On the second day of the ‘Blockchain Economy Summit 2021′, one of the sessions – ‘NFTs” Revolutionizing the Art World or All Hype?’ – focused on the topic of NFTs or non-fungible tokens and the multitude of prospects and possibilities it can potentially bring for the Bangladeshi art community. The session moderated by Misha Ali, Director, Fasset brought in several influential figures from the art and music community. The esteemed panelists were Nazia Andaleeb Preema, Performance Artist, Cultural Influencer & President, Women in Leadership; Fuad Almuqtadir, Record Producer, Composer, and Songwriter; Fawaz Rob, Printmaker, Curator, & Chief Architect, Bangla Bari Ltd.; Sharjeel Karim, Managing Director, Interspeed; Vinita Karim, Freelance Artist; & Kazi Istela, Freelance Graphic Designer and Illustrator.
Before we move on to NFT’s, it is important to learn about cryptocurrencies such as Bitcoin, Shiba Inu (learn how to buy Shiba Inu Coin via various online sites and resources) and the technology used by them. Peer-to-peer networks like Bitcoin allow users to transfer money without a middleman. Transactions are verified by network nodes through cryptography and recorded in a publicly accessible ledger called a blockchain. This cryptocurrency was invented in 2008 by an unknown individual or group of individuals using the name Satoshi Nakamoto. It was released as open-source software in 2009.
Cryptocurrencies like Bitcoin, Shiba Inu, etc., rely on cryptography for their security, and balances are kept in a public ledger that could be accessible to everyone (though each record is encrypted). Each crypto transaction requires a large amount of computational power to verify. In contrast to similar commodities, Bitcoins are not backed by governments or issued by banks; however, it remains very popular and has led to the launch of hundreds of other digital currencies, collectively known as Altcoins. Bitcoin is often abbreviated as BTC. People invest in virtual currency through crypto wallet, an online and offline application that enables investors to store, retrieve and trade their digital assets. The best crypto wallet UK may provide every investor with a unique private key to access their cryptocurrency wallet to ensure all-round security.
NFTs are blockchain based tokens (similar to crypto) that are unique, not duplicable, and are guaranteed authenticity through blockchain backed networks. As a result, they are transparent and allow for selling anything digital through the crypto network. Currently, Ethereum based blockchain network is leading the NFT space although competing bitcoin networks can be utilized to build competing offerings, and understanding the nft terms that come along with these helps people navigate the space. NFTs have become widely popular across the globe for primarily the sale of digital art, however many individuals and organizations have even sold, including the $2.9 Million NFT sale of the first ever tweet on Twitter made by CEO and founder, Jack Dorsey. In the words of panelist Sharjeel Karim, through NFTs “you can tokenize something – a lot like a watermark – but utilizing a smart blockchain contract” which allows individuals to tokenize any intangible asset to make it unique or non-fungible by integrating a token or signature to the original copy. Many artists tend to sell their art on digital platforms like Discord. Multiple communities who intend to sell their work through servers can take help from a Crypto NFT Sale Bot to increase their sales. Nonetheless, we move on to our existing topic of discussion.
REMINISCING THE THEN AND THE NOW
During the session, the artists discussed their specializations and nuances in their craft and how NFT can revolutionize how they carry out transactions and sell online. Nazia Andaleeb Preema reminisced how she launched a digital exhibition through her online website back in 2000 when the internet was still very new and virtual exhibitions were not being carried out at the time. She remembered the inertia that people experienced in a virtual exhibition and the lack of transaction options at the time made it even more difficult for collectors to buy her art. Fast forward twenty years and NFTs are rising in popularity through which art can be transacted and stored digitally without being copied, stolen, or destroyed.
Sharjeel Karim talked about the state of advertising and the creative space where there is often a lack of appreciation for quality work in an industry where value is measured in terms of the assets and resources required to craft a finished product. In that backdrop, he is eager and appreciates the advent of NFTs and their prospects of turning the hard work of artists and content creators into something of proper value, tokenized, and sold regardless of whether they are physical or digital. He believes that creative agencies and artists can realize their potential when a proper transparent process like NFT is in place that recognizes the effort of artists helping them become more independent. The NFT revolution, in the eyes of Fuad Almuqtadir, is a lot like a second chance for artists and performers including himself. During the mid-2000s, Bangladeshi artists and musicians failed to foresee the prospects and impacts of digital media streaming and distribution and thus could not capitalize on them early on.
GIVING POWER BACK TO THE ARTISTS
Kazi Istela expounded on the world of NFTs and NFT artist communities, describing a helpful network of artists working together to create art to sell digitally. She also found the online artist communities to be very helpful in the growth of young artists as well as familiarizing themselves with the concept and becoming successful at selling NFT artworks. She also talked about focusing on the story behind artworks and communicating it properly, marketing, and creating hype around artworks.
