Selling blockchain
Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Join over , Finance professionals who already subscribe to the FT. Choose your subscription.
We are searching data for your request:
Selling blockchain
Upon completion, a link will appear to access the found materials.
Content:
- Your Swiss Cryptocurrency Investment Partner
- How to sell Bitcoin
- Propy, a blockchain-verified platform for selling houses, raises funding from Tim Draper
- Creative Crypto: IP Implications of Selling Creative Works Tied to Non-Fungible Tokens
- When Elon Musk tweets, crypto prices move
- Bitcoin climbs into positive territory after falling below $33,000 to a new low
- Buy, sell, and hold crypto with confidence
- The 5 Big Problems With Blockchain Everyone Should Be Aware Of
- A Field Guide to Music’s Potential Crypto Boom
- Blockchain Could Make You—Not Equifax—the Owner of Your Data
Your Swiss Cryptocurrency Investment Partner
There are many reasons why I choose to avoid Facebook. The feature that pushed me away for good was when people started selling things on Facebook Marketplace. I found myself getting needlessly irritated by posts from distant cousins and friends-of-friends, selling old Nintendo games and kids clothes on the social network.
And so I did the only sensible thing — I deleted the app and moved on. Legitimate use-cases for NFTs are undoubtedly still emerging. While Ethereum gas charges might discourage sellers from indiscriminately minting NFTs for low-value items, there are signs of NFT marketplaces being used to sell physical items and real world goods already.
Is this a good thing? Is it even viable? Nothing attracts participants like a rising market. But average creators are more likely to be moved by ways that they could modify what they do today to exploit NFTs, rather than having to learn entirely new skillsets. I will explore some of these within this piece. His idea — to commission a digital rendering of the property in question, to auction it as an NFT and to include the house itself along with the NFT.
So far, so good. The key principle of NFTs is that they are non-fungible — completely unique. While a creator is largely powerless to prevent anyone from taking unofficial copies of a digital media file such as an image, they can mint an NFT for the file which can be used to irrefutably denote the one, original copy.
This token allows them to sell the original and to ascribe ownership of it. I assumed that the token itself should come with accompanying artwork. The Kings of Leon have sold NFTs for their latest album, some of which include front-row concert tickets for life. Others include limited edition pressings of the record. The NFTs are the thing in their own right. NBA Topshot videos are the modern equivalent of collectible sports cards, encompassing digital videos of significant moments of action from NBA basketball.
But he thought he saw a creative way of exploiting NFT technology to sell the house, and who knows — maybe it will come off? The regulatory landscape within the world of blockchain and cryptocurrency represents one of its greatest unknowns. This hike was one of many reasons recently proposed to explain a short-term drop in the price of Bitcoin.
It offers a useful segue to the intersect between transactions involving the blockchain and transactions conducted in the real world. The same capital gains tax hikes will also be applied to the proceeds of real estate sales and the profits made within them. This is just the start of where things became a little complicated for Steve Dulgeroff as he tries to sell a house using an NFT. There are numerous laws and regulations that apply to the sale and purchase of real estate.
Regardless of the sale being transacted via an NFT instead of conventional channels, these same rules would need to be followed and applied as part of the transaction. Had he really factored this into his plans? Other questions have come up during the auction which demonstrate the hurdles that would need to be overcome between the buyer and seller. This would transfer the purchase price from the crypto wallet of the buyer to the seller.
The NFT for the artwork itself would move in the other direction. This happens automatically and without human intervention, such is the nature of smart contracts on the blockchain. What happens about the transfer of the other asset — the house itself?
The listing states the following in its description:. The winner of the auction will have the opportunity to own a piece of history with both a digital and physical investment. Visist www. The usual realtors description of the property follows on, describing the quality of workmanship, the number of bathrooms and so-on. These are presumably the essential legal terms and conditions that govern the sale of a property in such an unconventional way. Can these really be enforced? Would the Californian or Federal legal systems be willing to enforce these terms should either the buyer or the seller decide not to comply?
Would the courts be able to do so even if they tried to? I hope so. It seems to me that much of this would be reliant on the compliance of the buyer and seller and their willingness to engage voluntarily with the conventional system post sale on OpenSea.
Sometimes it may be held in Escrow between the two until the transaction completes and the keys are handed over. And yet with the sale of the NFT for the house on OpenSea — as far as I can tell — the money will pass from the buyer to the seller the moment the auction completes and before all the legalities have even started, let alone completed.
