To be or NFT?

If there’s one consistent lesson to be learned from Blockchain and crypto is that the enabling technology often outpaces our understanding of the viable use case, commercial application or sustainable business model. For example, smart contracts have only recently proven their value with the rise of decentralized finance (DeFi). Even then, they are not perfect and if not well-coded can result in hacks, losses or other damage. Plus, until scaling (transaction throughput) and gas fees (transaction costs) are properly resolved, mass adoption is still some way off.

CryptoPunk #7523 (Image sourced from Reuters)

The latest crypto phenomenon is the market for NFTs (non-fungible tokens). Artworks in the form of digital files are being created, auctioned and traded for serious (or very silly?) amounts of money – just Google EtherRock, Beeple, CryptoPunk or Rare Pepe for recent examples.

NFTs are not just confined to digital art – animation, video, music and text are all being created in the form of NFTs. In addition, NFTs are being minted to represent ownership or other IP rights for physical artworks, real estate assets, collectibles and luxury goods.

Why would anyone pay the best part of US$12m for the original digital file of CryptoPunk #7523, a copy of which I have displayed above?

Perhaps we need to consider the following:

First, the image above is simply a low-res web image, easily reproduced via copy and paste – it’s not the “real” image as represented by the code or digital file embedded in the NFT. The original file is owned by the NFT buyer, and if it is an edition of one, then that is the only authentic version. Scarcity (as well as kudos) is a key market driver in NFTs – but only if someone else attaches financial value to the work (just as in any art market).

Second, owning the NFT does not necessarily mean you own the copyright or other rights associated with the art work. (I may own a Picasso painting, but I don’t own the image contained in the work.) So, apart from holding an NFT in your digital wallet or displaying it in a virtual art gallery, the only right you have is to re-sell the work. This means you can’t commercialise the image for t-shirts, on-line redistribution or reproduction (unless the owner has agreed to grant such rights within the NFT). (My use of the image here would be covered by the “fair use” principle, for the purposes of illustration and/or critical analysis.)

Third, unless you are able to export the NFT from the marketplace or platform that sold it, the NFT may “vanish” if the platform goes offline for any reason. (Doubtless, platforms need to enable token transfers to other market places and to users’ own digital wallets, otherwise there could be a lot of stranded and/or worthless NFTs in years to come.)

Fourth, the creator of the original work may be entitled to a % of the resale value of the NFT. This is obviously an important consideration for artists and other content creators, and I see this as a positive development. By extension, musicians, authors, film-makers and designers can more easily track and control the downstream revenue generated by the use and licensing of their works by third-party marketplaces, streaming platforms or 3D printing and fabrication services.

Fifth, NFTs support improved authentication, provenance and chain of ownership, as well as bringing more transparency to the world of art auctions – valuations, bidding and prices could all be hashed on the Blockchains that track the NFTs.

Finally, if NFTs are seen as a form of bearer bond (linking ownership to whomever controls the token), they could also be used to package up a portfolio of different crypto or digital assets, and auctioned as a single lot. The buyer could then unlock the disparate assets, and combine them into subsequent bundles – bringing a new dimension to block trades and the transfer of large bundles of stocks.

Next week: I got nothing

 

More Music for Lock-down

Last year, as Melbourne was entering its second, lengthy lock-down, I listed some of the music that helped to sustain me during the endless days of working from home. Now, as the city faces another (twice-extended) 4 week lock-down, music is one of the few pleasures still available….

My updated list includes:

Eduard Artemiev – Solaris (Original Soundtrack) A science fiction film from 1972, and in the vein of JG Ballard or Brian Aldiss, it concerns the strange psychological illness that afflicts scientists on-board a space station orbiting the planet Solaris. The slightly claustrophobic electronic score is offset by a number of compositions by JS Bach. Note the early Zoom call and all-day PJs featured in the accompanying stills from the film.

