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The Blockchain is usually considered synonyms with Cryptocurrency, although its applicability is regarded as restricted to monetary transactions. And, Trade Finance is regarded as the biggest prospect for exactly the same. But, I am certain that most of us know that Blockchain has it more! Even though it’s an easy idea, its consequences are immense.
To comprehend this further, let us take the case of the KYC procedure. Virtually all organisations invest countless Tele and Field Verification to find the KYC right. But this procedure can readily be transformed into a blockchain. Therefore, the idea of KYC is going to be revolutionised with the usage of the blockchain service. Using blockchain, the client will have the ability to upload the necessary files due to their identity and speech to a central website and the hash calculations will be created for downloading it.
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The lender which wishes to onboard, this client will then send a petition to the central nodal agency for those documents. Together with the files, the whole block of verifications and validations will be transmitted to the lender. With every validation, in numerous domain names and bureaus, the series will get more powerful and authentication dealt with.The alternative will remove problems with the current approach to KYC and Supply the next stack of attributes –
An immutable and protected database for preserving integrity, availability and accountability.
Permission-based accessibility to data, that will allow information to be accessible only to licensed organizations.
Reduced price of communicating with automation.
Streamlined procedures allowing clients to consign more rapidly into banks, businesses etc..
Therefore, Blockchain Development holds enormous potential for disturbance. In the next several years, it may be employed to make new business models, decrease risks and again create compliance. But, large-scale adoption will take time since the technology is still being analyzed and use cases are being implemented slowly, on a tiny scale. The blockchain disturbance is still underway, and it’s incumbent on us to grab it.
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Cryptography is a way of securing data against unauthorized access. In the blockchain, cryptography is used to secure transactions between two nodes in the blockchain network. As mentioned above, there are two main concepts in blockchain – cryptography and hashing. Cryptography encrypts messages in the P2P network while hashing helps secure block information and link blocks in the blockchain.
Cryptography primarily focuses on ensuring the safety of participants, transactions, and security against double-spending. It helps in securing various transactions in the blockchain network. It ensures that transactions can only be obtained, read, and processed by the individuals for whom the transaction data is intended.
Understand the definition and role of cryptography in the blockchain.
Learn about the two types of cryptography.
Know all about the cryptographic hash function in blockchains.
This article was published as a part of the Data Science Blogathon.The Role of Cryptography in Blockchain
Blockchain is developed with several different cryptography concepts. The development of cryptography technology supports the limitations of further blockchain development. In the blockchain, the main use of cryptography is to protect user privacy and transaction information and ensure data consistency. It plays a key role in maintaining the security of the public network, so it is suitable for maintaining the integrity and security of the blockchain.What Is Cryptography in Blockchain?
Cryptography is a technique or protocol that secures information from any third party during communication. The word is composed of two Greek terms, the term Kryptos meaning “hidden,” and Graphein, meaning “to write”.Some Terminology Related to Cryptography:
Encryption: Converting plaintext to a random sequence of bits.
Key: A certain amount of information needed to obtain the information of the cryptographic algorithm.
Decryption: The inverse process of encryption, converting a random sequence of bits into plain text.
Cipher: A mathematical function, i.e., a cryptographic algorithm, that converts plaintext into ciphertext (a random sequence of bits).Features of Cryptography
The intended recipient and no one else can only access the information on a blockchain.
Information cannot be changed while being stored or sent between a sender and the intended recipient without the addition of new information being noticed.
The information creator/sender cannot later retract his desire to send information.
The sender’s and receiver’s identities are verified. Additionally, the information’s origin and destination are verified.Applications of Cryptography
Here are some of the many applications of cryptography in blockchain:
Password Encryption: Cryptography is most commonly used in computer security, especially for creating and storing passwords. A user’s password is hashed and compared to the previously saved hash when they logged in. With this method, the passwords are encrypted, preventing unauthorized users from reading them even if they gain access to the password database.
Cryptocurrencies: Digital currencies like Bitcoin use encryption to secure transactions and thwart fraud. Intricate algorithms and cryptographic keys protect these transactions, making it nearly impossible to tamper with or counterfeit transactions.
Internet Security: Web browsing security is given using cryptography. It protects users from listening in on conversations and man-in-the-middle attacks. The Secure Sockets Layer (SSL) and Transport Layer Security (TLS) protocols use public key cryptography to encrypt data exchanged between the web server and the client, creating a secure communication channel.
