Adding wealth to the intrinsic value of your owned NFTs

in LeoFinance6 months ago

TL'DR: This post is about using creativity and ingenuity to increase the intrinsic value of an owned NFT. In a previous post I highlighted some common misconceptions about what NFTs are, and possible utility use-cases for them outside of art and gaming. In this post I attempt to demonstrate why I do not view my NFTs as merely investment instruments, art or game pieces, but tokens that I can creatively contribute towards value-wise.

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I own it. Why shouldn't I?

Have you ever seen a comic book epoxy resin table? You take comic books you own, physically cut out amazing art panels and create a tabletop surface using epoxy resin. The results can be very cool, with a clear coated table and comic panels under the surface. So cool in fact, that sometimes these tables sell for more than the price of the original comic books plus the price of the extra supplies. So in effect, by modifying a piece of art, a comic book, and even ultimately destroying what it originally was, the owner of the comic book increased the overall value, while arguably keeping its artistic value.

Why not extrapolate that idea into the realm of NFTs? I've purchased some NFT Artwork which seems like a decent place to start thinking about ways that I can invest creativity in my investments. I could print off some of the digital pictures and make an epoxy resin table, sure, but this detracts from the whole "realm of the digital" that NFTs occupy. The T does stand for token, after all.

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left Virtually Worthless NFT by @richardfyates, right (lazymoshed) collage by @amphlux

When NFT data becomes non-fungible, additional data and utility potentially equates more value.

I own this piece by @richardfyates. I think it is hilarious because I love absurdist art. To me it is totally reflective of the NFT craze we saw earlier this year, with the half-assed rainbow borders and the random pixel art everywhere. Provocative stuff.

So I'll make a collage of it. I won't mint it as an NFT, that seems crude. If I ever do (cheaply, per artist request) resell the original piece, I will include the side-collage I made along with it. The question would be how at that point. With rug-pulled NFTs in play, the technology is already on the way to having a solution. Dual-blockchain networks are already rising up to address this problem with "smart data" residing on blockchains. Systems such as Aleph.im and Zenotta and others seek to address the inherent problems of NFT's merely pointing to a file location.

With these new systems, couldn't more smart-data be added? The selling of owned NFTs could come packaged with even more data, or additional intrinsic value. Whatever gave it value in the first place could be enhanced, modified, added onto, etc. The beauty of digital data is this can be done without destroying the original data, as well as embedding "who-did-what" into an encrypted log.

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Non-Fungible Tokens+

Let's discuss the non-fungibility aspects of enhancing an NFTs data and value. Like, dude, is that even allowed? Conceptually as it stands, when you buy an NFT the only non-fungible thing you are buying is the issuer's mint. Say more smart networks exist which bridge NFTs to smart data which can't be rugged. Now we have non-fungible data, and it is also perfect, since it is digital 1s and 0s. When we talk about non-fungible items such as cars, land, collectors stamps, trading cards, paintings etc. we are talking about goods which wear out with use/time. Digital goods do not wear out.

So we have this non-fungible item which can be replicated and modified while leaving the original perfectly intact. The only limitation at this point would be amount of data that could be added by/to the original NFT/smart data network. With an encrypted ledger of "who-did-what" within the contents of the NFT, I don't see why additional data/value couldn't be in play here.

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Tulwick's ascention, an Ethermore.xyz character.

Tulwick the Heroic Half-Dragon, a character of Ethermore.

Tulwick is a Half-Dragon Ledgerscript Wizard, Hero to The Castle who wields caltrops. I mean dude, that's pretty cool, and just look at him. All scaly and badass looking. What would make him even more unique though? He exists within Ethermore, a growing online collaborative storytelling network where minted NFT characters can interact and form a grand narrative.

In order to add value to him, I decided what better to do than begin crafting some lore around him. Ethermore is wide open at this point, what better time to start establishing some storyline for him. I've played D&D for years and love it so plotting a story for him not only adds value and wealth (hopefully), it is entertaining for me personally.

I've also been active in their discord, describing to them how I believe HIVE Tribes is a perfect fit for the project, which in truth it really is. Perhaps being loud and vocal about my thoughts over this project might be annoying to some, but I feel like it has generally gotten a good response. The great thing is writing my thoughts like this adds value to my existing Tulwick character as well.

