period. you're watching data but the news live from berlin now technology show shift is up next stay tuned for that i'll have more news headlines for you at the top of the hour in the meantime as always our web site dot com you can follow us on socials as well where at d.s.w. news i'm rebecca raises and i get to. my 1st boss a moses sewing machine. where i come from women are almost by the social tools even something as simple as learning how to write a by said no it isn't. since i was a little good i wanted to have both buys a lot of my own but it took me years to. finally gave up and went on buying young bicyclists but returns with the sewing machine sewing i suppose was more appropriate for goes than writing advice as knowledge i want to reach out to those

women back home who are bones by their duties and social rules and inform them of oded b.c. writes my name is the about of people homes and i wore them. digital art works like this one are selling for big money thanks largely to f.t.s. provenance ascribing block chain tech but who profits from the crypto art market and what danger is that's the trend hyatt that's our topic unshift today. paintings regularly self a crazy prices but buying a digital works for $69000000.00 us dollars that you could download for free that's insane and yet that's. what this digital kalash sold for by the us artist mike

winkleman who goes by the name people he could hardly believe it himself. was going to mellow like yeah it's like an unfathomable number to be quite honest it's just crazy i think i would have been surprised to know that kalash is currently the 3rd most expensive work ever auctioned by a living artist and the people j. peck is just the tip of the iceberg the singer grinds auction off digital art works for nearly $6000000.00 in just 20 minutes to giffen and cat went for around 600 $1000.00 and the dutch musician don diablo sold a digital concert for $1200000.00 that's a lot of money the hype surrounding crypto art has been triggered by f.t.'s cryptographic data sets that guarantee authenticity and origin a bit like a signature on a painting curator have found things and f.t.'s will change the art market we have

been pretty much waiting for technical standards that digital works of herbs and he needs unique and can be treated easily for the last name on 20 years. digital used to be hard to sell or trade but no thanks to teens you can only original making the artwork attractive both as a collectible and as investment to look summers he sold online and paid for with cryptocurrency this attracts a totally new type of customer and there are people that are interested in art and . action and the traditional art market just didn't know before and then be ready to spend money and support. for many artists the sudden spike in the wind is primarily brings an important source of income but it also means a new car depreciation i think there was no way to collect that work. or and so bad

but it was really influential so they have a huge huge our impact our visual language are moral and so i need you now be our local active member to look at them as you know we are as i am super super excited about. entering the art market is also becoming easier because artists can simply turn they were into any of us and sell them on one of the many online. could this help democratize the moca it more mass job to get the more new people and you will see it will come into the market and new geographies so i think and if and no logical standard will. be created and the artists who are all much closer together. and collectively and physical out world was able to while some see n f t's as the next big thing others and so sure they're true art they believe it's

a speculation bubble that will eventually burst there aren't only f.t.'s of art pretty much anything digital can be turned into an n.f.t. from tweets to virtual collectible cards to video game figures but hold on let's start from the top how exactly do an f.p.s. work well they're created and the block chain here's how. the block chain is a chain of data blocks bound to each other using crypto graphic principles before a new block is added say a transaction like of it quite approach as it 1st gets verified by thousands or even millions of computers on the network in the block chain you can generate so-called tokens push can represent a particular value by the right to carry out an anonymous transaction in the block chain like a digital coupon you can trade with. there are different types of crypto tokens. one r.

and f t's which stands for fungible token fungible means exchange of. change making unique or scarce money is fungible whether you have $1.00 us dollar bill or another doesn't matter the value remains the same. we used to think of digital art as somewhat fungible because it can be downloaded and copied theoretically and most number of times but now you can turn it into an effort by a process called tokenization and trace additional objects authenticity and uniqueness and actually contains all the data about who created the content how much it was sold for and who the owner and the tokens are saved in the blob using a smart contract or thanks transcription they're protected from being manipulated. currently n.f.t. trading mainly happens in the fear and block chain so you need a crypto wallet and the cryptocurrency ether to purchase something but what happens after you've bought a digital artwork this is an important question since

n f t's only say that information about the artwork not the piece itself often all you have is a link to a safe location and we all have this problem right digital data can be lost or deleted which in this case would be a pretty expensive error message and there are other problems we ask expert in berlin about possible risks for buyers. when you buy an n.f.t. you don't get the copyright or the oh look you really do entry on the block chain or law. and this unique and digitally read so to speak as they see there is nothing preventing the artist from saying hey i'm creating a 2nd edition of this art work here's the token. but

the lawyer doesn't think this is likely to happen despite the current time artists have shown no such inclination. hine. they don't have any incentive to destroy the trust of investors in purchases possibly making more tokens for a piece of all they had initially said they would. the conditions of sale for an art with are written in the small contracts of the n.f.t. . these can be read online for example on this website the contract can be found on the given a theory of address and anyone can view it. if the artist breaks the contract and thereby devalues the artwork then you could claim for compensation. such a case hasn't occurred yet. a further problem is how can you know the person offering the n.f.t. art is the one who made the work british tech expert terence eaton warned of this

and 2018 he put himself down and the block 10 s the creator of the mona lisa registered his work on the art verification part from various art and nobody noticed anything strange so how can artists protect their rights on line we ask catarina fatter from artists write society and new york times to look for the right east. it's a work that's still under copyright leslie. even if it literally you will be legally penalized in the long run. but how can you be sure that the person who is selling the n.f.t. is the person who made the artwork after all the fake identities are a fundamental problem on the internet. of thieves who always try to fake identities that's why solving the problem of identification is considered the holy grail of the 21st century.

all the benefits we now have institutions which try to verify your identity of. one example is the sales platform foundation artists can't just register themselves they have to be explicitly invited like for example the russian artists pussy riot . other platforms are also trying to keep fakes off their marketplace because they harm their the chip missing but they don't always succeed. these digital dimes are pictures by us artist corba rainbolt for put up for sale by unknown people as and if thousands since then he had to clear copyright stamped with pictures not pretty but helpful. yet there also notable advantages for artists thanks to the block chain artists can profit from all resales if their work and keep up with who owns

their art. and interests they can potentially be able lot a lot more. so the artists in the guards at work and the resale. but the biggest problem with n f t's is the amount of energy they use according to did to qana missed one single transaction on the a theorem block chain has c o 2. equal to playing around 6000 hours of you tube videos that's like streaming videos nonstop for $250.00 days this catastrophic carbon footprint of f.t.'s is being discussed in the art scene. the turkish artist and scientist memo acton examined how much energy is consumed by crypto and in a tease. his calculations show that every digital transaction involving an n.f.t. whether you're creating bidding on selling or transferring one uses huge amounts of energy. in the case of the theory and blocked change this is largely due to the

proof of work standing by each bit of every transaction gets verified by the block chain. this is why many blocks are in start ups as well as the theory i'm a working to improve their huge c o 2 footprints. you will see that other changes will come to the market and we're. much more efficient energy consumption so this is the beginning and it seems. well learn how to who they are with their maggio friends. until then charity auctions such as carbon dropped can help counteract some of the damage just slike people made their works available through the oceans and then the c o 2 emissions were compensated for by a platform similarly to flying the proceeds went to the open earth foundation which

supports innovative and environmentally friendly to talk projects. worth a project but it doesn't solve the problem if you're thinking too bad i would have liked on a quick to art work but not with that kind of environmental impact than here's the tip the website people generator creates pictures like those from the original kalash even people was impressed what do you think are crypt art and f.t. is the future of the art market or is the whole thing just to try and tell us your thoughts goodbye and see you next time.

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