Online Authentication: Another major use of cryptography is for authentication. This could be for logging into a computer, accessing a bank account, or using a secure network. Authentication protocols use cryptographic techniques to verify the user’s identity and that they have the necessary access privileges to the resource. The storage and verification of electronic signatures also work based on cryptography.
End-to-End Encrypted Conversations: Cryptography also helps in securing two-way communications such as video chats, instant messages, and email. Even with simple encryption, the message is guaranteed only to be viewed by the intended recipients. But, End-to-end encryption offers consumers a high level of protection and privacy and is frequently employed in messaging apps like WhatsApp and Signal.Types of Cryptography
Basic cryptography technologies can include two types of encryptions:
Asymmetric-key CryptographySymmetric Key Encryption
This type of cryptography focuses on a similar key for encryption and decryption. Most importantly, the symmetric key encryption method is also applicable for secure website connections or data encryption. Also referred to as secret key cryptography. The only problem is that the sender and receiver exchange keys securely. The Data Encryption System (DES) is a popular symmetric key cryptographic system. A cryptographic algorithm uses an encryption key to encrypt data, which must be made available. The person entrusted with the secret key can decrypt the data. Examples: AES, DES, etc.
Features of Symmetric-key Cryptography:
It is also described as secret key cryptography.
Both parties have the same key to keep the secret.
It is suitable for bulk encryption.
It requires less processing power and faster transfer.
This encryption method uses different keys for encryption and decryption. This encryption method uses public key and private key methods. This public key method helps completely unknown parties share information like email ID. The private key helps to decrypt the messages and also helps in verifying the digital signature. The mathematical relationship between the keys is that the private key cannot be derived from the public key, but the public key can be derived from the private key. Example: ECC, DSS, etc.
Features of Asymmetric-key Cryptography:
It is described as public key cryptography.
It is often used for symmetric cryptography secret key sharing.
It requires a long processing time to execute.
It plays a significant role in the authenticity of the web server.Hash Cryptography Function in the Blockchain Properties of a Cryptographic Hash
For a particular message, the hash function does not change.
Any minor change in the data will result in a major change in the hash value.
The input value is not predicted from the output hash function.
They are fast and efficient because they rely heavily on bitwise operations.Advantages of the Hash Function in the Blockchain
Reduce transaction bandwidth.
Prevent modifications in the data block.
Make it easy to verify your transaction.Use of Cryptographic Hash Functions
Since the blockchain is also public for everyone, it is important to secure the data in the blockchain and protect the user’s data from malicious hands. So this can be easily achieved using cryptography.
When a transaction is verified using a hashing algorithm, it is added to the blockchain, and once the transaction is confirmed, it is added to the network forming the chain of blocks.
Cryptography uses mathematical codes, ensuring that the intended users of the data can retrieve it to read and process the transaction.
Over the years, many new tools have appeared related to the application of cryptography in the blockchain with different functions.Advantages of Blockchain Cryptography
Encryption: Cryptography uses asymmetric encryption to ensure that transactions on their network protect information and communications from unauthorized disclosure and access to information.
Immutability: This cryptography function is important for blockchain and allows blocks to be securely connected to other blocks and to ensure the reliability of data stored in the blockchain. It also guarantees that no attacker can obtain a valid signature for unopposed queries and their related signatures from past queries.
Security: Cryptography facilitates transaction records by encrypting and accessing data using public and private keys. Data manipulation by cryptographic hashing is impossible, making the blockchain more secure.
Scalability: Cryptography makes the transaction irreversible and provides assurance that all users can rely on the accuracy of the digital ledger. Allows you to record unlimited transactions on the network securely.
Prevent hackers: Digital signature prevents hackers from changing the data because if the data is changed, the digital signature becomes invalid. It uses cryptography to protect data from hackers and makes cryptography unstoppable on the blockchain.Limitations of Blockchain Cryptography
Below are some limitations of blockchain cryptography:
Difficult access to information: Heavily encrypted and digitally signed information can be difficult to access even for a legitimate user at the most critical decision-making time. The network can be attacked and disabled by an intruder.
High availability: It is one of the fundamental aspects of information security and cannot be ensured by cryptography. Other methods are needed to protect against threats such as denial of service or complete breakdown of information systems.
