I am a futurist and non-fungible tokens – NFTs for short – make me queasy.
At the Dubai Future Foundation we have been trying to understand this burgeoning world of owning digital assets and what NFTs are all about. How can they be sold as art, how are they secured despite being so easily copied, what makes them unique (or not) and how does pricing work?
The artist VESA said something that intrigued me at a seminar we recently hosted about his experience in participating in an online simulation. When he first began meeting people in this virtual reality, he was just a simple stick figure. Those he was meeting had (virtual) designer clothes and shoes – purchased at great expense. The virtual world - like the physical one - is already a capitalist place. Clothing, game accessories, art and more can be purchased to own and show off for one’s online avatar.
So, when you have your virtual friends over for a virtual dinner, in your virtual house, you can show off your outfits, collection of digital art or footage of unique moments in history, film or sport. Indeed, you would be able to show real-life, NFT-savvy friends your digital collection. And so we are drawn into this league of digital investors.
This reality explains a few important points about NTFs.
First, status anxiety has become digital. Alain de Botton, philosopher, writer and author of the 2004 book Status Anxiety, describes how, even back then, we lived in perennial fear of being seen as unsuccessful. We compensate by overcompensating, leading to excesses and anxieties. Our digital lives are so expansive and public, not least thanks to social media, and promoted by in-game economies that the digital space is where this newfound anxiety is expressed or conquered today. Facebook’s own recently leaked research into mental wellbeing issues associated with Instagram bears this out: social comparison is made worse by Instagram in a quarter of the platform’s young users.
The second point is that an important aspect of the digital world is the opportunity for new world orders. I can be anyone I want online: pick a name, a gender or a preference of any kind, and that’s who I am. I can even declare something to be scarce and valuable, like with an NFT. This means the opportunity is there to strike it rich just thanks to my intellect, a computer and an internet connection. This makes me wonder: Is selling an NFT real success, or just the appearance of success? How do you define time well spent?
Of course, this will be a race to the top – and to appear successful. Hence, investing in NFTs is hailed as an opportunity for everyone to gain digital ownership of something others may want – an opportunity to once again create haves and the have-nots.
NFT ownership of significant digital art has recently moved to India. Eager buyers are claiming that cypto is an equaliser between the West and the Rest. To try to level the field, Vignesh Sundaresan and Anand Venkateswaran, early cryptocurrency investors, have splurged $69 million for a digital canvas by the artist Beeple, who never expected to make so much from his art.
In my mind the big-ticket NFTs will always be within reach of the wealthiest
That’s a third, and perhaps much less disturbing, aspect of NFTs. They present an opportunity to reward artists during their lifetimes. Even so, in my mind the big-ticket NFTs will always be within reach of the wealthiest, regardless of whether their wealth was made in the last bitcoin cycle or over generations.
But don’t forget: investing in any form of art, or anything, in the hope of striking it rich, always carries risk and uncertainty.
Sure, you could go to Paris with millions of euros in the hope that the Mona Lisa is up for sale. Or, you could buy cheap paintings from art students on the Rive Gauche in the hope it’ll fetch millions one day. Just because NFTs are today's trend does not mean they’re a sure bet.
Somehow, though we are fed daily rations of digital investments, mostly by sellers, as being a route to wealth – if I had only bought bitcoin at $5 (or even at $30,000), or that cute cat NFT. That’s because we want to feel part of the savvy crowd, even if that means looking at a pixel on a screen rather than a painting.
So when you feel that urge to spend real money on a new NFT, know that you’re suffering from digital status anxiety. And isn't there enough of that in the real world already?
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
COMPANY%20PROFILE
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Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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