Various Artists Pacific Breeze: Japanese City Pop, AOR & Boogie 1976-1986 Perfect antidote to lock-down blues, this compilation of mostly up-tempo numbers reveals more depth below the shiny surface – the arrangements, choice of textures and compositional structures make this more than just easy listening. (Released by the excellent Light in The Attic label, there’s also a second volume, plus related compilations that focus on the more ambient and experimental end of the spectrum.) Definitely a mood-enhancer.

Hans-Joachim Roedelius – Drauf Und Dran The prolific Roedelius has released one of the most sublime albums of his lengthy career – which is saying something for an artist closely associated with ambient and minimalist styles. A piano-based album, with very few electronics or effects, the clarity of composition and playing make for a brief but welcome respite from the mental fug of lock-down. In a similar vein, I would also recommend Brian Eno’s soundtrack to the Dieter Rams documentary, and Eno’s recent work with his brother, Roger, the albums Mixing Colours and Luminous.

Mogwai – ZeroZeroZero Another soundtrack, for the TV series of the same name (which I have not seen). Like the Solaris soundtrack, the music is more about the atmosphere than the narrative, and all the more powerful as a result. Also worth mentioning is Mogwai’s recent studio album.

Khruangbin = クルアンビン* ‎– 全てが君に微笑む Khruangbin are a band whose music I heard on a couple of sampler albums, without knowing anything about them. Playing an infectious blend of instrumental Funk, Psychedelia and Dub Reggae, this compilation brings together a number of their early singles (including inspired covers of Serge Gainsbourg and Yellow Magic Orchestra). Rather beautiful for these monochrome times.

Michel Legrand – La Piscine Yet more soundtracks, this deceptively lightweight but lush album, featuring just the right amount of economic violin solos by Stéphane Grappelli (who could let his virtuosity get the better of him), recently got a re-boot for Record Store Day, so it’s pretty hip at the moment. Other soundtrack and library music compilations I have been delving into include Adventures in Soundtracks, The Music Library and Unusual Sounds. Mostly reflecting the anonymous/unsung world of studio session composers and players of the 60s and 70s, most people would recognise at least one or two tunes, if only from their use as samples in other records.

Greg Davis – Somnia Finally, a work of stillness and contemplation – built on sustained drones and minimal instrumentation, this album nevertheless manages to generate immense depth and emotion. Again, perfect listening in this stilted yet listless environment of lock-down, curfew, social isolation and pent-up frustration and sorrow. (Also check out the Davis’ contemporaneous work, Diaphanous.)

Next week: Startupbootcamp Sports & EventTech Demo Day 2021

Cancel or Recalibrate?

In the wake (sic) of wokeness and cancel culture, it was interesting to read that Disney has decided to add a health warning of “negative depictions of cultures” to re-runs of the Muppet Show. So rather than cancel these programmes, it has chosen to (re-)contextualise the content for a contemporary audience.

I don’t have a problem with this type of labelling, or indeed on any other content, if it helps to aid understanding, generate debate, and acknowledge past lapses of taste or judgement. Especially as programmes like the Muppet Show were huge in the heyday of mass-market network television, before cable and streaming fragmented audiences into pre-defined sub-genres and segregated demographics.

Indeed, I’ve grown used to similar health warnings attached to re-runs of many BBC radio dramas, from the 1950s through to the 1980s, when “social attitudes were somewhat different to today”.

But, if we continue along those lines, should we be applying similar health warnings to Shakespeare’s plays, Greek tragedies, French farces, Norse legends, European folklore as told by the Brothers Grimm, or Roman accounts of gladiatorial victories over their hapless victims?

In which case, I look forward to the same contextualisation (and health warnings) of any programmes that quote, cite, promote or reference key religious texts, most of which were written hundreds and thousands of years ago, yet which similarly offend our current values and societal norms.