Those who are unlucky enough to fall victim to a financial scam involving conventional currency will usually have recourse through the police and local law enforcement agencies. When transactions involve decentralized and ungoverned cryptocurrency, the authorities seldom take an interest and have limited ability or desire to enforce the law unless other laws have been broken. This would suggest that the buyer of this house will be reliant on the better nature of the seller to make good on their promise to hand the house over — it seems like quite a gamble given the amount of money at stake.
There was no anticipated need for any third party enforcement or involvement in subsequent activities to complete or transact the sale. The same issues could apply to the sale of other real-world goods included within the sale of an NFT. The Kings of Leon will have to make good on their promise to provide front row concert tickets for the buyers of their NFTs.
This alone might be the incentive that encourages them to deliver on their promises. As I work through the logic behind the sale of a house using an NFT, it leads me to the conclusion that the basic smart contracts that execute upon completion of an NFT sale on OpenSea are likely inadequate as they stand, for automatically processing the sale of real-world goods.
The mainstream marketplaces for NFTs might eventually adapt and evolve to cater for the sale of such things of course. Anyone who has bought or sold a car on Ebay for example has likely experienced that while the process of advertising and agreeing a price is much the same as selling a low value item such as a piece of clothing, the process of accepting payment and completing delivery of the item is radically different.
And so it could be with the sale of real-world items associated with NFTs. If marketplaces were able to provide a means for sellers to modify smart contracts prior to the sale to enable additional off-the-shelf terms and conditions, then perhaps it might be feasible within smart contracts. There remains a reliance on trust between the parties, and involvement from conventional legal and financial systems and entities to enforce and process some elements of the transaction.
A significant factor in the price achieved by some of the best known NFTs is the novelty factor — the technology is still relatively new. Many of those investing are presumably getting in early and buying NFTs in the hope that patterns previously seen in cryptocurrency investments will repeat — that early adopters benefit most from prices increasing as demand increases and supply levels off. Many of those minting their own NFTs are pricing them highly in the hope of capitalising upon public interest.
Should the use of NFTs enable sellers to charge a premium for real world goods just as is the case for works of art? In the case of property, the premium is often priced-in. This is based on the property itself, its location, facilities, surrounding amenities, rentability and so-on. Is it feasible to expect a vast premium would be paid by a buyer simply for the privilege of executing the transaction via an NFT, even if the house itself were accompanied by a piece of digital art too?
One final thing to consider as a factor pertinent to the use of NFTs with real-world goods, is the idea of fungibility. Remember, NFTs allow creators to denote non-fungibility and uniqueness in the item being purchased. A digital image, an audio file, a video, a meme or a piece of code can be duplicated, modified and reused — the NFT however remains unique and allows the seller to register the ownership of the original copy of the article being sold.
One might question the value of applying such technology towards a physical house. An exact replica of the property could easily be built by another person using the blueprints and the same materials. It could be decorated in the same way, its gardens landscaped to look identical and so-on.
The NFT is, in this way somewhat superfluous when it comes to individual buildings — these are always going to be unique on some level.
A house is non-fungible already, is it not? An NFT becomes more relevant to physical, real-world items that could be duplicated and forged by those looking to pass off copies as the original article. In this way, an NFT could become the equivalent of a certificate of authenticity for physical items, but locked into the blockchain as a means of tracking the ownership and proving its provenance.
This might apply to physical articles like rare bottles of wine, paintings, jewellery or similar items whose value cannot exist as an NFT alone. There clearly exist some real challenges associated with the sale of real-world goods using NFTs, but these may conceivably overcome in time. We could theoretically see a market for anything from rare and customised cars, sculptures, art installations, fine wines, antique collectibles or any number of other physical goods, all sold and logged on the blockchain using NFTs.
The sense I get at this point is that the merits of such sales being processed via the blockchain using NFTs, do not outweigh the difficulties that could potentially be encountered in trying to complete the transactions post-sale. This is largely due to the regulatory landscape and the status of transactions involving blockchain and cryptocurrency in the eyes of the existing legal system. Currently this requires knowledge of programming languages such as Solidity — a javascript-like language on the Ethereum blockchain which can be used to set up contractual terms in smart contracts.
As technology matures and platforms allow blockchain users the facility to quickly and easily design and implement additional terms in binding smart contracts without having to be able to write code, then more complex sales could theoretically be executed and processed exclusively on the blockchain. These sales may end up having to incorporate defined and structured hand-offs to real-world legal and financial systems.