No protection against vulnerabilities: Cryptography does not protect against vulnerabilities and threats that result from poorly designed protocols, procedures, and systems. These problems need to be solved by proper design of defense infrastructure.
Expensive: Cryptography requires a huge investment of time and money. Public key encryption requires setting up and maintaining a public key infrastructure, which requires a huge investment. Adding cryptographic techniques to sending messages and processing information increases latency.
Vulnerability: The safety of cryptographic techniques relies on complication and difficulty of mathematical difficulty. Any improvement in resolving such mathematical problems can depart from vulnerable cryptographic techniques.Conclusion
Cryptography is an essential part of the internal workings of blockchain technology. Public key encryption serves as the basis for blockchain wallets and transactions, cryptographic hashing functions provide an immutability feature, and Merkle trees organize transactions while allowing blockchains to be more efficient. The basic principles of cryptography perfectly correspond to the basic characteristics of blockchain technology. While digital signatures are trusted tools for encrypting blockchain network communication, cryptographic hash has better potential for cryptography.
The most common use of cryptography is in the application and consensus layers of the blockchain.
The hashing algorithm mainly helps to create block identity, ensure the integrity of the blockchain, and act as a key component of consensus algorithms such as Bitcoin’s Proof of Work.
A digital signature discusses with the application layer to verify events by implanting them in transactions.Frequently Asked Questions
Q1. What is the meaning of cryptography?
A. The word ‘cryptography’ is composed of two Greek terms – Kryptos meaning “hidden” and Graphein, meaning “to write”. In the blockchain, Cryptography is a technique or protocol that secures information from any third party during communication.
Q2. What are the two main types of cryptography?
A. The two main types of cryptography are Symmetric-key Cryptography and Asymmetric-key Cryptography.
Q3. What are the components of a blockchain and cryptography?
A. Cryptography in blockchain consists of three main componenets: the encryption, the consensus algorithms, and the peer-to-peer network hash codes.
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In the previous ten years, Blockchain and Artificial Intelligence (AI) are one of the infrequent developments in technology that’s poised to become so disruptive that they have become synonymous with invention and the future. Startups have started aiming to deliver an amalgamation of those technologies onboard and have increased a whopping $437 million thus far (origin ). However, what are these technologies and why are they so disruptive?
Blockchain technology was made through an anonymous figure called Satoshi Nakamoto and is the underlying technology behind the magnificent Bitcoin.
The Blockchain is a dispersed ledger technology (DLT) that enables the storage of information safely and transparently. While cryptocurrencies happen to be taking the fiscal ecosystem by storm, blockchain has become virtually every market sector possible, from Healthcare to Gambling. The technology is gaining momentum at an unprecedented rate, so much so that by 2023 the worldwide blockchain marketplace is anticipated to rise to $23 billion by 2023 (origin).
Though the technology is still in its nascent stages, a superb illustration of the capacities of current AI technologies is that the collection of virtual assistants accessible including from Tech giants such as Google, Amazon and Apple. Like the blockchain, AI is creating waves in dozens of business sectors by helping strengthen present technology by raising its efficacy. The worldwide AI marketplace is forecast to reach a whopping $190 billion by 2025 (origin).
At first glance, blockchain and AI seem poles apart and they’re. But recent improvements in Substantial info has created a conducive atmosphere for its amalgamation of those technologies.
Related: – How BlockChain Technology Growing Importance in Retail IndustryThe convergence of Blockchain and AI.
In easy terms, enterprises are trying to better their gains by better understanding their client base.
This corporate schedule would have been impossible now without the growth of social networking platforms and the world wide web. Along with getting access to this societal networking action of consumers, businesses frequently have accessibility to shopping behaviour, geographical data and even political taste for at least 2 billion people. However, this information is often disorderly, vast and arbitrary.
This insanity is where AI cries in. Artificially intelligent algorithms may be instructed to draw significant insights in the hoard of information out there.How blockchain will help artificial Intelligence.
Artificial intelligence requires vast quantities of information to find out and make educational decisions; blockchain gets useful a novel method of storing information safely. As stated before, blockchain frequently boils down to becoming a dispersed ledger technologies, so it makes a huge database of each trade on the community. But unlike conventional data storage options such as Amazon’s servers — that can be centralized — blockchain networks are decentralized.
If a system is decentralized, it usually means the blockchain stores information on a huge network of servers, that often confirm the data with one another, making the information saved on the network . In the event a hacker gets to a single pc and manipulates the information, the abnormality can be picked up from the other computers on the system, and also the information manipulation created invalid.
