“NFTs are born out of a need from digital art”
Gemma Vallet, director of 11Onze District -the in-House advertising agency-, starred in the third Fintech Talks at Monday’s coworking talking about NFTs, with the collaboration of Raul Arribas, CTO of 11Onze. Here are the details of the day’s proceedings.
Third session of the 11Onze Fintech Talks at the Monday coworking. The chairs for the audience have replaced the sofas, armchairs and tables, where a few minutes ago you could still hear brainstormings of start-up employees sharing the workspace. On one side, the bar, and on the other, the gymnasium, where two girls observe the preparations for the chat, between each exercise break.
Inside, everything is ready, and the talk begins with introductory questions: What are NFTs, and what are their applications? Gemma Vallet starts with a masterclass on what NFTs are and how they interact with the world of fashion, which is her speciality, and it shows. Vallet tells us that “NFTs are here to stay, because they were born out of a need for digital art”.
Immediately, the public is encouraged to ask more technical questions, about how ownership is guaranteed. “NFTs guarantee control of ownership by the investor, without intermediaries, thanks to blockchain technology,” explains Vallet. She adds, “Auction houses have to transform and join the digital transformation”.
NFT, a speculative bubble or real value?
This exchange turns the conversation towards the interest that many people have in NFTs as an investment asset. Is it real? Is it inflated? How much is a digital drawing of a monkey really worth? And this introduces an eternal debate: what is art? This is fine, because it means that technology is a means (in this case to get art to more people), but the essential questions are the same. Does it make sense to pay millions of euros for Pixelmon’s NFTs? For Superman’s number 1? Thousands of euros to collect champagne caps? Stamps?
The conclusion is that everything is relative, and that everyone can have very different reasons for investing in NFT. Even so, Raül Arribas gives some advice: “If you want to invest in NFT, educate yourself. And don’t buy something thinking that it will be worth X times more, because nobody knows. Buy because you like it. Vallet agrees, adding “Originality gives value, and an NFT shows that the value is yours”.
It’s well into the evening and the formal talk moves to Monday’s terrace, where it becomes a more relaxed conversation, to finish asking questions that haven’t been discussed in the talk. The dialogue is underway, 11Onze’s goal of building a financial community is consolidated. Soon, you will be able to watch the full conference in La Plaça.
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