Ethereal Summit 2021 kicked off with Mark Cuban, followed by both Tyler and Cameron Winklevoss. Cuban, a successful entrepreneur known for owning the Dallas Mavericks and appearing on Shark Tank, touched on NFTs. Specifically, he said that collectors will collect what they want in response to the question of what he’d say to people who say NFTs are simply URLs with no real value. There was once a time when people collected MP3s even though they could have listened to the song somewhere else. There was something special about owning the MP3. The same is true of NFTs.

This is very important because NFTs add scarcity to digital art, as Tyler and Cameron Winklevoss, co-founders of Gemini, stated, which is key to collecting. NFTs also provide the provenance, the historical documentation of the work’s origin and ownership, digital art needed to take it from a medium with little desire to one where artists can sell items for tens of millions of dollars – we’ve all heard of Beeple’s sale at Christie’s.

Tune in to Day 2 of the Ethereal Summit tomorrow:

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