![]() ![]() A DIGITAL SHOWROOMĮxactly what those virtual things are can vary greatly. “NFTs are revolutionary because they provide the first way to own and monetize digital content, and this is profoundly empowering for creators and fans.”Īnd through a process called “minting,” which gives a digital item unique, trackable metadata, we are able to prove singular ownership of our virtual things. “Amidst this explosion of digital content, there have been few ways to monetize or own digital content, which has limited its potential,” Urbach says. There’s really nothing stopping someone from copying that image file and passing it on to others, explains Jules Urbach, CEO of OTOY, a cloud graphics company that is currently curating the work of legendary comic book artist Alex Ross into an NFT archive. However, unlike when you purchase a physical print (especially a numbered one), it can be hard to prove ownership of digital art. Maybe, for example, you’ve bought a digital print from your favorite artist. Over the past few decades, we have started to live in an increasingly digital world, which has spilled over into creativity, art, and design. ![]() “These collectibles derive their value by their utility or usefulness, the story behind the item (which often can be sentimental), and rarity,” Crothers says.Īs with any collectible, owning an NFT is special because it’s yours, but the idea of actually owning a digital item is a fairly new concept. So, let’s start with the basics.Īs Dan Crothers, COO and co-founder of virtual collectible company VeVe explains, every type of collectible you can own - from baseball cards and limited-edition sneakers to Funko Pop! figures and high-end cars - is non-fungible because each one is unique. They have become more and more prevalent over the past few years and have the potential to permanently change fandom culture.īut to come back to the question that SNL so eloquently posed, what the hell is an NFT? If concepts like blockchain and bitcoin send your head spinning - as they did, and honestly still do, mine - you may be avoiding this new tech trend entirely. However, NFTs (non-fungible tokens) didn’t actually arrive overnight. Maybe you first saw those three letters in a headline from a major newspaper, a tweet from your favorite collectibles company, or that SNL sketch from March in which Pete Davidson rapped, “Can you please explain what’s an NFT? I said, what the hell’s an NFT?”Įspecially for those in the fandom community, it may feel like every company is now offering exclusive, virtual items for fans, gamers, and collectors. That acronym seemed to appear in our online vernacular almost overnight, and then suddenly it was everywhere. By the end of the 1930’s token use was eliminated. Issued in a variety of materials: cardboard, brass, bronze, aluminium, pressed cotton fibre and plastic, mintages were high, but as these little tokens approach 90 years old, they have become collectable.Screenshots of NFTs on the ‘VeVe’ app | Source: VeVe/the Pop Insider Non-fungible tokens have the potential to revolutionize pop culture. Generally regarded as a nuisance by customers, they were replaced quickly by the bracket system of sales tax. By 1933 there were twelve states that issued sales tax tokens: Alabama, Arizona, Colorado, Illinois, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, Utah, Washington. Unemployment skyrocketed, income tax revenue plummeted and defaults on property taxes spiked. In October 1929 the global economic crisis struck the United States. ![]() Improving economic conditions throughout that decade of the 1920’s would leave West Virginia’s use of a sales tax unique among the 48 American states. These proposals were defeated, but the state of West Virginia implemented a 1% sales tax of its own in that same year. In 1921 in the USA there was a concerted effort to implement a 1% national sales tax by attaching it to the 1921 national revenue bill and 1922 legislation providing for a soldiers’ bonus. Prior to WWI, only two countries Mexico and Philippines made use of a general sales tax for national finance. Issued by private firms, municipalities and by twelve state governments, sales tax tokens were generally issued in multiples of 1 mill or one tenth of a cent. Tax tokens were created as a means for consumers to avoid being “overcharged” by having to pay a full penny tax on purchases of five or ten cents. Sales tax tokens were fractional cent devices used to pay sales tax on very small purchases in many American states during the years of the Great Depression. Retailers Occupation Sales Tax Token, one and a half. ![]()
0 Comments
Leave a Reply. |