The relevance of Bitcoin technology in the world of NFT art is one of the points highlighted by Mexican artist and developer Gus Grillasca. He, along with a group of artists and collectors, were panelists at the conference “Blockchain, NFTs and metaverses: experiences in Latin America”, within the framework of the Blockchain Summit LatAm (BSL).
Gus, a pioneer in the creation of NFT art in Latin America, placed special emphasis on the importance of the immutability that a work of this type can count on. The artist, to exemplify his point, compared NFTs to art in the physical world using the material a piece is made of.
The Mexican explained that a piece made of paper or cardboard is much more susceptible to deterioration and changes over time than a sculpture made of stone or gold. This can add extra value for the collector, who has more confidence in the durability of the work he or she would buy.
In terms of NFT art, the previous model can be transposed to the immutability of the network in which a piece is located, as well as the smart contract and the protocols that govern its characteristics. Gus used as an example the trust that an NFT made on the Tezos blockchain can evoke in a collector, versus an NFT registered through a transaction on the Bitcoin blockchain, which he describes as “the most immutable database in the history of mankind”.
The Mexican artist stressed the importance of an NFT work having a smart contract carefully designed to offer a high level of immutability. This characteristic makes a piece of NFT art more attractive, since the collector who acquires it is assured that his work will not be subject to, in the words of Gus, «the whims of an institution or a group of people can change the quality of that object.
Gus took the opportunity to touch on the issue of ownership that a decentralized network and its blockchain should provide. In this regard, the artist said: “If you do not have bitcoin (BTC) outside of an exchange, you have not fully understood what it means to have digital private property”.
According to the Mexican artist, a person who does not have BTC outside of an exchange, is hardly clear about the concept of Bitcoin and the value proposition implicit in its technology. The same applies to an artist who registers his works on a blockchain controlled by an institution and to the collector who buys them. They will always depend on the decisions made by those who run that network about their art and their collections.
Colombian investor Clementina Giraldo, moderator of the panel, took advantage of the moment to mention what had recently happened on the NFT art auction platform, OpenSea. According to information reviewed by CriptoNoticias, there were Venezuelans whose accounts on this platform were blocked.
According to the terms and conditions of the company, the native people of countries restricted or sanctioned by the United States cannot have access to the services of this web portal. Venezuelans could only enter OpenSea using VPN, since the page is blocked for connections from this country.