Liquid Avatar Technologies Inc, ImagineAR Inc, and Oasis Digital Studios Limited have announced a partnership with US hip hop artist Jeezy to publish an augmented reality (AR) version of his iconic snowman logo.
Oasis released the AR-powered art as part of a series of five limited-edition non-fungible tokens (NFTs) for loyal fans to purchase at the studio’s storefront on the INFINITE by SUKU NFT website.
The studio has released 1,001 of each graphic for $101 USD an image. Roughly 30 people will also receive an autographed album after buying an NFT from the storefront.
Jeezy fans collecting the digital tokens receive an immersive cinematic image with special effects presented on the Liquid Avatar platform, allowing users to showcase the collective art.
Jeezy said:
“As an entrepreneur, I’m always looking for new opportunities, especially ones that help me connect with my fans. The Snowman seemed like the right place to start. He’s been with me from the start and on May 19th, he comes to life”
The announcement comes just a week after Oasis partnered with Liquid Avatar, ImagineAR Inc, and McCartney Multimedia Inc for a series of NFT-enhanced photos of Beatles frontman John Lennon.
Fans of the legendary musician can purchase the photos in original, modified, and cinematic formats to commemorate cover art from Lennon’s John’s Walls and Bridges album. Many of the photos have never been seen by the public and represent snapshots of Lennon’s personal life.
May Pang, artist and ex-partner of John Lennon, said she was proud to share the portraits, which allow fans and collectors the “opportunity to own a piece of music history”.
Pang added:
“I have kept them in my personal collection for almost 50 years and I am excited to present them in this new and innovative form. I know that John, a man of music and art who was always well ahead of his time, would have been excited to experience the emergence of NFTs.”
What Is An NFT?
NFTs are blockchain-based digital assets which are used to verify the authenticity of digital assets. The assets cannot be exchanged for other assets (non-fungible) and differ from traditional cryptocurrencies.
NFT blockchains also store additional information, allowing easy conversion into art, music, animations, cinema, and many other digital assets, which can be used just like physical collector’s items.
The first NFT artwork ever created was Quantum, a digital animation created by Anil Dash and Kevin McCoy in 2014, according to Creative Bloq. The artists said NFT would give graphic artists greater control over their works and allow them to monetise their content.
McCoy has listed the artwork for sale and expects to earn roughly $7 million USD.
NFTs are set to drive the decentralised finance (DeFi) industry, with some firms using the emerging technology to build liquidity for algorithmic credit risk protocols, according to reports.
The arts industry has relied on NFTs to sell digital artworks amid the ongoing COVID-19, which has significantly impacted revenues for museums and galleries. NFTs and AR have begun filling in for these lost revenues as artists look to sell their digital content while generating earnings for their work.
NFTs also create scarcity in the blockchain market as they cannot be converted into other assets, presenting the perfect opportunity to monetise digital content.
Are NFTs the Future of the Virtual World?
There has been strong speculation that the NFT market is set to grow rapidly, with the technology’s meteoric rise potentially becoming a driving force in the virtual reality and augmented reality market.
A report from NFT market analysis firm NonFungible.com added:
“The non-fungible token (NFT) market tripled in 2020, with the total value of transactions increasing by 299% year on year to more than $250m […] NFTs are primed to become a leading emerging asset class for the Virtual Economy in the years ahead, both in terms of their financial value and their practical uses, and a major driver of economic activity in virtual worlds.”
According to figures cited by Reuters, the sports industry held the largest number of Ethereum-based blockchain NFT sales at 61,428, followed by the gaming industry at 20,269 sales.
Several NFT projects such as CryptoPunks, Meebits and SuperRare have generated total sales of $344 million, $140.5 million and 74 million, respectively.