Then there is animating him. I took him into Aseprite and began working on him. It was fun, I learned some things and got better at pixel art/animation in the process. Now I have aseprite files, gif files, png files for Tulwick and I could make more. Now take all of my blogs, whether in-character as Tulwick, or talking about the narrative, or even talking about the systems utilized within Ethermore itsself, and take the animation files, and link them to Tulwicks original NFT. Maybe it won't add much, but the potential for adding value is there.

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A little storyflower NFT by Amphlux and its blog.

It's for these reasons I've baked blogposts into my NFT artwork

From a small blogpost about a flower that I grew to an absurd hot potato negative-value NFT passed around freely, part of the art of the NFTs I've personally minted is the story behind the piece.
I've often thought about what an artist was thinking about when making a piece. Or what inspired them, or what they could have added to the art if more mediums were available. Adding immutable intrinsic wealth within that data form will soon be achievable. However even more, it could allow anyone to contribute, much like coders within the Open Source community. People passing around my Hot Potato NFT freely are directly contributing to the artistic aspect of it but not its wealth. People selling @richardfyates cheaply per artist request are contributing to it in a strange way as well. These weird forms of intrinsic value... I don't think humanity has encountered before.

So please, tell me your thoughts about contributing towards the wealth-value of owned NFTs by engaging with them in creative, unique fashions. I would love to hear any opinions or ideas on the matter!

If you enjoyed this post, please check out my latest album below!

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Amphlux - A Static Motion on Audius.co

#TrackLengthGenre
1Cryptonomeconomics3:11Crypto-Groove
2Flyover Soul5:57Flytuned Chipstep
3Minimal3:28Dreamscape
4In The Minds Of Those Around You4:54Electro Breakline
5Mercenary6:22Aggrostep
6Quadtone2:44Synth Quartet
7Moot Trio4:40Post Industrial
8Endgame4:44VGM Bosstime
9Crisis5:22Arppegiod Chipestra

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I love it. I 100 percent approve of remixes, of taking something and reinterpreting it or continuing the story or exploring the possibilities of the image. (Feel free to tokenize whatever you like, if it's based on something of mine!)

I also love the idea of "adding to" an nft! That's an exciting development! Have to look into it!

My NFTs on Hive are all remixes because I make collage art from found pictures using scissors and glue. I then scan them to mint as NFT. I love the idea of the remix. You can check out my art to see a genuine collage art piece in the original sense of the term at https://nftshowroom.com/julianhorack/gallery.

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We are curious why you are using the topic-tag #peakd ... this post doesn't seem to actually about PeakD.com so we are confused why it's using that hashtag. Let us understand your thinking behind using that TOPIC tag.

If it's because you posted with peakd.com there really isn't a reason to use that topic... we already denote which posts were created via peakd.com without needing to use one of your limited topic tags.

If you're doing it to get views I will let you know the analytics do not support that theory it's really just one person... Just ME that looks at the page for this topic.

Anyway just curious as we would personally prefer to only see posts that talk about PeakD use the TOPIC tag #peakd

Honestly? I generally do not understand how topics relate to front ends. I don't quite understand which front ends i should push what content, what's allowed or frowned upon. I've asked a few people what I should publish where, but I don't quite fully grasp how topics relate to front ends.

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Understandable ... let me share a few thoughts.

A topic-tag is used for HIVE in general. It's a way to help any and all posts be categorized. Generally it's for TOPICS... but can be used by some projects to help do other things.

There are some 3rd parties that use these tags to categorize for their own interfaces. For example LeoFinance's whole entire system seems to hinge on a topic-tag #leo if i'm not mistaken. Basically they have said all posts about FINANCE should use that tag and then they have created an entire website dedicated to showing those posts. (I hope i have that correctly)

PeakD is the most used website on HIVE and we do not have a topic-tag like that... we just show EVERYTHING that is on HIVE.

I hope this helps.

That does help. Thank you. I've been pushing more finance related content towards LeoFinance since it is in the name. But for things like Peakd or ProofOfBrain I had no idea.

Oh and I use Peakd probably the most as my front end, so kudos to a sleek site!