This week’s featured collector is MachineElf
MachineElf’s collection showcases a diverse range of digital art with an eclectic mix of styles and subjects. Overall, it demonstrates the creative potential of NFTs as a medium for artistic expression. Browse the collection at lazy.com/machineelf
The results of last week’s poll: What is your opinion on OpenSea’s decision to support the ERC721-C standard for enforcing creator royalties?
According to the results of last week’s poll, a substantial majority (81%) either strongly support or somewhat support OpenSea’s decision to support the ERC721-C standard for enforcing creator royalties. This suggests that many in the NFT community believe creators should be compensated through ongoing royalties when their work is resold.
However, the poll also shows a small but noteworthy segment (9%) who strongly oppose the decision. They may feel royalty enforcement stifles the free market ethos of crypto and NFTs.
What does this mean for the future of NFTs? While most NFT collectors polled back OpenSea’s royalty standard, the minority opposition and neutral responses indicate it remains a complex issue without full consensus. The truth is that thoughtful arguments exist on various sides that are worth considering as NFT marketplaces and creators chart a path forward.
A Muted Vibe at NFT.NYC 2024
According to a review of NFT.NYC 2024 published in ArtNews, the vibe at this year’s flagship NFT conference showcased a more subdued atmosphere compared to its exuberant 2021 edition.
Despite the muted vibe, some promising developments were discussed, such as the success of Pudgy Penguins’ toy line in Walmart, which generated over $10 million in sales. Additionally, the potential for NFTs to provide a mechanism for creators to receive dividends when their content is used in AI training data sets was highlighted as an area of growth.
While the main conference focused on entrepreneurial aspects, separate events catered to the art community. These gatherings emphasized the importance of building infrastructure and practices to preserve digital art and create a sustainable ecosystem.
Overall, the NFT.NYC conference’s vibe reflected the current state of the NFT market – a more serious and focused approach in the face of challenges, with an eye towards long-term sustainability and growth through new avenues such as merchandising and AI integration.
Read the full report at ArtNews.
The Potential and Challenges of NFTs in Federal Records Management
In another sign that NFTs are not going away and that even the most staid organizations will need to address them eventually, the National Archives and Records Administration of the U.S. Government has released a briefing paper exploring the potential implications of Non-Fungible Tokens on federal records management. The paper highlights that NFTs created or received by federal agencies in the course of conducting official business can be considered federal records, and agencies must consider the records management implications. While NFTs rely on blockchain technology, the digital assets represented by NFTs are typically stored “off-chain,” making them vulnerable to link rot if the web host is not maintained.
The report concludes that within the archives and records management fields, NFTs may have a role in supporting the certification, authentication, and provenance of records, but further study is needed to determine if they can provide the trustworthiness of federal records.
Check out the full briefing at Archives.gov.
This week’s poll: If you could commission an NFT from one of these five artists who would it be?
Vote above and email us to share what kind of artwork you’d dream up with them!
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