Interview with JETGALA- NFT (Art): A Primer

Interview with JETGALA- NFT (Art): A Primer

Crypto entrepreneur Anndy Lian weighs in on the phenomenal growth of NFTs, and its implications on art creators, vendors and buyers, and the creation of art itself

By Victor Chen, Photos courtesy of Anndy Lian/BigONE Exchange

 

Posted on 19 May 2022.

In 2020, Christie’s sale of the digital artwork, Everydays – The First 5000 Days by Beeple, for US$69.3 million captured the attention of the public, artists and creators, remarks Anndy Lian, Chairman of BigONE Exchange, provider of a trading platform for various cryptocurrencies.

The NFT trend further intensified with the sale of Larva Labs’s Cryptopunks for US$17 million – and has not waned since, he continues. “Those sales are well known and talked about, but what remains somewhat obscure is how the blockchain-based NFT technology provides a transparent record of price, ownership and authenticity, all of which are well suited to the needs of creators, sellers and buyers in the art market,” Lian remarks.

An NFT is a digital representation of an artwork that is registered or ‘minted’ in a digital database called a blockchain. Among the biggest changes that it is anticipated to bring are the transparency in the ownership and exchange, and the importance of digital art.

“Certainly, for the needs of any growing two-sided marketplace to continue thriving NFTs offer distinctly powerful advantages: for creators, it provides an open network with the opportunity to express one’s creativity and prove ownership, and for collectors, it’s a readily accessible way to own and express their taste in a digitally native world.”

As with investing in cryptocurrency, it’s important, especially when buying an NFT artwork, to ensure it is safe and profitable. This requires doing proper research into the artwork, and setting up an account in a well-known marketplace safely and securely, advises Lian. “It’s important for people to realise that in the NFT world security is one’s own responsibility,” he cautions. “There’s no call center to sort it out for you when things go pear-shaped.”

Safety includes simple but important steps such as using a password manager to create and store one’s passwords for registering with NFT sites like OpenSea or LooksRare, Lian advises. Both marketplaces offer helpful guides to installing and connecting a wallet to the platform, buying an NFT artwork at a fixed price or in an NFT auction, and selling them when the time comes, which includes creating a sale listing to accepting an offer, Lian says. They also provide information on how artists can go about creating their first NFT artwork. “Remember that NFTs do not provide ownership of the underlying digital asset. So, make sure you also have a contract to prove your ownership of the asset itself, in case it is required.

“Ultimately, however, it’s down to participants and collectors to find artists with enduring creative value, not just to make a quick buck on. These will be the most profitable as long-term investments, like investing long-term in cryptocurrency you know will only grow in value such as Bitcoin.”

Lian asserts that understanding what the numbers mean is crucial in assessing the NFT marketplace. “For example, in August last year, OpenSea exceeded $1 billion in gross market volume year-to-date for the first time. By late 2021, it had grown so much that it processed $3.2 billion in volume in the month of December alone. Meanwhile, data shows that OpenSea currently has around 1.75 million users.

“But what’s special about growing this marketplace, supported by the decentralised blockchain technology, is the way it also allows participants to learn about the space from a modest purchase, and the qualitative benefit of being able to connect directly with artists and creators.”

This educates buyers and collectors from these conversations, which builds sustainable value in artist’s work at a human and a market level, Lian reasons. “And with global brands like Nike buying NFT startup RTFKT Studios last year, positioning it as a brand leveraging cutting-edge innovation to create a ’next generation’ collectibles culture, the wider market for creative NFTs is only going to grow further. Indeed, Nike’s virtual sneakers will help deliver an immersive experience in the metaverse—another huge growth area for artist’s NFTs as well as forward thinking brands.”

Tracking Lian

Founded in 2017 and registered in the Netherlands, BigONE operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology R&D.

As Chairman, Lian runs the group’s crypto online channels, from Twitter to Reddit, providing insights on such topics as the metaverse, NFTs, and the latest crypto regulation in Singapore as an incentive to get their users involved. For example, BigONE empowers and encourages women to participate in the blockchain space.