Nazia Andaleeb Preema voiced the importance of building the NFT ecosystem and community holistically in a sustainable and authentic manner. The art community needs to connect the dots in the ecosystem to ensure that artists and the art community are empowered. Vinita Karim also highlighted other benefits tied to NFTs, that is, it will allow the original creator to keep track of how their work is being used and can also pave the way to charge royalties when the works are resold at much higher prices later on. She also highlighted that appreciation for art will still take time to develop in Bangladesh, and the art market still has a lot of scope to grow.
Fawaz Rob remarked that NFTs can be empowering for young up and coming artists as well, who can have a bigger reach through digital platforms and transact effortlessly and that it will be the future of the world of art and he wishes to embark on the pioneering journey himself with his artist colleagues into the world of NFTs. Regarding the growth of young artists and performers in the new challenging world, Istela believes that the young generation of artists are working together for the development of the community through various initiatives and educating audiences.
Hearing the perspectives from the discussion, Misha Ali expressed that blockchain technology in the world of art is perhaps an attempt to give back the power to the individuals rather than have it consolidated on the select few.
HURDLES TO OVERCOME
There are many hurdles to overcome when it comes to the introduction and adoption of new and revolutionizing technologies. Whether it be to raise awareness and get people onboard, or to develop sustainable policies for its growth and development, or the building of proper infrastructure to support the artists. One of the major hurdles to overcome for the Bangladeshi community is the legality of cryptocurrencies in Bangladesh and the obscurity of policies and understanding of blockchain based processes like NFTs. Around the world, NFTs are traded through blockchain networks and transacted using blockchain currencies which are currently not recognized in Bangladesh due to not being backed by a credible government or authority.
However, there is scope for discussion with stakeholders regarding the matter, the evolution, and the implication of new technologies, a point that Nazia Andaleeb was quick to point out. She mentioned that artists should have greater knowledge about the benefits of art platforms and the use of NFTs. She talked about the importance of bringing together key stakeholders to share knowledge and help shape policy taking everyone’s views and understanding into account. Bangladesh Creative Forum, which she has founded, will actively strive to be the voice of Bangladeshi artists and catalyzing the creation of policies and adoption of revolutionary technologies and ideas in the world of art. “We have to have our own ecosystem to flourish and practice and also make people aware of how these technologies work.”, she said, “Constant learning is very important because it’s never enough.”
A workaround could even be possible, suggested by Fuad Almuqtadir who is currently working with an organization which can act as a middleman in the future. The organization based outside of Bangladesh can manage the crypto-based transactions on behalf of the artists and collectors providing artists with nationally recognized currencies in exchange for a commission fee. He expressed his enthusiasm for developing the NFT community in Bangladesh with the aid of his organization facilitating the process.
THE BLOCKCHAIN ECONOMY SUMMIT 2021
The ‘Blockchain Economy Summit 2021′ was a two-day virtual summit – held on 25th and 26th May – focusing on blockchain and the prospects and impacts on digital security, transparency, remittance, tokenization, infrastructure financing, and capital markets. The summit also delved into the world of art and how certain blockchain technology is revolutionizing the art world and empowering artists around the world. According to Imran Fahad, Founder of Inspiring Bangladesh, the blockchain summit, a first of its kind in Bangladesh, was inspired by a timely discussion regarding the emergence of the fourth industrial revolution, how blockchain is quickly revolutionizing processes around the world, and whether we as a nation are ready to capitalize on that change. “The Blockchain Economy Summit is a critical stepping stone in building Digital Bangladesh, and is the largest of its kind in Southeast Asia”, remarked Imran Fahad.
Many notable and influential participants from around the world participated in the summit. Among the guests in the opening ceremony were Salman F Rahman, PM’s Private Industry and Investment Advisor and Zunaid Ahmed Palak, State Minister, ICT Division, who spoke on the occasion regarding the disruptive new technology bringing in massive shifts.
Blockchain Economy Summit 2021 was presented by Fasset and in Collaboration with Inspiring Bangladesh and UNL.
ABOUT INSPIRING BANGLADESH
Inspiring Bangladesh is a social media network and a ‘Social Fintech’ platform developed to share and spread inspirational stories about Bangladesh through the eyes of its citizens. The initiative brings together the functionalities of social media and content dissemination platforms, E-Commerce and more to develop a solid network that individuals can use to both inspire and be inspired and ultimately build the “Bangladesh” brand through the initiatives of its people. The platform, funded by the ICT Division through the ‘Innovation Fund’ initiative, allows its users to earn ‘social coins’ through inspiring others which can then be redeemed for various gifts and offerings at the E-Commerce section ushering a unique example of ‘Social Fintech’.
Inspiring Bangladesh has been founded by Imran Fahad, a serial entrepreneur, who started the company with a vision to generate quality and inspirational content by the masses and believes that Inspiring Bangladesh will fight against misinformation and false news that is prevalent and often misleads in other social media platforms in Bangladesh.
By Khondker Faraz