Next week – Facebook and that news ban

Brexit Blues (Part II)

Brexit finally came into effect on January 31, 2020 with a transition period due to end on December 31, 2020. It’s still not clear whether key issues such as the post-Brexit trade agreement between the EU and the UK will be completed by then (a major talking point being imports of American chlorinated chicken….). Nor is it clear which other areas of EU laws and standards will survive post-transition. Both of which continue to cause uncertainty for British businesses and local governments that have to operate within and enforce many of these rules. Add to that the recent UK storms and floods, the post-Brexit air of racism and xenophobia, plus the coronavirus outbreak and the resulting drag on global markets and supply chains, and maybe the UK will run out of more than just pasta, yoghurt and chocolate. Perhaps those promised post-Brexit savings of £350m a week really will need to spent on the National Health Service…..

The “Vote Leave” campaign bus, 2016 (Image sourced from Bloomberg)

The seeds of the Brexit debacle were sown in David Cameron’s speech of January, 23 2013. As I wrote last year, that set in motion a series of flawed processes. Despite the protracted Brexit process, it’s now unlikely that the decision to leave will be reversed, especially as the opposition Labour Party has just been trounced at the polls. Instead, Labour continues to beat itself up over the failure of its outgoing leadership either to make a solid case in support of the Remain vote in the 2016 Referendum, or to establish and maintain a clear and coherent policy on Brexit leading right up to the December 2019 General Election. The Conservative Party under Boris Johnson has a huge Parliamentary majority, a fixed 5-year mandate, and a general disregard for traditional cabinet government and the delineation of roles between political advisors and civil servants. We have already seen that any form of dissent or even an alternative perspective will not be tolerated within government or within the Tory party, let alone from independent and non-partisan quarters.

Since that fateful speech of January, 2013, it’s possible to follow a Brexit-related narrative thread in film, TV and fiction. Not all of these accounts are directly about Brexit itself, but when viewed in a wider context, they touch on associated themes of national identity, democracy, political debate, public discourse, xenophobia, anti-elitism, anti-globalism, and broader popular culture.

The earliest such example I can recall is Brian Aldiss’s final novel, “Comfort Zone”, (published in December 2013), while the first truly “Brexit Novel” is probably Jonathan Coe’s “Middle England” (November 2018). Somewhat to be expected, political thrillers and spy novels have also touched on these themes – Andrew Marr’s “Children of the Master” (September 2015, and probably still essential reading for Labour’s current leadership candidates); John Le Carre’s “A Legacy of Spies” (September 2017); John Simpson’s “Moscow, Midnight” (October 2018); and John Lanchester’s “The Wall” (January, 2019). (For another intriguing and contemporary literary context, I highly recommend William Gibson’s introduction to the May 2013 edition of Kinglsey Amis’s “The Alteration”. Plus there’s an essay on the outgoing Labour leader in Amis junior’s collection of non-fiction, “The Rub of Time” published in October 2017.)*

Elsewhere there have been TV dramatisations to remind us how significant, important and forward-looking it was when the UK joined the EEC in 1973 – most notably the chronicling of the Wilson and Heath governments as portrayed in “The Crown”. Even a film like “The Darkest Hour” reveals the love-hate relationship Britain has had with Europe. More distant historical context can be seen in films like “All is True” and “Peterloo”.

No doubt, Brexit will continue to form a backdrop for many a story-teller and film-maker for years to come. And we will inevitably see recent political events re-told and dramatised in future documentaries and dramas. Hopefully, we will be able to view them objectively and gain some new perspective as a result. Meanwhile, the current reality makes it too depressing to contemplate something like “Boris Johnson – Brexit Belongs to Me!”

*Postcript: hot off the press, of course is “Agency”, Willam Gibson’s own alternative reality (combining elements of the “Time Romance” and “Counterfeit World” referenced in “The Alteration”) – I haven’t read it yet, but looking forward (!) to doing so….

Next week: Joy Division and 40+ years of Post-Punk