The Garden State is embracing the ownership revolution
The Garden State is emerging as a leader in blockchain technologies, particularly NFTs.
By democratizing ownership and disrupting entrenched middlemen, NFTs enable ordinary New Jerseyans to build wealth by owning assets previously only available to the wealthiest – from artwork to real estate to high-end wine.
But wait, what is an NFT?
Well, an NFT, or non-fungible token, is a digital record of ownership that cannot be altered or reproduced. They are basically digital certificates of authenticity. Most people have heard of or read about NFTs as expensive .JPEGs that can be collected or resold. These digital records can also represent ownership of digital assets such as art, collectibles and gaming assets. Or physical assets such as physical works of art, high-end luxury goods and real estate.
This technology has so much power and promise. Soon everyone will be able to build a portfolio and actively trade in NFTs that provide a stake in the ownership of a wide range of assets. Fractional NFTs are emerging as an ideal way to share ownership of assets that have historically been owned by only one person. Those who previously could not afford it will be able to buy and sell pieces of real estate, luxury goods, startups and more as NFTs. Here in New Jersey, Long Branch-based Balcony DAO is making real estate investments more accessible by digitizing pieces of real estate as NFTs.
New Jerseyans can also own digital collectibles from local sports teams like the Devils, who were the first NHL team to offer NFTs. NFTs can also unlock access to real-world and VR metaverse experiences. NJ Lottery Ballooning Festival NFTs provide special access to tickets, virtual experiences and physical merchandise. In the future, I envision NFTs enabling sports teams and cultural institutions to finance new facilities, community programs and capital improvements without issuing bonds or burdening taxpayers by using local government funds.
These digital records, enabled by blockchain technology, enable artists and buyers to determine a piece’s value by establishing authenticity and scarcity. Digital art, music, videos, and other collectibles without NFT support can be easily reproduced, and as a result, artists are often underpaid, sell cheap prints, or collect only fractions of a penny per stream. An NFT, on the other hand, can be traced back to its creator through the blockchain, and potential buyers can determine how many were and will ever be minted. This allows digital artists to sell their works for their actual market value based on supply and demand, and even collect royalties on resale.
With NFTs, creators can also cut out gatekeeper power brokers and expensive middlemen, leveling the playing field for artists from underrepresented backgrounds. Artists can take their work directly to the public without having to find a gallery or art exhibition – which historically excluded marginalized artists. In addition, “smart contracts” – coded logic and rules contained in the blockchain – enable the direct sale and transfer of NFTs without the need for appraisers or sellers.
NFTs democratize ownership and open up new opportunities for creators to connect with a global customer base. This is a game-changer, enabling artists, brands and personalities to unlock value in artwork and intellectual property. NFTs have created an explosion in digital art, collectibles and gaming, with sales growing from under $100 million in 2020 to $24.9 billion in 2021 – and estimated to reach $211 billion by 2030.
Mass adoption of NFTs will be a boon for creators, collectors, brands and more, but industry leaders and government must work together to remove barriers facing creators and potential buyers. My company, go! NFT Yourself, enables brands and artists to accept credit cards for NFT sales, making NFTs accessible to customers unfamiliar with cryptocurrency. Politicians such as Representative Josh Gottheimer and Senator Cory Booker are also leading the way at the federal level, and both received the Crypto Council for Innovations Digital Future Award this year for their efforts to promote blockchain development and adoption.
NFTs enable artists of all kinds to make the most of their hard work and creativity, making ownership of art and other tokenized assets available to more people than ever before. Embracing NFTs and other blockchain technologies will continue to drive a revolution in investment and creativity in New Jersey and around the world—my team and I at GO! NFT Yourself is proud to be a part of it.
Peter Chmiel is an innovative serial entrepreneur and co-founder and CEO ofGO! NFT yourselfwhich operates specially branded NFT storefronts that accept credit cards, allowing artists and brands to unlock the value of their work and sell NFTs to the public at large.