Lian also heads the communication for BigONE products, including liquidity mining, and spearheads partnership with select new projects that seek the listing of their token on the BigONE exchange.

Bringing over 15 years of experience in Asia working in various industries for local, international, and publicly traded companies, Lian is concurrently the chief digital advisor at the Mongolian Productivity Organisation and a blockchain investment partner at Passion Venture Capital.

Previously, he served as the blockchain advisor for Asian Productivity Organisation (APO), an intergovernmental organisation and advisory board member to Hyundai DAC, the blockchain arm of South Korea’s Hyundai Motor Group.

 

SET UP YOUR NFT by Anndy Lian

NFTs are used to acquire an artwork. To do this, a buyer (or a seller) must purchase a well-recognised cryptocurrency, say, Ethereum (ETH for short). An Ethereum is similar to a Bitcoin; however, unlike a Bitcoin, it is designed to support several applications making it the cryptocurrency of choice for acquiring NFTs.

To buy an Ethereum, two things must be set up: a crypto exchange account and a Metamask browser wallet where the Ethereum bought from a crypto exchange will be eventually transferred. The Metamask wallet is what is used in transacting in the NFT marketplace, such as OpenSea, to buy or sell an NFT artwork. Currently, the most popular Metamask browser extension is in the Chrome browser.

Once the Metamask extension has been set up, its address is released to the buyer and the Ethereum is transferred to that wallet address. With the complicated part of the setting up an account out of the way, transactions are fairly easy.

Explore Before Acquiring

A good way to start acquiring NFT artwork is by exploring the market. This is similar to visiting galleries to ascertain what are available for acquisition. Popular marketplaces, such as Opensea, offer many different NFT artworks for sale. Using the access provided in the Metamask wallet, a sale transaction can then proceed. When buying an NFT artwork, both the cost of the NFT as well as the transaction, also known as the ‘gas fee’, are to be paid.

In some cases, especially for NFT artwork that are priced lower, the gas fee can be greater higher, so it’s good to be aware of that from the outset. Once an NFT artwork is bought, it can be sold for a higher price, less 2.5 per cent that goes to OpenSea and a creator royalty that goes to the original creator.

This where NFT artworks contain what’s known as a smart contract, an automated blockchain-based process that gives the artist a percentage of any future sale of the token.

Do Your Homework

To assess whether an NFT artwork is worth buying, a few checks must be made. Firstly, for any given NFT artwork, the selling history must be reviewed. Are people are buying or selling the NFT? If not, and you buy an NFT then you could be stuck with an item that’s hard to sell.

Another good indicator in OpenSea is to look at the overall collection and see how much is being sold, in other words what the volume is.  In other words, you want a NFT that has had many buys and sells, that’s what is termed ‘Liquid’ so you can easily sell it if you wish to cash in your investment.

Connected to that you want to see if the NFT over its history has been rising in price. Plus, its worth checking the ‘floor price’ to see the lowest cost of NFTs in a collection, so if you need to sell you can more easily sell if you have a NFT nearer the floor price. Finally, it’s worth Googling the collection’s community, to see how well supported they are in channels such as Discord and Twitter to judge the demand for the NFTs from a creator/artist.

 

 

Original Source: https://www.jetgala.com/nft-art-a-primer/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Interview with Anndy Lian: Role of DAO and its Future

Interview with Anndy Lian: Role of DAO and its Future

– An Ukrainian DAO raised about 8 million dollar for the war effort? How do you see the role of DAO in international financing for economically ravaged/weaker countries?

There’s certainly potential in quickly and securely using DAOs (decentralized autonomous organizations) for financing for troubled parts of the world. The case of the Ukraine DAO shows that such a decentralized structure can be spun up quickly and cheaply and engage with a community around issues of concern to individuals around the world. You can also see from the growing use of crypto donations in the NGO and charity sector that DAOS could become a more formal means to channel funds and with less cost in terms of money transfer fees, and with less issues with government bureaucracy by directing funds straight into the pockets of those most in need. In addition, as a collectively owned and managed entity with a set of rules written in computer code, the DAO offers the potential couple with good governance, to avoid corruption that can damage already economically weakened countries.