Related: – Conversational AI, A Multifaceted System that Enables Computers to Interact with Employees and Consumers
In addition to this, the information saved on blockchain is cryptographically secured significance changing the information is remarkably hard.
This capability to curtail any alterations makes Blockchain an perfect way to store highly sensitive information. The exact same can not be stated for our existing systems and networks, which are frequently the victims of cyber hacks.
As an instance, In November this past year, the Marriott hotel team showed hackers stole the private data of up to 500 million of its visitors. From those all too familiar situations of hacking thefts, we could conclude that blockchain is going to be a vital component in the progress of AI systems and Substantial data analytics and alternatives. But can AI be more helpful for blockchain?
How Artificial Intelligence can help blockchain.
AI systems can profoundly alter how we handle blockchain networks and also make them more effective. By way of instance, while moving Bitcoin into another peer to precisely the exact same system, it often takes weeks to validate the transaction. Paradoxically, this is accidentally brought on by blockchains decentralized nature as trades eased on Bitcoin’s system is based by Bitcoin miners, who set these trades into cubes.
Hence an unprecedented rise in Bitcoin trades could delay the affirmation time even farther as’block’ dimensions are restricted, meaning trades that exceed the ability of a block may get queued for affirmation from Bitcoin miners.
Artificially intelligent systems might help bring this down awkward procedure by cutting the computing power required to confirm those trades. An AI system may potentially be trained to enhance these algorithms by supplying it with the correct data.
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Top five startups in this niche space, according to funds raised
These will be the best five startups, regarding funds raised, appearing to usher in a brand new age technologies by blending Artificial Intelligence and Blockchain technology. Though, alone, capital raised isn’t a precise method to assess the achievement of a startup or for this matter the possibility of a brand new sector. It will provide conclusive proof that investors are confident in the potential of combining these technologies and are eager to pledge top-dollar to a startups within this kingdom.
Hence even though Blockchain engineering and Artificially intelligent systems garner enormous possibility of revolutionizing many business sectors. However an amalgamation of both may be the arrival of a new age of technology, one that will bring growth to different businesses on an unprecedented degree.
How do you define “identity” in Web3? It’s a question that opens up a can of metaverse worms. Is your online persona a reflection of your true self? Or is it simply a character that you’ve created in lieu of your real personality? Considering the ease through which users can hide their IRL existence behind a cartoon PFP, it can be difficult to trust that others are being their genuine selves from behind a screen.
Yet, things get more complicated when we begin to think of digital identity as something separate from real-life, “meatspace” identity. Perhaps this is the reason the Soulbound Tokens feel so dystopian in concept. In reality, identity is dynamic and subjective to each individual’s sense of self. But at any given time, an individual is likely to provide a different account of their identity, due to their mindset, present situation, and current physical setting.
All in all, identity is a hard concept to grasp. This is especially true in a realm (like Web3 and the NFT space) where anonymous and pseudonymous individuals often reign. Do those in the metaverse truly understand who they are? One creator is trying to find out. “Are you who you are? Or are you who you think you are? Or are you who they think you are,” is what multidisciplinary artist Snuffy is now asking those in Web3.Snuffy, identity, and mental health
The way we, as a society, approach and understand mental health, has changed drastically in the past few decades. While some cite a lack of understanding as one of the reasons that earlier generations (Gen X and prior) grew up with a “conceal, don’t feel” attitude, in 2023, mental well-being is a hot topic. With the student mental health crisis and the skyrocketing demand for medication providing fuel to the discussion surrounding accessibility to mental health services, it’s no surprise that some individuals consider their mental well-being (or mental illness) to be a part of their identity.
Yet, to Snuffy, real name Julius Margulies, mental health and identity have always gone hand in hand. For the better part of his career as a tattoo artist, he has been melding identity, mental health (often trauma), and the written word to create a unique catalog of physical and digital art. By asking his clients to write a story about a personal experience, he gathers information and translates written testimonials into one-of-a-kind artworks that he then tattoos on his clients. But now, Margulies is hoping to take this cathartic client experience a step further into Web3 and make it accessible to anyone.
self discovery and mental health are the backbone of my upcoming project chúng tôi chúng tôi (@SnuffyNyc) April 24, 2023
“Through examining my practice of tattooing people and interacting with them, I’ve found that people view the tattoo as therapy. But in reality, them writing me their story is the therapy,” Margulies said in an interview with nft now. “Through that process, they identify themselves in what is usually a traumatic experience. So I realized that my unique value to my clients is self-discovery. From there, I thought, ‘Okay, I have this long client waitlist, and I only have two hands. How can I give this experience of self-discovery to as many people as possible in one shot?’”
