Greetings Fellow Earthlings, Listeners, Creators and Frens,

Welcome back to the Portal, where we explore Web3 together and you also have the opportunity to engage right now by minting this entry as well as the embedded NFTs in it.

Even though NFTs have been around for a few years now, I am sure that many of you are still asking “What’s the buzz about NFTs?” or “What’s up with these overpriced JPGs?”. The acronym does not divulge much of the nature of it, but it sure sounds cool to say “I just listed my artpiece as an NFT” or “I can make money by flipping NFTs”.

NFT stands for Non Fungible Token. This essentially refers to a token that is unique and not exchangeable for another. But why exactly is this revolutionary for the Internet? In the previous entry we explored the idea of Data Ownership. In a sense this is closely related. As it wasn’t previously possible to really own data, NFTs bring this concept into reality by simply acting as that Proof of Ownership. So in essence an NFT is like a certificate of ownership of a specific data set. Now, since the advent of the internet, our world has been increasingly operating in the digital realm, so this becomes very relevant and necessary for what I call the “self-organizing” aspect of information and the nature of the ownership thereof. It was not previously possible to prove ownership of something digital.

Enter blockchain.

As I have explained previously the Blockchain is a gigantic global ledger (chain) that incorporates each transaction (block) into itself. It is also completely transparent and public, making it impossible to “cheat”. Now that we understand this aspect, it becomes clear how valuable this is in the context of digital art. A good example is the piece “Everydays: The First 5000 days” by the artist Beeple which sold for just under $70 million. It was auctioned on well-known fine art auction house Christies. It rocketed up from starting price $15 million to $69 million in just one hour. This precedent speaks to the potential and future of digital art in the current era of Web3 and it is why I am personally invested in it. I believe we have only seen the beginning of what is possible for Art and Culture in the context of the digital information era. Exciting times. I will provide further resources on NFTs below.

For this entry’s embedded NFT I present ForestSesh Part 3/3, the final part of this collection, a collaboration between Flooting Grooves and Almost a Sin.

Zenn aka Almost a Sin features on Didjeridoo as well as the creator of the matching artwork, drawn by hand.

Details about the piece in previous 2 Entries.

Further resources:

https://learn.metamask.io/lessons/nfts-and-creators

Feel free to comment below or hit me up on social media.

@flootinggrooves (X/Farcaster/Phaver)

flootinggrooves_official (Insta)

Love n Light