![]() In fact, the rest of the market felt the effects even worse. Bitcoin soared, then fell back down 66%, taking the rest of the market up and down with it. ![]() The greatest ever crypto bull run turned into the worst ever downturn. But it turns out there are a lot of bad things that can happen. I was going around preaching from stages. Imagine if XCOPY went on to become well-known? These little tokens would be worth something someday.īut then 2018 happened. Plus, they were the first - the genesis tokens. Unlike XCOPY’s current work, these were abstract and reminded Jason of work by painters like Gerhard Richter. For example, when an artist by the name “XCOPY” auctioned off his first set of glitch artwork, Bailey jumped in and bought three of them. No government or corporation or person could take away your Bitcoin, or your CryptoKitty, no matter what.Īnd so Bailey started buying up some cool little items for a few dollars, or a few dozen dollars, a pop. This was the promise of blockchain: Complete and unfettered ownership over your property - whether it be coins, media files, or anything in between - in perpetuity. You own it, right? It will never go away. It’s on the blockchain distributed across all these computers and like it doesn’t matter if the marketplace goes out of business. Bailey was drawn to the idea from a technical perspective: I spent that first year flying around the world, talking to people about how the blockchain is amazing because you will never lose your NFT. It was 2017, and the notion of a blockchain-based digital something (media file? artwork?) was little more than a gimmick: A proof of concept for a small community of eccentrics within the fledgling crypto community. Jason Bailey - otherwise known as Artnome - was an early collector of non-fungible tokens (NFTs). Arguably, you don’t really possess it at all. Right now, your most valuable possession may not be where you think it is. Would you ever entrust such a valuable possession to somebody else on your behalf? Would you ever leave it somewhere where it could be lost? No, of course not.Įxcept it may well be that you already have. Think about the most valuable thing you own. Remember: Not your storage, not your NFTs. One way to do this is by downloading a copy of all the digital assets associated with your NFTs using ClubNFT’s free tool. As part of ClubNFT, RCS is here to support readers in preserving their own collections. Earlier this year, Nate Nelson contributed the following expert analysis which highlighted the vulnerabilities that continue to plague NFT collecting. The issue of NFT security is central to the long-term health of the creator economy.
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