With his new project Looking In, Margulies is aiming to give the Web3 and NFT communities more insight into themselves. Just as Myers–Briggs types have become a popular tool for folks to relate to each other over the past decade or so, Margulies has tapped into the Big Five personality traits, creating a gamified NFT experience to add to the trend of self-discovery.The point of “Looking In”
While Margulies doesn’t claim to be a psychiatrist or licensed mental health professional, he’s let his own experiences with, and vast research about mental illness, plus his aforementioned continuous role as a sort of tattoo therapist, influence his latest endeavor. In recognizing the malleable nature of identity in Web3, he hopes that people can take pause and participate in some self-reflection, utilizing his new project as a guide.
How Looking In works. Source: Snuffy
With Looking In, users can take part in an informal, sliding scale test meant to provide a basic understanding of where they exist within the scope of the Big Five personality traits: extraversion, agreeableness, openness, conscientiousness, and neuroticism. The test will not, in any way, provide a diagnosis or an official analysis of the user’s personality, but exists to offer a tentative sense of self, accompanied by a collage of art created by Margulies that seeks to meld personality traits together as a visual reflection of a user’s test outcome.
The test also exists as a fun mode of connection between users and their close friends/communities. Because after a user finishes their test and sees their results, they are encouraged to have their close peers take the same test, answering questions as they relate to the personality of the user, to compare the user’s conception of their own personality with that of those that know them best. Hence the question, “Are you who you are? Or are you who they think you are?”
“Most people, when I proposed this [question], they realize, ‘I guess I’m a combination of both who I think I am and how I am perceived by others,’” said Margulies. “So we built this feedback loop for people to really be honest with themselves. To see who they are and how they’re perceived by others. And then you can actually see that the way that your close circle perceives you is either the same or different than how you perceive yourself.”
While Looking In — smart contracted by Transient Labs — is set to launch on December 15 at chúng tôi and users can sign up now, details surrounding pricing have yet to be released. But Margulies says those interested in participating won’t have to worry about token gating or high mint prices that are often associated with large-scale NFT projects. In considering the growing mental health crisis in Web3, he wants this project to be an informal, communal, and lighthearted way for all to be able to “look inward.”
“I would love for this project to be adopted in by the masses, and I’m pricing it in an accessible way. I want as many people as possible to learn a little more about themselves and to find comfort in talking about things like depression and mental illness that are maybe considered taboo to talk about,” said Margulies. “Honestly, I think just for the good of humankind, self-awareness, even for like five minutes, can make the world a better place.”
How two colleagues went from whiteboard to 25 countries with their sunscreen beauty brand Ultra Violette
So what do you do when you’ve got an idea for a new business, but the one person in the world you’d want to start that business with is your boss?
Ava Matthews says she doesn’t have much of a filter, but she knew enough not just to blurt out the idea to Bec Jefferd, her supervisor at beauty products retailer Mecca Brands.
“Why don’t we go out for dinner?” she said instead. “I think I can see an opportunity.”
And so it was that, in 2023, they sat down for a meal and a nice wine before Matthews told her boss about the gap she saw in the market – a high-end sunscreen that was loaded with skincare products, as opposed to the more conventional beauty products with a bit of sunscreen thrown in.
The idea wasn’t well-formed, and if Jefferd had told Matthews that it sucked, she probably would have dropped it right there. But Jefferd didn’t think it sucked. They talked.
“We quickly realised we were actually on the same page,” recalls Jefferd. “Our vision, very loosely, was prestige skincare, beauty, beautiful formulations, a fun brand and fun education. That was as much of a concept as we agreed on that night. And we agreed to keep talking.”
Their first purchase was a whiteboard from OfficeWorks, which they erected in Jefferd’s living room, where they agreed they wouldn’t pay themselves. They worked out they’d need to make 10,000 units of each product. And that they’d need to put in $200,000 each to fund it all. They thrashed out a business plan over six months of weekends while Jefferd’s busy sons traipsed through the place.
