you're watching data but he needs his reminder about top story and his hospitals are crumbling under the sheer weight of coronavirus patients oxygen is in short supply in a situation could yet worsen as the country has just recorded another daily record for new infections. we're going to have any news picked at living in the digital age is up next action for that will have more headlines for you at the top of the hour thanks. my 1st boss like moses sewing machine. where i come from women are bones by this ocean to even something as simple as learning how to write a bicep those isn't. since i was a little girl i wanted to buy say the long flight home and it took me years to.

finally gave up and went to buy any of my sabers but returns because sewing machine sewing i suppose was more an appropriate for those than writing advice and now i want to meet those woman back home who are bones about it and social norms and inform them about dead basic rights my name is the about of people and a war that's easy to. use. digital art works like this one are selling for big money thanks largely to n f t's provenance ascribing block chain tech but who profits from the crypto art market and what danger is that's the trying to hide that's our topic unshift today . paintings regularly self a crazy prices but buying

a digital word 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. an unfathomable number to be quite honest. i think i would have been surprised to know that kalash is currently is the 3rd most expensive work ever auctioned by a living artist and the people jay pick is just the tip of the iceberg the thing that grinds. digital art works for nearly $6000000.00 in just 20 minutes to get from the uncapped one for around $600000.00 and the dutch musician done a lot sold a digital concert for 1200000 dollars that's a lot of money the hype surrounding crypto art has been triggered by an f.t.c.

cryptographic datasets 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 minimum 20 years. just a tool used to be hard to sell or trade but no thanks to any teens even though the original making the artwork attractive both as a collectible and as investment philip somers who sold online and paid for with crypto currency this attracts a totally new type of customer there are people that are interested in art and. darshan and the attrition our market just didn't know before and then be ready to spend money and support. for many artists the sudden spike in the women's primarily

brings an important source of income but it also means a new kind of appreciation i think that there was no way to collect back were before and so bad some big 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 tools and sell them on one of the many online 2. could this help democratize the market. more mass 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 create and collecting and physical art 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 ikhwan purchase it 1st gets verified by thousands or even millions of computers on the network in the block chain you can generate so-called tokens which 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 non fungible token fungible means exchangeable so non-tangible means non exchange for 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 endless 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 is the tokens are saved in the block and using a smart contract or thanks transcription they're protected from being manipulated. currently n.f.t. trading mainly happens in the theorem 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 outward not the piece itself often all you have is a link to a safe location and we've all had 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 of the artwork you really do only by that entry on the block chain or law. and there's a unique and digitally read so to speak as this is. there is nothing preventing the artist from saying hey i'm creating

a 2nd edition of this artwork i think is the token. token. but the lawyer doesn't think this is likely to happen despite the current time have shown no such inclination. pine i'm alive they don't have any incentive to destroy the trust of investors and purchases possibly making more tokens for a piece of all they had initially said they would. the conditions of sale for a not 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 in the blocks and as the creator of the mona lisa registered his work on the art verification platform there is art and nobody noticed anything strange so how can artists protect their rights on line we ask catarina fatter from artists right society in new york when it comes to looks right . leahy let them know that it's a work that's still under copyright leslie. litter the idea 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 fake identities are a fundamental problem on the internet. of

thieves have always tried to fake identities that's why solving the problem of identification of the mind is considered the holy grail of the 21st century. why did you feel the benefits we now have institutions which try to verify the 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 times are pictures by us artist corp in a rainbow report up for sale by unknown people as and if teams since then he has a clear copyright stamp to his pictures are not pretty but helpful. yet there are

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. to the artists in the guards at work and the. but the biggest problem with n f t's is the amount of energy they use according to digic khana missed one single transaction on the a theorem block chain has c o 2. equal to playing around 6000 hours of you tube videos as extreme in 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 scientists may act and 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 of block train this is largely due to the proof of the work standard whereby each bit of every transaction gets verified by the block chain. this is why many block train start ups as well as the theory and are working to improve their huge c o 2 footprints. you will see that other change will come to them are. much more efficient energy consumption so this is big. and seems. well learn how to who they are with their friends. until then charity auctions such as carbon drop can help counteract some of the damage it's

like people maybe it 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 the 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 a 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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