 

– Russia has now been imposed multiple economic sanctions. How will DAO in particular play a role in Russian economy now that it will largely be cut off from the international financial system?

It may well be that civil society groups and civilian organizations faced with the impact of economic sanctions will use DAOs to bypass central government restrictions and appeal directly to people across the world for financial help. That will pose problems for the DAO as a model for co-operation as it raises pertinent questions about governance, how do you prove governance and how do you resist your funds being secured by state organizations. However, with the likely collapse of the Russian economy cryptocurrency gives ordinary Russians the opportunity to safeguard funds, as well as to use DAOs to pool resources to meet the needs for housing and heating to name two essential requirements for societal infrastructure to sustain the fabric of civil society in the face of the possible collapse of central government.

 

– Do you the ongoing Ukraine-Russia war as an inflection point in the mass adoption of DAO system? and how?

In fact, the rise of the DAO is closely tied to the emergence of cryptocurrency with the launch of Bitcoin back in 2008. It set the template, where typically the DAO founder has no workplace and no employees, but the project continues to run quietly because a group of people who believe in the project contribute to it.

More than a decade later, this DAO-based project has a market value of $1.3 trillion, making it one of the world’s top five company in terms of market value. Yes, Bitcoin is the most successful DAO right now, and its founder is the anonymous Satoshi Nakamoto. There is no boss or employees to manipulate, and all such organizations operate autonomously and anonymously. This is DAO’s core value.

More recently, the trend in using DAOs specifically to raise money for campaigns with a political theme have also emerged, in the lead up to the war in Ukraine. Notably ConstitutionDAO was founded on November 11, 2021, by a group of cryptocurrency enthusiasts. Its creators hoped to raise funds through the DAO method in order to purchase a copy of the US Constitution to realize the great dream of “putting the Constitution in the hands of the people,” and attracting over 17,000 donors. ConstitutionDAO took just nine days to raise approximately 11,000 ETH, which is worth more than $47 million.

While in December 2021 a DAO created to raise money for Ross Ulbricht, the jailed founder of Silk Road, announced that over 1,320 people raised over 2,800 ETH in to win the auction for Ross’s NFT. In short, the main reasons for FreeRossDAO’s popularity are its association with NFTs and people’s sympathy for the unfair treatment of Ross.

Taken in this context the mass adoption of DAOs to raise money to support the Ukrainian people is part of a growing trend, highlighted by the urgent need for resources to help refugees and civilian organizations. Indeed, the inspiration for the Ukraine DAO, the leading DAO which has raised over $13 million in crypto donations to date, came from a UK-based Ukrainian activist Alona Shevchenko who works with FreeRossDAO. Connecting to her network of friends led to the connection to Nadya Tolokonnikova of Pussy Riot, who launched the DAO on February 25 along with Trippy Labs and members of PleasrDAO, which was behind FreeRossDAO.

Therefore, the launch of the Ukraine DAO is in many ways simply a recognition of the already growing use of DAOs to raise funds for specific causes; the Russian invasion was the catalyst but whether it is a ‘tipping point’ remains to be seen. Some of the previous issues such as concerns about crypto scammers using the situation to fraudulently raise funds have emerged concerning published crypto addresses when queried by Ethereum’s founder Vitalik Butelin. Which is why the use of the DAO mechanism, which provides greater transparency has proved so popular as well as the means to organize collectively around it. As stated on the Ukraine DAO website, similar to a direct P2P crypto donation method using a DAO coupled with crypto as the funding mechanism means that: “Decentralized Autonomous Organizations are a model for the world to witness how people with a common purpose can join and work together quickly to distribute funds to present humanitarian causes.”

