NFT's have taken the art world by storm, with many artists minting their artwork and selling them as digital collectibles. Blockchain Creative Labs CEO Scott Greenberg joined Cheddar News to discuss how artists can incorporate their work into the NFT space. 

Opening Bell

Blockchain Creative Labs CEO on How Artists Can Enter the NFT Space

Welcome back to Cheddars. Opening Bell Today, we are keeping digital assets in focus on Opening Bell. And if you're an artist, you've most likely heard of N. F. T. S or non fungible tokens. N F T. S have taken the art world by storm with many artists minting their work and artwork as selling them as digital collectibles here to discuss how artists can get into the N. F. T. Spaces scott. Greenberg Ceo of Blockchain Creative Labs scott want to start with the basics here because we can talk about N. F. T. S, but not everyone actually knows what an N. F. T is. So I want you to break down exactly what is an N. F. T. Good morning. N. F. T stands for non fungible token, which means it's uh essentially it's unique where fungible fungible token is interchangeable, like a Bitcoin is interchangeable or a dollar bill is interchangeable, basically. There's one unique version has its own serial number and it's it's one of its own. And when, when you think of art, that certainly makes sense because art pieces in general tend to be, especially in the most valued arc, are unique pieces. So one of the top use cases than for N. F. T. S. I imagine art being that. Yeah, I think right now collectibles are very, very active. Use case right now. You see trading cards, you see pieces of art were really excited about use cases of media as well. Um, you're seeing uses in music. You know, Blockchain. Creative Labs for Fox are very interested in video as well. So I think no different than when you own a unique DVD a book, a cd you actually have portability and ownership which I think will be really in the future really compelling and that great opportunity for consumers. So then if you're speaking to creators out there of a lot of these product offerings that you're talking about, what's the best way then for creators to enter the N. F. T. Space first and foremost do your research. I think everybody needs to be educated and learn as much as they can. Um If you're an independent, the great thing about what Blockchain technology Web three, it really connects communities and their fan bases. That's really the best part and consumers control their data and artists and creators control that. I go to sites like wearable and open C. They have step by step ways of showing you how to do it, how to put your art, protect your art and really engage and build your community. When we talk about N. F. T. S. And new F. T. S coming out. N. F. T. Is being minted. I wonder if you can break down what it means to actually mint in N. F. T minting is a it's a term to kind of capture what it actually means to be put on a Blockchain because it's a Blockchain is a database and when you meant something it basically you're putting it on a chain and it has a smart contract and the smart contract basically tells you all the attributes of who owns it does it. And so that's minty basically puts it on chain and you own it and you can actually start trading it. And speaking of those block chains or even those networks, let's talk about the N. F. T. Networks or networks for making N. F. T. S. How do they compare? I think of ethereum versus like other networks out there, they're all great. I think they all have different use cases for different things. Ethereum is the biggest because there's a theory um there's more ethereum tokens out there for people to use. Also theory is the largest more decentralized applications and companies building on it. So it's a bigger network for people trade. We have great companies like Solano and polygon. We also work with a company called Alluvial, which is primarily for video and there's flow, which works on other things. And so I think it depends on the use case and depends on the decentralized application, but there's a lot of great ones and you know, the key is is there a community there that owns the tokens and is building applications upon that network and to your point earlier, especially for creators doing their research and what, you know, Blockchain or network might work best for their particular form of art in particular. Um You obviously had Blockchain Creative labs and wonder if you can talk a little bit about the value that Blockchain Creative Labs offers to creators owners of intellectual property and even brands potentially. Yeah, so we launched Blockchain Blockchain Creative Labs at Fox about a year ago and you know, from the corporate leadership is really what's the future of content distribution, making the direct relationship between creators and fans. And our first, you know, we worked with the masked singer, which is number one television show in America 300,000 wallet installs and crap populace, which is our new animated show with the K created by dan Harmon, the co creator of rick and morty and from community. And we did 10,004 20 tokens. And when you own one of these will give you exclusive gated access to see behind the scenes content. It's basically a fan club. And so we're going to give you hold one, you can see content ahead of time gated before it's on air behind the scenes. And we think that's really the future of how consumers can directly engage the brand and see content. And we're really excited about it. Aside from utility, which we know is a major use case and a major advantage of N. F. T. S. What are the factors should collectors look for when buying or selling N. F. T. S. You know, I think it's really what interests you um you know, N. F. T. Is is a physical representation of digital contract again, and there's many use cases in real estate, you can see use cases in other areas. So I think art is a very easy place to understand it, but it's an opportunity for two people to actually transact and share something online. And and so I think art and we're excited about the media space, how we can actually view content and trade content and a creator can get royalties more in the future. I mean, we're working with, we're working the USFl, which is a new football league in sports, uh football league in the spring. Uh we're working at W W. E and if you go to the moon salt dot com working there for real fandom, getting in real life utility and access. So I I think there's many use cases, not really one that the token itself is a visual representation of what the smart contract can do. Since there are so many use cases. I'm curious and with with your insight in this space, what do you think is perhaps the most undervalued use case for an N. F. T. May be the one that that maybe generates the most momentum moving forward. I think that, you know, the killer app hasn't been out there yet. We're at Fox. We're really excited about content because we think there's a great opportunity for creators and consumers having a direct relationship. We think there's a great opportunity to add tech, I think opportunity for advertisers have a direct relationship. Um and you know, the next show on Fox owned by fans and creators and us and the brand. So we think content and video distribution is a huge opportunity because it's real direct relationship and we're super excited about that. And that's what we're really focused on. Working with creators leveraging the Fox brand, Fox told America how to text on american Idol. We want to teach America and the world how to what it means to own a digital asset and the real value there is, and that's what we're very excited about. It'll be interesting to see that natural application, so we'll look forward to that scott. Really appreciate your time and insight scott. Greenberg, Ceo of Blockchain Creative Labs.