Every single day, the digital world expands. The pace of technological innovation will continue to accelerate. The terms “cashless payment” and “e-wallet” are often used in today’s environment. As a result, the idea of cryptocurrencies has sparked a lot of debate both in real life and on the internet. People, particularly the younger generations, are becoming more aware of cryptocurrencies and even non-fungible tokens (NFTs) that they may invest in. In this post, we’ll talk about the current relationship between street art and NFTs that you might be interested in. If you want to learn more about the new cryptocurrency trends, make sure you acquire the most up-to-date information from the finest source.
The Difference Between NFT and Cryptocurrency
NFTs and crypto are both based on blockchain, and both use the same technology and ideas. As a result, they tend to draw the same kind of people. NFTs are a subset of the crypto culture, and you’ll almost always require bitcoin to buy and sell them. The fundamental distinction, though, is evident in the name. Cryptocurrency is a type of money. It has just economic value and is fungible, just like any other currency. That implies that no matter whatever crypto token you hold inside a certain cryptocurrency, it has the same value as the next; $1 ETH Equals $1 ETH. NFTs, on the other hand, are non-fungible and have a value that extends well beyond economics.
What is the point of NFTs?
Initially, the advantage of NFTs was that they allowed full ownership of digital things in a way that mirrored the “real world.” However, NFTs are capable of considerably more. When an artist’s work is resold, NFTs allow them to continue to receive royalties, which isn’t feasible with a tangible painting, for example. Celebrities like as Snoop Dogg, Grimes, and Paris Hilton are using NFTs to provide one-of-a-kind souvenirs, art, and experiences, understanding the value they provide. NFTs offer to cut out the middlemen in digital publication, allowing all sorts of artists to sell directly to their followers and fans to serve as patrons. NFTs might pave the way for a return to an older form of art community, where people support the artists they like.
With NFTs, you may not only invest money in a budding artist by purchasing early work and profiting as the work’s value grows, but you can also invest time spreading their reputation and profit when their value rises. Now, creators can directly engage and transact with their fans: the community can express their ideas and have a higher chance of being heard, benefits can be structured to reward members who offer the greatest value, and the community can profit from token ownership and redeemable real-world prizes.
Some observers believe NFTs are confined to digital art and/or limited-edition subjects, while others believe they have enormous potential for new labour, economic, and social value paradigms. Crypto is going to dramatically transform finance, value, organization, government, the internet, money, and more. Non-fungible tokens (NFTs), on the other hand, will fundamentally alter human society and culture.
NFTs can be anything from concert ticket stubs to virtual real estate like the Bronx Zoo, which is based on the metaverse platform CryptoVoxels, to digital pet ownership. NFTs, according to thought leaders, might provide the foundation for virtual nations, in which every NFT holder has an equal say in government. In contrast, today’s social media sites function like dictatorships, with a few persons able to remove users on the spur of the moment. With the coming together of NFTs and cryptocurrencies, whole economies might be formed on digital assets.
STREETH: Where street art meets NFT
Given the COVID-19 pandemic’s impact on physical and brick-and-mortar places, it’s no wonder that virtual and online sub-reality has grown in popularity. Likewise, digital goods. That’s where non-fungible tokens come in. Although non-fungible tokens have been present for a long time, the years 2020 and 2021 were notable for their acquisition and exchange.
No one can deny that street art is a very frequent form of artistic expression. It’s everywhere in the city. So how is it converted to the digital or NFT metaverse? Streeth, a new Blockchain NFT firm, is transforming street art as we know it. Before Streeth, most street art was found on walls of buildings, under bridges, on billboards, etc., never fully crossing the realms into the metaverse. Streeth wanted to alter that. For the first time ever, Streeth is selling street art as a non-fungible currency on the Ethereum network. In other words, Streeth’s painstaking curating, minting, and auctioning procedure now allows you to acquire a digital version of the artwork.
If you buy something on Ethereum, you get a record of your purchase on the Ethereum blockchain. The owner may then freely access the NFT artwork by just touching the phone screen. Scan the matching Streeth QR code to see the dashboard that shows evidence of ownership. Streeth’s digitizing street art and making it a non-fungible token benefits both the art collector and the street artist. Previously, street art could neither be privately owned or sold, nor could the artist benefit from their work. The street art was likewise unprotected. However, with Streeth’s latest and up-and-coming invention, street art may now embrace all of these notions, benefiting both art consumers and street artists. In this way, not only may art collectors expand their collections because street art was never privately owned, but it can also help street artists gain greater recognition and profit.