The speed and global reach of the Ukraine DAO, bypassing the problems caused by using conventional funding means whether through central funding institutions such as the banks or examples such as the Patreon startup, which returned money raised for the Ukrainian army, certainly shows their power for future fundraising in Ukraine. Whether this will mean that DAOs will work as a broader model for organizational structure is another question. DAOS have also caught the imagination of the startup community in the US for example, with VC money following suit. That entrepreneurial interest includes celebrity crypto owner Mark Cuban, who added a note of caution in highlighting the importance of good governance to provide long-term benefit to DAO members. “The future of corporations could be very different as DAOs take on legacy businesses,” he is quoted as saying. “Entrepreneurs that enable DAOs can make money. If the community excels at governance, everyone shares in the upside.”

 

– DAO, largely speaking, is legally still undefined. In the sense, there is a lot of gray area when it comes to DAO. Do you see DAO as a tool to channel the wealth of people who have been sanctioned?

It’s correct to say that DAOs can be used by any group of people with a collective purpose in mind, harnessing the power of cryptocurrency and guided by a set of principles embedded into the smart contracts that regulate the DAO’s operations. However, as recently outlined by the industry organisation CryptoUK, the converse is that by the nature of crypto its very possible to track any illegal funds coming out of Russia. For example, that are a lot of coin swap pools that are trackable, which can be monitored. So, when it comes to trying to evade sanctions it shows that the crypto industry has the capability to react and mobilize in real time to freeze or block funds and also to trace transactions to a single wallet where required. “Crypto transactions are not anonymous and untraceable. Through Public / Private sector collaboration we can quickly inform the criminal world (or those looking to circumvent sanctions) that this technology is exactly the opposite of what they are looking for in terms of anonymity and lack of traceability,” confirmed CryptoUK.

 

– How can DAO become more legally secured across the world, in order to make sure it is not misused by non-state actors?

While DAOs offer an alternative to organizing a corporation with decision making baked into the code, funding via the Dao’s token, and decisions decided by the whole community, in practice they currently lack the legal status of a corporate entity and a consistent regulatory framework. The token itself depending on the country’s regulations may be deemed as a security and come under tight legal regulations of its own, potentially opening up members of a DAO to liability. At least in the US as unincorporated entities, DAOs do not need to follow the legal formalities of incorporation such as registration, bylaws, and contracts. As a result, DAOs are treated as unincorporated partnerships. In a partnership, each individual has unlimited liability. Therefore, if the DAO is hacked or declares bankruptcy, each member is exposed to liability for the entire amount of funds. This key aspect of the legal status of DAOs for fund raising would need to be resolved to ensure they are not misused by non-state actors. It maybe that a lead would need to be taken at an international level, such as through the United Nations, as well as by individual nation states if the DAO is to prove sustainable from a regulatory standpoint, therefore.

 

Original Source: https://newslookout.com/feature/interview-with-anndy-lian-role-of-dao-and-its-future/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Anndy Lian, Metaverse, and Cryptocurrency: The Nitty Gritty – An Interview with Stashaway

Anndy Lian, Metaverse, and Cryptocurrency: The Nitty Gritty – An Interview with Stashaway

Metaverse has been talk of the town ever since Facebook CEO Mark Zuckerberg rebranded Facebook into Meta and shared with the world his aspirations and goals in this “metaverse”. But what exactly is metaverse? What does the future hold for us?

Anndy Lian, Chairman of BigONE Exchange gets into the nitty gritty of metaverse with Stashaway,  an intelligent wealth management platform run by roboadvisors.

Metaverse, much like NFTs, is not something new in 2021. It has been talked about seriously since 2018 in a book that Anndy wrote – Blockchain Revolution 2030. Dating further back, ‘metaverse’ was known as a ‘virtual world’ and its origins are mostly credited to Author Neal Stephenson’s 1992 dystopic, sci-fi novel Snow Crash, and many see a more recent inspiration in Earnest Cline’s 2011 novel Ready Player One.

