Non-fungible tokens are all the rage

March 17, 2021

Do you remember CryptoKitties, the virtual cats that collectors spent thousands of dollars to buy on the blockchain? They seem to have been merely the forerunners of the currently faddish non-fungible tokens (NFTs). In essence, any digital asset that a creator wants to make unique can be turned into an NFT (digital works of art, music, sports moments, and even tweets) and monetized. The NFT acts as a non-duplicable digital certificate of ownership; it will be stored on the blockchain and can be bought and sold like any piece of property. While the digital asset itself will still exist on the Internet, only the buyer of the NFT can call himself the owner of the “original” asset. As such, NFTs can be a financial investment, a sentimental purchase, or a collector’s item. NFTs can even contain smart contracts that, for instance, give the creator a cut of any future sale of the token. Although opinions on NFTs vary, once the hype around the space settles down, the idea of tradable digital assets will be here to stay.

Burning questions:
  • Which industries are next in line to make use of NFTs?
  • How will the tokenization of art and music influence the production and experience of these cultural items?
  • What will be the consequences of the introduction of digital scarcity for digital economies?
  • Will we be able to reliably connect NFTs to physical items?

Series 'AI Metaphors'

1. The Tool
Category: Objects
Humans shape tools.

We make them part of our body while we melt their essence with our intentions. They require some finesse to use but they never fool us or trick us. Humans use tools, tools never use humans.

We are the masters determining their course, integrating them gracefully into the minutiae of our everyday lives. Immovable and unyielding, they remain reliant on our guidance, devoid of desire and intent, they remain exactly where we leave them, their functionality unchanging over time.

We retain the ultimate authority, able to discard them at will or, in today's context, simply power them down. Though they may occasionally foster irritation, largely they stand steadfast, loyal allies in our daily toils.

Thus we place our faith in tools, acknowledging that they are mere reflections of our own capabilities. In them, there is no entity to venerate or fault but ourselves, for they are but inert extensions of our own being, inanimate and steadfast, awaiting our command.
Read the article
2. The Machine
Category: Objects
Unlike a mere tool, the machine does not need the guidance of our hand, operating autonomously through its intricate network of gears and wheels. It achieves feats of motion that surpass the wildest human imaginations, harboring a power reminiscent of a cavalry of horses. Though it demands maintenance to replace broken parts and fix malfunctions, it mostly acts independently, allowing us to retreat and become mere observers to its diligent performance. We interact with it through buttons and handles, guiding its operations with minor adjustments and feedback as it works tirelessly. Embodying relentless purpose, laboring in a cycle of infinite repetition, the machine is a testament to human ingenuity manifested in metal and motion.
Read the article

About the author(s)

FreedomLab Fellow Arief Hühn headed FreedomLab from 2018 until 2023, directing our research and business endeavors with a special emphasis on the impact of emerging digital technologies on the economy, politics and society. He holds a master's degree in communication sciences from Radboud University Nijmegen and a doctorate degree in human-computer interaction from Eindhoven University of Technology.

You may also like