here is how you can buy it (and why)

Numerama has decided to sell its own NFT: a tweet that represents the members of the editorial staff. Do you want to acquire the first NFT of a French media?

The first NFT of a French media

For this NFT, we have chosen the screenshot of a tweet, representing the members of the editorial staff whose portraits have been revisited in the Renaissance style thanks to Ai-Art, a free site. Seeing our selfies turn into portraits that were not really flattering or really resembling had made us laugh a lot, to the point that we decided in April 2020 to dedicate an article to this site, and to make a tweet. And, now, an NFT.

If this tweet does not have great intrinsic value, it still has historical value: it is the first NFT of a French media. It’s a piece of Numerama, and a piece of Internet history. The money collected during the sale will be donated to an association.

How do I buy an NFT?

How do I buy an NFT? Numerama already explained the process to you in another article, but after feedback, it turns out that French banks are not always the most cooperative when it comes to buying cryptocurrency. In fact, the process is mostly quite long. If, like us, you do not have cryptocurrency, you will certainly need to notify your bank, in order to avoid misunderstandings.

First of all, you will need to install a cryptowallet, a kind of application that will allow you, like a classic wallet, to keep your money, take it out when you need it, and even make transfers directly to other cryptowallets. The most common are the applications Coinbase, or Metamask – they are also free.

Some of these virtual wallets will ask you for identity papers in order to complete your registration. Checking the authenticity of these papers can take time: this is normal. Take the opportunity to call your bank and tell them that you are going to buy cryptocurrency.

Once you have your wallet, you will need to buy Ethereum (abbreviated ETH). Some NFTs can be purchased with other cryptocurrencies, but the vast majority of them go through Ethereum. To buy, nothing could be easier: on the virtual wallets, the buttons dedicated to the purchase are indicated in large. You just need to click on it, specify which cryptocurrency you want to buy, for how much money (we bought $ 100 worth of ETH, which is roughly 0.060 ETH), and that’s it. You will then have to wait a few minutes for the transaction to take place, and you will automatically receive the ETHs on your cryptowallet.

Once you have successfully overcome these two steps, you will just have to go to Numerama’s page on OpenSea, and click on ” place bid »(Bid, in French), and to specify the amount you want. You can also do this operation on other people’s NFTs, if you want, but hey, we especially recommend ours.

Numerama Renaissance // Source: Numerama

Why did you do an NFT?

Numerama knows it well: there is a lot of controversy around NFTs, their environmental impact, or even their usefulness.

First, as the benchmark media on tech and digital, we are committed to understanding technological innovations, as closely as possible to their operation. Analyzing and describing the concept of NFT is one thing, but testing the process is also important. We cannot just be spectators of the tech world, we sometimes have to get our hands dirty to be able to better inform you.

Secondly, NFTs are disrupting major notions associated with the internet, whether it is the concept of online property, virtual art, money relations … By testing the buying and selling of a NFT, we also want to understand these mechanisms from the inside, and be able to better reflect the current public debate around these mechanisms. non-fungible tokens which remain so mysterious for a large part of Internet users.

Who understands, exchanges and has fun with NFTs? Did we follow the white rabbit to the bottom of the abyss, which would only vibrate the small closed circles of art collectors and tech aficionados? On March 24, the New York Times sold its very first NFT. In 24h, it sold for $ 560,000. It is certain that the subject matters, and must be treated, especially since some people have already used this technology to appropriate the work of artists. It is nevertheless important to note that it is above all the lack of control on the part of the NFT sales sites that allowed these thefts: like any technology, that of NFTs must be monitored in order to limit the downside.

As for the environmental cost of an NFT, it is more symbolic than real. The criticism of this form of transaction is that it indirectly validates the general mechanism of cryptocurrencies, which are extremely expensive in energy – even if Ethereum is as such more moderate than Bitcoin. By themselves, NFTs, as numerous as they are, are only a tiny fraction of blockchain transactions. Ethereum trading won’t end with one, two, or one hundred NFTs less. But it still poses a broader and legitimate question on the blockchain: if the technology starts to leave its framework of insiders or amateur speculators, then its energy cost will be exponential. And maybe it is this forest of problems to come that is hidden by the hype around the new toy of the art market.

Everydays : the First 5 000 days, de Beeple // Source : Beeple

Finally, it is important to address the speculative bubble that has formed around the NFT market. It is, it is true, impressive. But the world of “real” art has already known such bubbles: it is even characteristic of a very speculative market. Does a jpg file deserve more value than a monochrome canvas ? A masterpiece is certainly more tangible than a file saved in the blockchain. But do you really ever own a work of art? Do the slightly distorted faces of the members of the editorial staff of Numerama constitute a work that will change the face of the art world? Maybe not. Is it something unique that has value? Certainly.

The continuation in video


Source: Numerama by www.numerama.com.

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