NFT and Love
As I prepared to write this article for the special feature, I found it hard to grasp the motivation behind why people would purchase what is referred to as "NFT art".
Being in this line of work and having a taste for new things, I have tried issuing NFTs on NFT platforms. However, I've never owned an NFT issued by someone else, such as artists, and to be frank, I've never felt the urge to. While the term "NFT" has come up time and time again in my work, I've struggled to fully understand the emotions and thoughts that accompany it.
Of course, I understand the concept of speculative hype. Stories of NFTs soaring in value, being sold for multiples of their purchase price, or being valued in the tens of billions of yen, are familiar to me. I get that there would be people who would buy into this because of the prospect of such profits, and I understand that aspect.
The Japanese bubble era of the late Showa period to the early Heisei period was a perfect example of such a situation. As land prices all over Japan were rapidly increasing, many people were buying land solely for speculative reasons. In other words, they weren't buying land because they wanted it, but because they could sell it at a higher price. Back then, fundamental motivations like "Why buy land?" or "Why do we need land?" had become unclear and probably didn't matter.
In a normal sense, land is purchased with the intention of making use of it in some way, such as building a house to live in, setting up a shop to do business, or growing crops. However, this was not the case during the bubble.
Since the emergence of NFTs in 2017, the area around NFTs has bubbled up, and speculation has become the dominant factor. Some may disagree, but looking at it objectively, I think 99% of the people who were excited about NFTs were mainly talking about money. Since the crash last year, these people seem to have quieted down all at once.
The history of NFTs has been a constant bubble, which makes it seem as if the questions "Why buy NFTs?" and "Why do we need NFTs?" have been put on the back burner.
While preparing for this article, I wanted to understand this "motivation surrounding NFTs" and spoke to various people. I thought I had a basic understanding of the system, but I also tried implementing a smart contract myself and issuing an NFT.
Of course, I believe that NFTs and their related technologies will ultimately liberate content distribution from platform control, lead to a future where content creators can directly sell their content without media constraints, and in that regard, it is a technology that leads to groundbreaking innovation. However, what is the motivation for "current NFTs"?
One of the experts I spoke with (who also distributes his own work as NFTs) showed me a list of NFTs he owns. At that time, I understood, "Ah, this is like a key holder."
I am a person who attaches various key holders to my home key and bag. At some event or travel destination, I find an accessory that I think is nice and attach it to my key or bag as a key holder and carry it around all the time. I don't necessarily want to show it to people, but somehow, I might get the feeling that I'm acting with the things I like by doing so. It makes me a little happier.
Even more so, a wedding ring might be similar in meaning. It's not that I particularly want to show it to people, but there is a sense of "wearing" a proof of my relationship with my wife and family.
Here, I'd like to introduce the key holders and accessories that I wear. After hearing from NFT owners about the "vibe" of their motivation, I felt that the sensation was very similar to me wearing these key holders, so by showing you my key holders, you might be able to understand the motivation for NFT holders to own various NFTs.
① Ainu Charm:
I've always loved the Ainu design, which is why I carry it with me. But since the pattern doesn't quite fit my style like a friendship bracelet would, I have it tied to my bag.
② Sotomuso:
I've been a fan of sumo wrestling since middle school. I got this keychain from a rare "winning move gacha" that was selling at the Kokugikan the other day.
③ Sauna Shikiji:
When you say "holy land of sauna enthusiasts", you're talking about Sauna Shikiji in Shizuoka. Having this keychain on me makes me feel as if I'm immersed in the natural spring baths of Mt. Fuji.
④ QiPing:
I'm not good at Mahjong, but I love the design of the tiles. In particular, I've always been fond of the cool layout of Cheepin, so I carry it with me.
⑤ Terunofuji:
I bought it at last year's "Sumo Fan Appreciation Festival". I'm such a big fan of Terunofuji that I even managed to sneak into his wedding ceremony the other day. I also want to possess the unshakeable spirit of a Yokozuna.
⑥ Sauna LED:
It contains an LED that glows. When I'm too busy to go to the sauna, I just gaze at it to cope.
⑦ Kobe Sauna Tag:
I got this from a crowdfunding campaign last year when the Finnish sauna at Kobe Sauna was renovated.
⑧ AirTag:
It's like an NFT with a special contract built-in, perhaps. It's an Apple product that allows you to track your keys even if you lose them.
⑨ Yokohama Bank's One-Time Password Widget:
I no longer use it, but it's a device for bank transfers that I used during the most challenging times when founding BASSDRUM. I keep it with me to never forget how I felt back then.
⑩ Key for New York's Citibike:
Well, this is a key. With this key, I can ride Citibike, a public bike in New York (it's very expensive if you don't have an annual contract).
⑪ Five Yen Coin:
I exchanged this coin with my wife when we first met, praying for our bond.
Each of these items is, well, a dear existence to me and a symbol of dear beings. It's as if the things that shape me are condensed and gathered here.
In a way, I might be carrying these items as proof of my commitment to the things I love. Someone once said that NFTs are similar to "fan activities". I won't delve into the concept of fan activities here, but even NFTs, which became confusing due to speculation and money from the get-go, might have "love" at their core when you peel back the layers.
If so, instead of focusing on making a profit or crashing, why not just simply own an NFT of a work you love by a person you admire? That might make you feel the joy of having something you love near you.
While difficult concepts such as decentralization, de-platforming, and others float around NFTs and blockchain, I believe that the simple reason of "liking" something might be good enough for someone to own an NFT, even though these concepts are valuable in their own right.
Author / Qanta Shimizu
Tech Director
Born in Tokyo. Dropped out of the Faculty of Law, University of Tokyo. After working as a bartender, trombone blower, DTP operator, designer, etc., he taught himself a program and became a programmer. Joined Image Source Co., Ltd./Nongrid in December 2005 and turned into interactive production in earnest. As a creative director / technical director, content planning and production covering various fields from web service, system construction to hands-on exhibition. Involved in. Since April 2011, he has been appointed Chief Technology Officer of PARTY Co., Ltd. Established PARTY NY in September 2013. In 2018, the technical director collective "BASS DRUM" was established.