NFT x Lora Zombie: A Case Study with Tom Rowlandson + Joshua Wattles
NFT is an acronym dominating the art world right now. It stands for ‘non-fungible token’, which is represented as a unit of data, typically on the Ethereum blockchain. So how does an NFT affect artists around the world? It returns the power to them.
In today’s episode, we speak with intellectual property attorney Joshua Wattles, and former DeviantArt staff member, Tom Rowlandson, who manages artist Lora Zombie and oversaw her successful NFT sale. Together, they explain the ins and outs of NFTs, and why it’s such a hot topic right now.
To kick things off, Tom shares his own experiences with NFTs, as he details his background in crypto as well as instances where he has bought and sold NFTs on the blockchain. Following this, Josh explains the NFT paradigm shift with artists, and tells us what sets these digital tokens apart from standard IP.
“What I found interesting was that starting from the perspective of crypto art and understanding how it works and moving backwards into the blockchain, I was able to fully understand the value of blockchain and cryptocurrency a lot more.” — @findtom [0:07:03]
We then take a deep dive into what makes NFTs appealing to so many people, as we learn that factors like insurance and maintaining the item’s condition all play a role in the buyer’s decision making. With such a steep rise in interest and popularity, somebody has to be making a fortune, right?
Tom and Josh then explain to listeners what gives NFTs their value, and touch on some of the fees you pay in marketplaces like Nifty Gateway. Toward the end of the episode, we discuss a few of the controversies that have come with NFTs.
We talk energy consumption, authenticity and why “buyers beware,” remains ever true. For more detail on how you can get involved in NFTs and why they’re set to shake things up for creatives, be sure to tune in today!NFT
“When you’re making a physical print, you’ve got paint, ink, chemicals, and energy use in creating it. You’d think that digital liberates you from those concerns, but then it turns out that energy consumption required to maintain blockchain is pretty significant.” — Joshua Wattles [0:51:07]
Key Points From This NFT Episode:
- Hear what NFTs could offer and what makes them so awesome.
- We welcome today’s guests, Josh Wattles and Tom Rowlandson, to talk about NFTs.
- Tom shares some of his experience creating and selling NFTs.
- Hear how Tom and Josh have shares experiences in the world of art.
- Tom tells listeners about his collaboration with Lora Zombie.
- Josh explains the NFT paradigm shift for artists.
- Why owning a token of an item, instead of the physical item itself, can be appealing.
- We talk about what types of artists are benefiting most from NFTs.
- NFTs and their inevitable versatility.
- Hear about how NBA Topshots are changing the way NFTs are perceived by the public.
- Find out who is getting rich off of this modern age gold rush.
- We touch on the various market places available to buy and sell NFTs.
- The environmental impact NFTs and running the blockchain.
- How NFTs are going to help with the authenticity of products.
- Why you shouldn’t be fooled by an NFT either.
- Hear how NFTs are being used as a method of issuing tickets for events.
“NFTs are really cool, because the way they work, the way they are designed and written, artists can create commission structures to get paid a certain percentage on any sales which is a game changer for artists.” — Sourdough [0:03:02]
“What I’ve come to realize working with Lora, is that artists basically should operate as their own direct-to-consumer brands.” — @findtom [0:15:04]
“Unless you’ve been living under a rock, the letters NFT probably sound very familiar to you. NFTs are like the shiny new thing, but are they are a trend, are they here to stay? Are they going to democratize the art world? Are they going to change the game for artists? Are they going to revolutionize the careers of artists by shifting power away from the existing stakeholders back to artists? I don’t know, but I tell you what, NFTs are exciting, they’re built on exciting technology — the blockchain’s incredible. Cryptocurrencies are fantastic and amazing, but all new stuff, all scary stuff. It’s a little dangerous, you might lose your shirt, but you also might become a billionaire.” — Sourdough [0:02:17]
Links Mentioned in Today’s Episode:
- Lora Zombie — https://lorazombie.com/pages/about-us
- DeviantArt — https://www.deviantart.com/
- Joshua Wattles on LinkedIn — https://www.linkedin.com/in/joshua-wattles-08934/
- Joshua Wattles on Instagram — https://www.instagram.com/joshuawattles/?hl=en
- Tom Rowlandson on Twitter — https://twitter.com/findtom?lang=en
- Tom Rowlandson on Instagram — https://www.instagram.com/findtom/?hl=en
- Eyes on Walls — https://www.eyesonwalls.com/
- Gallery 1988 — https://nbatopshot.com/
- Nifty Gateway — https://nineteeneightyeight.com/
- Mark Cuban on Twitter — https://twitter.com/mcuban
- NBA Topshots — https://nbatopshot.com/
- Man One — http://www.manone.com/
- Man One on Twitter — https://twitter.com/ManOneArt
- Scott “Sourdough” Power — https://www.instagram.com/sourdoughpower/
- Not Real Art Conference — https://www.notrealartconference.com/
- Not Real Art on Instagram — https://www.instagram.com/notrealartworld/
“What’s interesting is, the artists that are really thriving and doing the best with sales volume, it is really artists that are natively digital — artists that have never been able to realize any value for their work through all the traditional means.” — @findtom [0:30:55]
“You’re never going to understand NFTs in the context of the system of intellectual property that exists in the world.” — Joshua Wattles [0:17:40]