What Are NFTs, and Should I Buy One?

The Government Blockchain Association (GBA) will host an Art Show with NFTs during Government Blockchain Week (GBW).

September 27- October 2, 2021, Washington DC., the GBA will host the largest government blockchain event in history, including an Art Show, titled, ‘What I Hope to See Blockchain Achieve in My Lifetime’. All attendees can vote on the show, and winners will be awarded from the stage of the US Capitol. Art images will be available for sale as NFTs.

And what, exactly, is an NFT? 

  • A non-fungible token, NFT, is a unique digital asset or token. 
  • Non-unique assets like bitcoin are fungible. All bitcoins are equal and interchangeable. 
  • A non-fungible token is one-of-a-kind and cannot be interchanged. 
  • If I take a digital photograph of the Mona Lisa, is it an NFT? 

No. NFTs are unique tokens registered on the blockchain and regulated by blockchain-based smart contracts. Any transfers of ownership are written into the blockchain. 

But then, how do these digital tokens receive their value? How did Beeple’s NFT artwork sell for $69 Million? As with any piece of art, the value is determined in the eye of the beholder. The piece must be seen by enough people, preferably in a context where the perceived value is enhanced.

GBA’s Government Blockchain Week will be attended by hundreds of blockchain enthusiasts from around the globe. Attendees will all have the chance to view these art pieces and evaluate them, (vote on them), introducing a remote voting app from Voatz. In this context, with this many viewers, the NFTs will likely increase in intrinsic worth. Artists from around the world are encouraged to submit their work, in any medium, to the show. Let the bidding begin.

The GBA Art Show is a part of Government Blockchain Week.

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