Having worked for Mecca on all its private-label products, the two women knew something about the manufacturing process. They knew they needed to put together a clear brief for potential manufacturers. “You can waste a lot of time and money if you’re unclear about what you need,” says Jefferd.
And before they started shopping that brief around to manufacturers, they knew they had to resign from Mecca.
“We found some interesting formulations owned by the manufacturers, and then we started tinkering with them,” says Matthews, “and by tinkering, I mean adding skincare ingredients, changing colours, textures, fragrances.”
Jefferd: “The plan was always to launch with those types of formulations and then, over time, evolve into formulations where we owned everything from the beginning. So literally working with a lab chemist on every ingredient.”
As they took delivery of the prototypes, they tested them on themselves,” says Jefferd.
“We were really particular about not just wearing it for a day, but wearing it for a week, wearing it under makeup, wearing it over skincare, getting people with different coloured skins to wear it … We really put a lot of effort into that testing, not just, ‘Oh, that’ll do. It looks like it fits the brief.’”
They launched in 2023, and their Ultra Violette brand of sunscreens took off from the beginning. They’re now in 20 countries, soon to be 25. Turnover doubled to $12 million last financial year.
And it’s all down to the care they took getting the product right, says Matthews.
“Product is everything. Marketing can get you so far, and spending a whole bunch on influencer activity can get that first purchase, but then people aren’t going to come back to you. If you don’t have a good product, you don’t have a brand.”
They’ve split the business, so Jefferd looks after finance, operations, legal and HR, and Matthews takes care of branding, marketing and education. Product development, however, is different.
“It’s not only the most widely resourced department in our team. It’s the only department that we both overlap on. So, we both look after product development from different angles.
“We know how important a product is to a brand, and you really have nothing without it. You know, it’s the epicentre of our brand. We invest a lot in product development. Our team, internally, is probably one of the most widely resourced in the business. We invest significantly in chemists.
“It’s so important to us that we have to pay our full attention to it. We’ll never take our eyes off that.”
Bec Jefferd and Ava Matthews will be speaking on the Power of Product at the inaugural Forbes Australia Women’s Summit on the 22nd of March, presented by NAB Private Wealth. They’ll be joined by other influential women, including Miranda Kerr, Christine Holgate, Natasha Oakley and more, discussing how to: break barriers in business, build wealth and make industry connections. You can see the full lineup and get your tickets at Women’s Summit 2023 – Forbes Australia.
For more than half a century, graffiti has spread across urban areas’ walls, streets, and billboards. Proliferated throughout the world first as a method of storytelling and turf claiming, what once began as a criminalized pastime has grown into a global phenomenon of cultural expression.
Anecdotally, street art exists solely as public art. That is to say that street art and graffiti live in the physical realm and, similar to paintings and sculptures, are unmoving and unchanging. But now, as with other forms of “permanent” works, street art is making its way onto the blockchain.
NFTs primarily exist as digital experiences, which is why tokenized street art has the potential to provide a robust use case for transferring not only art but culture itself onto the blockchain. From individual success stories to niche platforms, entire ecosystems are being created around NFT street art.Bringing street art on chain
Street art is an inherently physical discipline. It’s in the name, after all. To reiterate the most basic principles of both street art and graffiti: each of these art forms leverage public spaces to create art for public viewing. So how then can the product of such a medium-specific discipline be transferred onto the blockchain as NFTs?
It’s easier than you might think.
Several street/graffiti artists have already found success by digitizing their works in various ways. While some artists tackle the physical first — scanning, photographing, or videoing their creations after they’ve been completed — others are already well versed with digital art tools, often utilizing them in the planning stages of their physical pieces.
From Greg Mike to Matt Gondek, a variety of artists have staked their claims in NFTs. But two artists, lushsux and Tristan Eaton, might perfectly exemplify the diversity of methods when it comes to bringing street art on the chain.
On the one hand, lushsux works very much outside of the box. Meaning that his creations live primarily in the physical realm, despite them ultimately being most successful on the internet. He repurposes memes, skews pop culture icons, and defaces NFT images in the form of murals — which he then photographs, animates (or augments in some way), and mints as NFTs.
On the flip side, Tristan Eaton often does the opposite. Although he obviously does work in the physical realm with his larger-than-life murals, when it comes to NFT projects, Eaton has been known to design everything digitally, making it significantly easier to transfer his works onto the blockchain. We saw this process play out with his G.E.M.M.A (Generative Electronic Museum of Metaverse Art) collection.