This would be the point that using NFTs perhaps become a more suitable vehicle for the transfer of ownership of real-world goods. If you enjoy reading stories like these and would to like to support writers on Medium, consider signing up to become a Medium member.
Note: This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions. A writer, dad and husband sharing his thoughts, wins and losses to help and inspire others. Coding tutorials and news. The developer homepage gitconnected.
Sign in. Can it be done? What are the pitfalls? Would you even want to? Toby Hazlewood Follow. Read every story from Toby Hazlewood and thousands of other writers on Medium As a Medium member, a portion of your membership fee goes to writers you read, and you get full access to every story….
How to sell Bitcoin
Book a demo. Thank you Your submission has been received. We will reach out to you soon. Daily highlights.
Propy, a blockchain-verified platform for selling houses, raises funding from Tim Draper
As the market heats up for art-related NFTs, buyers should be aware of limitations on their rights to use those works. The convergence of blockchain technology and creative intellectual property IP through a non-fungible token NFT is having a mainstream moment. Media stories abound with reports of artwork, tweets, and other digital media selling for millions of dollars on blockchain marketplaces when they are represented by an NFT. This post explains how NFTs are linked to sales of digital media, and the practical IP considerations that can arise when buying or selling the creative works that the NFTs are attached to. First, an NFT refers to unique crypto tokens that are managed on the blockchain. A blockchain acts as the decentralized ledger that tracks the ownership and transaction history of each unique NFT. The main difference between NFTs and other traditional cryptocurrency like Bitcoin is interchangeability or lack thereof. One bitcoin in a digital wallet is interchangeable for another bitcoin in a different wallet because each bitcoin has the same value and use. NFTs, on the other hand, are coded to have unique IDs and other metadata that no other token can replicate.
Creative Crypto: IP Implications of Selling Creative Works Tied to Non-Fungible Tokens
UK, remember your settings and improve government services. We also use cookies set by other sites to help us deliver content from their services. You can change your cookie settings at any time. Find out how HMRC taxes cryptoassets like cryptocurrency or bitcoin.
When Elon Musk tweets, crypto prices move
NFT stands for non-fungible token. A dollar is interchangeable with any other dollar, and the same is true for cryptocurrencies like bitcoin. But an NFT works differently. As with a rare postage stamp, a diary or a Topps Mickey Mantle , its worth is tied to scarcity and proof of origin. Unlike bitcoin, which functions mainly as a payment network and cryptocurrency , blockchain networks such as Ethereum and Solana let users build apps that can store personal data and set rules for complex financial transactions , like the smart contracts that govern NFT ownership and sales.
Bitcoin climbs into positive territory after falling below $33,000 to a new low
Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an email. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be "Fidelity. What exactly is bitcoin, and what are the risks involved in using it as a form of payment or as an investment opportunity? Here are some answers to frequently asked questions:.
Buy, sell, and hold crypto with confidence
Buy, sell and earn crypto assets with a regulated Swiss company. The bank guarantee by a state-backed Swiss Cantonal Bank and our audited cold storage solution are some of the reasons why our clients trust us with over CHF 5 billion in cryptocurrencies. Additionally, crypto assets can be traded against various fiat currencies.
The 5 Big Problems With Blockchain Everyone Should Be Aware Of
Marrs Buch ist eine aufschlussreiche und informative Untersuchung der transformativen Kraft der Technologie in der Wirtschaft des Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK. Blockchain is often touted as a world-changing technology and in many ways, it is. Starting with perhaps the biggest…. At least, the way it is being used today, it does.
A Field Guide to Music’s Potential Crypto Boom
I got so many questions from my readers and national radio show listeners that I wrote an e-book about crypto to help. I demystify digital currency, mining, and how to get started trading. Tap or click here to get your copy on Amazon. Sadly, I also hear from people that got fooled by one crypto scam or another. Where there is money, criminals are waiting. Tap or click for five clever crypto scams making the rounds right now and steps to stay safe. Before we get started, know this is not financial advice.
Blockchain Could Make You—Not Equifax—the Owner of Your Data
Use the app to stay up to speed on the fast-paced digital market of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Read the latest articles and know the basics about crypto directly from the app. Choose your preferred currency, tap Buy, and PayPal will verify your identity.
There are no comments yet.