-currency, a record of who owns what is stored on a shared ledger known as the blockchain and maintained by thousands of computers around the world.
NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. This therefore marries the art and photography with the digital, crypto realm.
In economics, a fungible asset is something with units that can be readily interchanged – like money.
With money, you can swap a £10 note for two £5 notes and it will have the same value.
However, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.
It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be one original painting.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
Traditional works of art such as paintings are valuable precisely because they are one of a kind.
But digital files can be easily and endlessly duplicated.
With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold.
Most expensive NFT sold to date ($69 million):
https://www.cnbc.com/video/2021/03/30/crypto-investor-metakoven-beeple-nft-art.html
2 Lives Exhibition:
The idea theme that this digital art exhibition is going to fixate on, is the idea that we all live two lives and these lives co-exist between tangible and virtual worlds.
2 Lives was created by Francesco Vincenti & Claudia Runcio