Tristan Eaton explaining the process behind his G.E.M.M.A project. Credit: nft now
So, the technical challenges of bringing street art, and the concepts and spirit of street art onto the blockchain aren’t really that complex. Yet, when all is said and done, someone still has to hit the “mint” button. But more often than not, it isn’t actually the artists who have to deal with the technical parts of creating NFTs.Where do street art NFTs live?
Regardless of an artist’s success in the traditional art world, it remains true that minting an NFT or an NFT collection can be a daunting task for newcomers. Although the tools and incentives are abundant for physical artists looking to become a part of the NFT market, many start off clueless about how to begin the process of tokenizing their work.
Of course, there’s always the option of going it alone and utilizing online resources (like nft now’s guide to all things non-fungible). But as Terry Guy, founder of live arts entertainment brand Secret Walls puts it, finding someone to help onboard you into the NFT space can help mitigate the learning curve.
“The hustle of finding good people in the [NFT] space is always a challenge. But it’s a good journey; you’ve just got to ask around and find those recommendations,” Guy said in an interview with nft now. And he’s definitely speaking from personal experience, since his company set out on yet another Support Your Local Artist (SYLA) tour, this time with a blockchain-powered twist.
A photo taken at one of Secret Walls’ SYLA Battles. Credit: Secret Walls
With the decentralized NFT platform Streetlab, entrepreneur Sébastien Rouby and his team are approaching artist empowerment from a top-down approach. Instead of building from the ground level toward the blockchain, Streetlab has already launched a platform that features a personalized approach to everything a street artist might need to succeed in the world of NFTs.
“We create a tailor-made approach for each artist we are talking with. Some of them are really interested, but they need more help and more guidance,” Rouby tells nft now. “We always say that we don’t want to demand anything or to tell them what to do. We just want to create this fertile ground [of creativity].”
Through Streetlab, street artists are able to learn about NFTs, receive coaching on how to bring their specific art styles onto the blockchain, and have their collections minted on one of the only marketplaces geared directly towards graffiti and street art NFTs. The platform is truly a burgeoning mecca for this niche and developing sector of the NFT ecosystem.How can NFTs benefit street artists?
In just the past decade, the perception of graffiti and street art has undergone a profound evolution. Initially a niche subculture, graffiti has since become gentrified in its cities of origin. Now, street and graffiti artists have more opportunities to grow and achieve commercial success. But, as with music, photography, or any other creative discipline, not everyone gets the chance to make a living off of their art.
This is one of the main reasons why the NFT ecosystem has become a hotbed for creators. Many can sustain themselves by selling NFTs, causing artists of all backgrounds to join the NFT community in hopes of gaining a foothold in the market. In other words, street artists are just the latest stars to hit the party.
On the importance of onboarding street artists onto the blockchain, Rouby says that it’s necessary to recognize that street art is underrepresented in the NFT space. “We truly think that street art has a lot in common with blockchain philosophy,” said Rouby. “And we think that there is like this kind of militant aspects in the blockchain fight for decentralization, and with street art and the fight for the ability to make art, sometimes illegally, and to showcase militant messages on walls.”
However, Guy thinks onboarding street artists into the NFT space comes down to providing them with the means to profit from their work. “The artists that we try to work with, the kind of up-and-comers, are always trying to hustle to make a living. And I feel like NFTs have offered like a solid platform or opportunity for them to use their imagination and add that extra income to whatever else they do,” said Guy.
Perhaps each of these perspectives provides a bit of insight into how and why street artists stand to benefit in the NFT space. The monetary aspect is obviously appealing, especially to artists that’ve found it difficult or even impossible to profit from their work. But the idea that graffiti and blockchain culture share the same ideologies might be the true incentive for street artists to join the ecosystem.
Holistically, the decentralized, renegade mentalities of the blockchain community also feel like the spirit of street art. The desire to do things differently and chart new pathways through the creative industry is front and center in both cultures. While street art may be fostering a sense of radicalized community in real life, the same has been happening online in the Web3 space.
Although the intersection of street art and NFTs is still relatively fresh, similarities between the creators of culture on both sides may very well create a shared and collaborative metaverse where the physical and digital meet. If other forms of art can be proliferated at such a grand scale on the blockchain, why should street art be any different?
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