12 minute read
VirTual asseTs: non fungible, buT Valuable
NFTs, the new artistic virtual assets
The Associated Press
Adigital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction earlier this year for nearly $70 million. That transaction made global headlines and buoyed alreadymushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike. Last week, Miramax filed a lawsuit against director Quentin Tarantino over the director’s plans to create and auction off a series of NFTs based on his work on “Pulp Fiction.” According to the lawsuit filed in federal court in Los Angeles, Tarantino’s planned offerings violate the copyrights the film studio holds to the director’s 1994 film.
Tarantino recently announced plans to sell seven NFTs, which are digital works rendered unique and attached to a specific owner through cryptocurrency technology.
The NFTs to go on sale next month include scanned digital copies of handwritten script pages for uncut versions of scenes from the film, with audio commentary and other elements. Each will also include “secret” aspects accessible only to the owner.
The feud between Tarantino and Miramax is the latest chapter in the ongoing saga of “virtual assets”.
Digital Property Rights
In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A nonfungible object, by contrast, has its own distinct value, like an old house or a classic car.
Cross this notion with cryptocurrency technology known as the blockchain, and you get NFTs. These are effectively digital certificates of authenticity that can be attached to digital art or, well, pretty much anything else that comes in
– Andrew Steinwold, Chicago fund manager
digital form — audio files, video clips, animated stickers, this article you’re reading. NFTs confirm an item’s ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy.
At the moment, these tokens are white-hot in the collecting world, where they’re being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.
One purpose of NFTs is that they can be used to trace an object’s digital provenance, allowing a select few to prove ownership. In the broader picture, it’s a way to create scarcity — albeit artificial — so that you can sell something for higher prices thanks to its scarcity. “All the time, money and effort you spend in your digital life, you can create value for that,” said Chicago fund manager Andrew Steinwold, who started a NFT fund in 2019. “You have property rights in the physical world. Why don’t we have property rights in the digital world?”
Some NFT issuers give full copyrights to the buyer, though others do not.
Who Else Is Selling NFTs?
William Shatner of “Star Trek” fame sold 90,000 virtual trading cards last year for $1 each. Electronic musician Grimes sold $6 million worth of her digital art last month, including a video clip featuring winged cherubs floating in pastel dreamscapes that went for $389,000. Clips of NBA star LeBron James dunking are selling for as much as $225,000. Actress Lindsey Lohan sold an image of her face. You can also buy virtual land in video games and meme characters like Nyan Cat.
Digital artist Anne Spalter started out as an NFT skeptic but has now sold multiple artworks using the tokens. The latest was a video called “Dark Castles” – of mysteriously distorted castles generated by artificial intelligence technology – that sold for $2,752.
“NFTs have opened up art to a whole bunch of people who never would have gone to a gallery in New York,” said Spalter, who pioneered digital fine arts courses at Brown University and the Rhode Island School of Design in the 1990s. “They’re investors, they’re tech entrepreneurs, they’re in that world.”
Governor Pedro Pierluisi (center) participated in the opening ceremony. >Courtesy
Iconic El San Juan Hotel Reopens Casino
Draws on the hotel’s legendary heritage
Zoe Landi Fontana, The Weekly Journal
In a fanfare of bright confetti and glitter-clad women on stilts, the Foxwoods El San Juan Casino reopened its doors. After over five years of anticipation, the casino is ready for guests and players, who will have their choice of 298 machines and 14 Blackjack, roulette, and craps tables.
The casino is expected to have an economic impact of over $22 million annually, and create 150 jobs. The grand opening will take place at the end of Jan. 2022, but the venue is now open daily from 10:00 am to 2:00 am. Pandemic permitting, it will soon be open 24/7.
“As planned, we are thrilled to finally reopen our doors after five years and deliver exciting new gaming and entertainment experiences to the wonderful people of Puerto Rico and visitors from afar,” announced Stuart I.C. Levene, the Managing Director and General Manager of the Foxwoods El San Juan Casino.
Governor Pierluisi cut the ribbon at the opening ceremony alongside the Mayor of Carolina José Carlos Aponte Dalmau, Tribal Council members from the Mashantucket Pequot Tribal Nation of Connecticut, and Jason Guyot, Foxwoods’ President and CEO.
Expanding Success
The Mashantucket Pequot tribe owns the Foxwoods Resort and Casino, the largest resort casino in North America. It is one of the highest contributors to Connecticut’s revenue, not to mention the largest employer. Rodney Butler, Chairman of the Mashantucket Pequot Tribal Nation since Jan. 2010, expressed his excitement to extend their experience to Puerto Rico. “Today is a landmark milestone for the Mashantucket Pequot Tribal Nation as we expand the Foxwoods Resort Casino brand –for the first time ever– to the Caribbean. We’re honored to bring real economic value and tourism to the region, including an estimated economic impact of $22 million, with the launch of Foxwoods El San Juan Casino and remain a committed partner as we help build a bright future for the island. We thank our partners at LionGrove and Fairmont El San Juan for making this happen,” said Butler.
Designed by legendary Miami Beach architect Morris Lapidus, El San Juan Hotel has been welcoming locals and tourists alike since February 1, 1958. Throughout the 1960s, Puerto Rico became a beacon for American tourists and entertainers, and El San Juan Hotel followed as the grand dame of authentic Puerto Rican hospitality and entertainment. During the hotel’s first three decades, internationally renowned headliners performed on its stage each week, including Sammy Davis Jr., Nat King Cole, Frank Sinatra, Eddie Fisher, Carol Channing and Liza Minelli, among other icons of the time. Fast-forward to today, and El San Juan Hotel remains a timeless Puerto Rican icon, seamlessly blending the best elements of yesterday, today, and tomorrow. This reopening of the casino is the finishing touch to the Foxwoods El San Juan Hotel. The casino was completely renovated for its reopening, keeping to the classic European style that has
In fact, defined the hotel for decades. Plush carpets line the floors, rich woodwork adorns the ceilings, and there is no lack of crystal chandeliers to enhance guests’ experience at the casino. The casino will add economic value and tourism to the region, including an estimated economic impact of $22 million. “This property has been emblematic for Puerto Rico and thus our intent was to maintain the rich history of the venue, and we truly believe the casino’s new identity beautifully pays homage to the casino’s legendary history. Today marks the beginning of an iconic new chapter for Puerto Rico’s gaming innovation, and we’re excited for all to experience the revitalized Foxwoods El San Juan Casino firsthand”, added Levene. LionGrove, co-investor with the Mashantucket Pequot Tribal Nation, is a hospitality investment firm with over 60 years of experience dealing with prestigious private equity. They focus on acquiring and adding value to mid-scale and luxury hotels, bringing together Wall Street professionals and world-leading hoteliers.
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