May 2024 Updates and Thoughts in the Creative Web3 Space

Hey, Reflection readers!

I wanted to start this month's opening on a positive note and how representation or art and digital assets has blossomed to where we are now.

It really has.

The kind of representation and influence fine art has with digital assets and techniques would have looked unachievable 5 years ago.

Examples you say?

Here you go:

👉 Sotheby's and Christies routinely run NFT sales

👉 Taschen recently published a book deep diving into the fine art NFT space called 'On NFTs'.

👉 NFT art on digital screens is becoming more of the 'norm' amongst physical art in galleries and museums, even going all the way up to heavy hitters like MoMA.

There is a way to go, but it's being accepted.

It's an exciting time in the fine art and tech space.

Secondly, the announcement of ETH ETFs was also big news this month.

Not so much creative, but vital to know about in the creative web3 space as it could involve a change in tide of pricing.

So what are ETH ETFs? An article from Kucoin explained it better than I ever could so hear you go:

"Think of an Ethereum ETF as a basket of securities representing Ethereum's value. Unlike directly buying Ethereum on a cryptocurrency exchange, these ETFs trade on familiar stock exchanges like the NYSE. This opens the door for traditional investors accustomed to the ease and security of regulated platforms to gain exposure to Ethereum's price movements."

There could, for example, be an increased sale of NFT art on the ETH blockchain as interest in crypto has the potential to increase in the coming months.

The launch of Ethereum ETFs is seen as a crucial step toward mainstream adoption and institutional investment in Ethereum.

Because of the above, I think we have a fun month ahead. But before we hit June, let's look back on what May offered us...

Art

So this is an interesting one...

It recently came to light that an NFT project by artist Damien Hirst had paintings that were mass-produced years later than claimed...

Called 'The Currency', the project was launched in 2021 and involved lots of painted dots over 10,000 physical art pieces and accompanying NFTs.

Purchasers later had to make a choice...to physically burn the physical art or burn their NFT version.

Looking back on this, the premise could have certainly been improved by the web3 tech we have today.

Could NFTs actually have been used to verify provenance when they were actually produced?

This is a good case to show just how quickly web3 tech moves with more innovation. Especially in the creative space.

Music

Tune.FM and Space Blue announced this month a partnership for exclusive rights to rare compilations from iconic artists such as Jimi Hendrix, Bob Marley, The Who, and Marvin Gaye.

Tune.fm is a tokenised music marketplace still in beta and touting lossless nft-based audio amongst other features.

This could be a big coup for the platform and engage an older generation of fans of iconic artists, as well as younger generations discovering them for the first time.

If the new assets are worth it, this could be big.

Fashion

May also saw fashion house Hugo Boss release a brand new Web3 loyalty program.

The program will be tied to the Hugo Boss customer app, where it will provide users with a range of loyalty features, including levels and points.

This will apparently allow users to collect and redeem NFTs, with tokens also acting as “keys to unlock” exclusive products, unique brand experiences, and additional offers.

It's going to be interesting to see how much Hugo Boss use blockchain tech for the platform 'out in the open' or hide the language and tech behind everything.

It sounds very similar to the Starbucks web3 loyalty program...which unfortunatly was dumped a while back.

Everyone knows Snoop Dogg loves to put his name to stuff. Chrysler, Adidas, Pepsi, and even Skechers are just a few he's advertised and made money from over the years.

He's also a big promotor of web3 and event touted, when purchasing Death Row Records, that it would be a 'web3 label'.

Well he seems to be still very much a fan of the space, and in May announced a Snoop Dogg Passport Series.

Akin to a "tour poster that evolves with each place Snoop stops on tour.", the NFT will apparently grant holders access to behind-the-scenes content, exclusive merch, art and experiences from the music icon.

This month's learning comes from a great article from CoinGeek called 'The Impact of Blockchain in Music'.

It's a great resource, especially for any artists and producers out there to get your head around what's going on, why it's happening, and how you can use it.

Have a read through and let me know your thoughts.

That's it for this month, folks. As always, I welcome comments and discussions! See you in June...

Jamie

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Hi, I'm Jamie, the CEO of RealNifty. I help the digital and physical worlds connect through NFTs. Subscribe to my newsletter if any of the above content interests you!