“Metaverse,”, says Anndy, “is more like a bridge between the virtual world and the real world.”. It is speculated that everything that can be done in the real world can be mimicked and reproduced in the metaverse – and maybe even more. It is not as minuscule as having meetings, or creating a cute profile or meme in the metaverse. Imagine what you can do in real life – work, earn your keep, enjoy entertainment – these are what the metaverse promises.

There is a hype around metaverse right now and with the help of Facebook and a few other big companies, people are looking at tech stocks and good crypto companies to invest in. It’s only been a couple of months since the topic of metaverse surfaced and many may argue that it is too early to start investing or paying attention to the market. One concern is that users who are into the metaverse are buying land – digital land – and keeping them. It is of no surprise that they will must have been quite hefty. “It may look like an investment now but you are really just gambling because there is no clear indication right now which metaverse is going to be the next big thing. There are a lot of things to uncover and discover,”, Anndy explains.

The media features news that are trending and people often just listen to them without doing their own research. It is imperative that these people understand that we are only in the beginning phase of metaverse. Taking Google and Yahoo as an example, in the past, everyone thought that Yahoo would be the biggest leader in search engine, but despite both of them being billion-dollar companies, Google clearly has the biggest advantage right now. “Whoever is the leader now may not be the leader at the end,”, emphasises Anndy. There a lot of building blocks that we have not seen and as we progress on, we will get a clearer investment perspective and that would be a better time to invest.

Decentraland (MANA) and The Sandbox (SAND) are the two biggest players in the metaverse right now and the competition has extended to its users – much like Apple versus Samsung. In terms of metaverse, Anndy believes that it is good for everyone to work together and unite such that there would be one metaverse for the whole world. “Ideally, I hope everyone can be united and do what’s needed to build the metaverse up,”, says Anndy.

It is a common misconception that the metaverse is all about cryptocurrency. It is without a doubt that cryptocurrency is one of the aspects of metaverse that connects everyone, however, looking at it from a deeper level, there is also a tech aspect. One of which is Web3.0 that will be coming to improve engagement and enhance safety. Apart from cryptocurrency, NFTs are definitely a part of the concept as well. We may have seen virtual galleries showcasing NFT artworks around the world – and this is only the beginning.

Another common misconception of the metaverse is that it is closely interlinked with virtual reality (VR) and augmented reality (AR). Due to the portrayal of Ready Player One, many believe that we have to wear headsets or sit in a special chair to experience the metaverse in 5D. Thinking back to a conversation with a friend, Anndy brought up that we are all restricted by our physical bodies where we grow old and sick. “If it continues to be like that, how about connecting our mind into the metaverse?”, questions Anndy. This may not be too far-fetched an idea either. Greg Daniel’s 2020 sci-fi television series Upload portrayed Anndy’s thoughts perfectly. The premise of the series is that humans are able to “upload” themselves into a virtual afterlife of their choosing. Now isn’t it wonderful to be able to live even after death?

In a metaverse, there are a few foundational aspects needed to flourish. First and foremost is the ability to let people earn money. Many games such as Axie Infinity have been released where players can play to earn and this attracted the attention of billions of people. Secondly, is the formation of a strong community. With a community, bigger and more valuable things can be built upon as long as they play their part. The third and final point is that whatever is earned from within the metaverse can be brought out and utilised in the real world. “Great importance should be put on these 3 points. I’ve yet to see the 2nd point happen so I’m really looking forward to it,”, says Anndy.

We certainly hope that adoption of cryptocurrencies will be boosted in 2022 as it is a very good opportunity for things to mature. Due to COVID-19, things will definitely have to open up across borders and across different worlds. “As adoption increases, there’ll be new money and new people. The metaverse will be very very different,”, says Anndy. The metaverse that we all imagine should not be something that is too far away. In Anndy’s words, “Let’s shoutout to Elon Musk; maybe he could help to boost the development of the metaverse.”. Cheers to that!

 

Podcast:

https://www.stashaway.sg/podcast/entering-the-metaverse

 

YouTube Video:

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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