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Last week I was able to interview one of the most respected sort leaders in the art scene and one of the early collectors of CryptoArt.If you’re an active Twitter fanatic and art lover, you’re probably Jason Bailey..
Jason is the mastermind behind Artnome, the world’s largest analytical database of all works by key artists of the 20th century. Artnome is also a leading art and technology publication for reporting and explaining the use of cutting-edge technology in the art and art world. Bailey’s extensive research in this area has made him a popular speaker in the art world, previously talking about blockchain and digital art at the Christie’s blockchain event in London. rice field.
Bailey, a space OG, recently launched its own NFT project. This project addresses one of the most pressing questions about NFTs and provides solutions. Do you want to go out of business?
Bailey was one of the first big NFT art collectors dating back to 2017. That is, he is actually around the block (chain) several times and knows what to look out for.
He said no one knew where and how the NFT was stored at the time, assuming that all art / image files and descriptions were on the blockchain. But during the 2018 crash, he learned how wrong he was when most of the marketplaces that were active at the time, such as Ascribe, Rare Art Labs, Edition, and Digital Objects, went out of business. Many collectors, including Bailey, Lost millions of dollars When their NFT breaks or suddenly disappears.
“”It turns out that we were relying on the market to continue our business 90% of the time to avoid NFT corruption. However, few people noticed until it was too late. ” He commented. “”When the NFT began to take off again in 2021, it felt like dj vu to me. We knew we were facing a major disaster because no one was dealing with the market-dependent problems that collectors like me experienced in 2018.
At the start of the 2021 NFT boom, Bailey realized that this time there was much more money at risk and the industry was heading for the exact same disaster, perhaps even worse than before. .. This time, he finds that it’s not just millions at risk, but tens of billions of valuable markets. ClubNFT Was born.
Everyone was busy making money by increasing the ways they buy and sell NFTs, but no one was tackling the fatal flaws in NFTs. NFT core infrastructure It bothered collectors during the first crash.
“”I kept waiting for someone to make a tool for collectors to protect themselves, but that never happened. So I decided to challenge myself and started Club NFT with co-founder Chris King.“.
When a user backs up a collection using ClubNFT, the team follows all the links in the IPFS-based NFT, collects off-chain assets (usually a description of the actual artwork or artwork), and compresses them into the user’s backup file. To do. ..
Users can then download the backup and save it to any location they like, such as online services such as Google Drive or their hard drive. If these files disappear from IPFS, they can still be restored using the user’s local backup and the NFT is as good as new. This protects the value of the collection.
“”Think of it as IPFS NFT’s free NFT insurance. As a context, about 50% of all Ethereum NFTs use IPFS, and we’ve confirmed with users that over 90% of Tezos NFTs use IPFS... “
Fortunately, the ClubNFT backup tool is very easy to use and anyone can run it in minutes.
To use this tool, use email to create an account, add any number of wallets to back up, review your storage risk analysis, and download your backups. Easy and free! You don’t even have to connect a wallet app, approve transactions, or sign messages. There is no friction.
Bailey has revealed that he is backing up nearly 5,000 collections. 500,000 NFTs.. “”When using the ClubNFTs backup tool, you are a good companion and in good hands“.
There are 17 people on the team between ClubNFT and his other publication RightClickSave, and like many Web3 companies, they are spread all over the world.
Bailey strongly believes that successful hiring is 90% of building a successful company, and they are incredibly patient and pay attention to who they bring.
“”Soon I poached Google’s Chris. He spent six years as a software engineer after working for legal tech and fintech startups for seven years. Chris and I actually knew each other for years through my brother they were college associates. He quickly brought in his sister Daniel, who has two degree in the Ivy League and has top-notch art experience, including Wall Street and MoMA, who managed the painting and sculpture department. After securing seed funding last fall, he invited his brother Matt Bailey to run an engineering team and has been adding top talent ever since. I think part of the reason we can be so fast is because this early core team has a very close relationship. We implicitly trust each other.“
As expected, the crypto and NFT markets have been sluggish in recent months and we’ve already seen Twitter calm down. many. At least for now, some have lost a lot of money, while others have lost their initial beliefs.
Bailey, however, says it may be painful in the short term, but he’s excited about market modifications in the areas of cryptography and NFTs. He said there was extensive media coverage of the space growing rapidly in 2021 and getting rich from NFTs, followed by news of fraud. The worst aspect of CryptoArt And NFT. But now that things are calming down, we see the world of traditional art beginning to embrace NFTs and even become interested in the history of CryptoArt.
“”When the hype disappears, all that remains are enthusiastic artists, collectors, curators, builders, and they are my people. They will patiently take this space to the next level over the years to come. “
Bailey is a space OG, so I asked him what advice he would give to an artist who wants to start in this unpredictable and constantly evolving space.
According to Bailey, many artists came to this space purely in search of a way to make money and were unsuccessful in selling their work, so they left immediately. Therefore, as with joining the community for the first time, artists need to focus on the value they can contribute to, rather than finding a way to quickly unlock their value.
“”There are many great communities in the field of NFTs and crypto arts. Find something that resonates with you and take a serious interest in other artists and collectors before trying to impose your work on them. Be patient, thoughtful, and considerate. Then people will eventually be interested in you and your work.“.
Try ClubNFT >> here
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* All investment / financial opinions expressed by NFT Plaza are from the site moderator’s personal research and experience and are intended as educational material only. Individuals need to thoroughly investigate every product before making any kind of investment.
Ivelina is a content maestro at NFT Plaza. She has the knack for putting complex concepts into simple words.
