PDF Publication Title:
Text from PDF Page: 005
Appl. Sci. 2021, 11, 9931 5 of 19 NFTs became popular within the crypto community through gaming and, in particular, through the virtual game CryptoKitties, which is a digital collectibles game, where every CryptoKitty is unique [58]. CryptoKitties have been described as a “digital version of Pokemon cards” [58] and the NFT for one of the most expensive CryptoKitties was sold for 170,000 USD [59]. Beyond gaming, NFTs have also been adopted by various industries, ranging from finance, obligations and loans [60] to supply chains [61]. In 2021, NFTs hit the mainstream emphatically, shaking up the art world, when the Christie’s auctioned Beeple’s “5000 Everydays” in March 2021 as the “first purely digital artwork (NFT)” [62] for 69.3 million USD [63]. Although this was not Beeple’s first multi-million dollar sale [62], “5000 Everydays” ranked as the third most expensive work sold at auction by a living artist, causing many in the art world to pause and evaluate the potential of NFTs [8,64]. In addition to the aforementioned sectors, the potential of crypto collectibles is continuously being highlighted for an expanding range of industries, spanning from music [65] and sports [66] to real estate [67]. 3.2. Storage of NFTs Given that digital collectibles by definition represent digital and physical assets, it is deemed necessary to examine where these assets that NFTs represent are stored. In the case of physical assets, the tangible artefact is usually shipped to the NFT collector, an indicative example of which is the NFT trading cards [68]. In the case of digital assets, however, storage is more complex. As a digital asset could be lost forever rather easily (e.g., being mistakenly erased due to human error, or by accident due to hardware damage), so systems have emerged for the persistent storage of assets represented by NFTs. In contrast to the actual tokens, which are stored on blockchains (e.g., on the Ethereum blockchain), the assets they represent (i.e., the digital files) are in most cases stored off-chain, as it would be prohibitively expensive otherwise. Indicatively, in July 2020, when gas fees were also significantly lower than in 2021, the fees to store (i.e., register) a 1 MegaByte image on the Ethereum blockchain cost more than 13,000 USD (i.e., 13.82 USD per KiloByte) [69]. To link the two, i.e., the blockchain-based tokens with the digital assets that they represent, which are stored in external storage systems, NFT platforms utilise different ways of associating the token with the asset; in the simplest of forms, one such reference can be a web link accompanying the token in its metadata. There are mainly two types of storage systems for digital assets represented by NFTs, i.e., distributed storage infrastructures and centralised storage solutions. The most-widely used storage system at present, IPFS, is distributed; IPFS is where the assets of leading marketplaces of crypto collectibles such as Rarible.com and Foundation.app are stored by default [70,71]. On the other hand, an indicative example of a centralised storage solution is the Origin NFT Launchpad (originprotocol.com) platform. When an NFT is created and sold through the Origin NFT Launchpad, although the token transaction takes place on the Ethereum blockchain as normal (as if this NFT was created and sold through the aforementioned marketplaces), the asset represented by this NFT is stored on the company’s own centralised servers instead (information provided by Origin Protocol directly, as of June 2021). 3.3. Cost and Risks Although the potential of NFTs is arguably undisputable, it must be noted that there are costs for creating and trading crypto collectibles, as well as potential risks, which should be addressed by any individual or organisation seeking to utilise this new medium. Regarding the former, to create and trade NFTs, or to perform any other blockchain-based transaction, one must pay the so called gas fees, i.e., fees that are paid to node operators to register new transactions on the respective blockchain [72]. Node operators play a vital role for a blockchain’s proper functioning; they lend their computer’s resources (e.g., RAM, disk space, bandwidth) to it, by running a software that “keeps a full copy of the blockchain” and also “broadcasts transactions across the [blockchain] network” [73]. Gas fees depend onPDF Image | Crypto Collectibles, Museum Funding and OpenGLAM
PDF Search Title:
Crypto Collectibles, Museum Funding and OpenGLAMOriginal File Name Searched:
applsci-11-09931-v2.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com (Standard Web Page)