Local company creates innovative NFT presence in Palm Desert

BluChip NFT is a subsidiary of Art Coin Int. and they are introducing an innovative platform that will allow buyers to purchase non-fungible tokens also known as NFTs that are attached to an original art painting or sculpture.

On May 23, 2022, BluChip will host the first NFT virtual auction with coins housed in a museum in the Coachella Valley. This BluChipNFT auction/sale is available online only. Have you ever heard of a tradable NFT?


Related: Coachella Music Festival Announces NFT With Lifetime Passes

The digital token is exclusively tied to the NFTs of BluChip’s auction items, the NFT can be redeemed/exchanged to receive the actual museum-quality artwork.

First bid:
Andy Warhol / Robert Longo – Four serigraphs ($100,000.00)
Keith Haring – Three Subway Drawings (EA$150,000.00)
STIK – Love 143 ($200,000.00)

Second bid:
Joan Mitchell – Untitled Pastel ($150,000.00)
Bill Traylor – Rabbit Hunt ($350,000.00)
Gertrude Abercrombie – Lunar Gates ($450,000.00)

Third bid:
Joan Miro – Dedication ($200,000.00)
Franz Kline – Collage (Two) ($250,000.00 EA)
Rammellzee – Future Robot ($150,000.00)

After speaking with Jimi Fitzgerald of the Crypto FITZ Podcast, he shares that “the digital economy is the way of the future.”

To learn more about the Crypto and NFT space, visit the CRYPTO FITZ podcast and you will learn more about BluChipNFTs from Jimi Fitz (radio show host) and G Thomas Kerr, president of Art Coin Int.

For the full interview, be sure to tune in to News Channel 3 at 10 p.m.

Be the first to know when news breaks in Coachella Valley. Download the News Channel 3 app here.

What is an NFT? Non-Fungible Tokens Explained

(CNN) – Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after auction house Christie’s sold the first-ever NFT artwork – a collage of images by digital artist Beeple for a whopping $69.3 million – NFTs suddenly caught on. attention of the world.

So what are NFTs?

Simply put, NFTs turn digital artworks and other collectibles into unique, verifiable assets that are easy to trade on the blockchain.

While this may be far from simple for the uninitiated to understand, the payoff has been huge for many artists, musicians, influencers and others, with investors spending top dollar to own NFT versions of digital images. For example, Jack Dorsey’s first tweet now bids for $2.5 million, a music video of a LeBron James slam dunk sold for over $200,000, and a decade-old “Nyan Cat” GIF is gone. for $600,000.

But NFTs are not really new. CryptoKitties, a digital trading game on the Ethereum cryptocurrency platform, was one of the original NFTs, allowing people to buy and sell virtual cats that were both unique and stored on the blockchain.

So why is the NFT phenomenon taking off now?

“Some of that interest comes from people who like to support the work of independent creators by buying their work,” Artsy CEO Mike Steib told CNN Business. “Others are intrigued by the idea of ​​taking a digital asset that anyone can copy and claiming ownership. Recent price records for NFTs appear to have been largely driven by newly minted crypto millionaires and billionaires. created who are looking to diversify their bitcoin holdings and more interest in the crypto ecosystem.”

Here’s what else you need to know:

What are NFTs?

Non-fungible tokens, or NFTs, are pieces of digital content tied to the blockchain, the digital database that underpins cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, these assets are fungible, which means they can be replaced or exchanged for an identical one of the same value, much like a dollar bill.

NFTs, on the other hand, are unique and not mutually interchangeable, meaning no two NFTs are the same.

Think Pokémon cards, rare coins, or a pair of limited-edition Jordans: NFTs create rarity among otherwise endlessly available assets — and there’s even a Certificate of Authenticity to prove it. NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate , etc.

How to buy NFTs

Essentially any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you’re a beginner. You will need to decide which market to buy from, what type of digital wallet is needed to store it, and what type of cryptocurrency you will need to complete the sale.

Some of the more common NFT marketplaces include OpenSea, Mintable, Nifty Gateway, and Rarible. There are also niche markets for more specific types of NFTs, such as NBA Top Shot for basketball video previews or Tweet Auction Valuables such as Dorsey currently up for grabs.

But watch out for the fees. Some marketplaces charge a “gas” fee, which is the energy needed to complete the transaction on the blockchain. Other fees may include the costs of converting dollars into ethereum (the most common currency used to buy NFTs) and closing costs.

If you’re curious and want to know more about what it’s like to buy an NFT, we went ahead and bought one. (And yes, it’s a cat.)

How to sell NFTs?

NFTs are also sold on marketplaces and the process may vary from platform to platform. You will basically upload your content to a marketplace and then follow the instructions to turn it into NFT. You will be able to include details such as a job description and a suggested price. Most NFTs are purchased with Ethereum, but can also be purchased with other ERC-20 tokens such as WAX and Flow.

How to make an NFT?

Anyone can create an NFT. All you need is a digital wallet, a small purchase of Ethereum, and a connection to an NFT marketplace where you can download and turn the content into NFT art or crypto. Simple, right?

— CNN’s Oscar Holland and Rishi Iyengar contributed to this report.

Gladys T. Hensley