Its being used quite heavily in the adult industry, Mcmullan explained. We were approached about building a platform for an adult site and we turned it down for ethical reasons.
The top-selling artist on that platform was a model who wasn’t actually a person. They didn’t model and they didn’t do any shows or anything like that, they just sold NFTs. It was eight NFTs of penises with various ones dressed up.
Chuckling about what it was like in the office after stumbling upon the odd project request, he said: When we clicked onto it I was like oh my god. These eight-bit pictures of penises were selling for like $10,000.
Someone has literally woken up and gone: I’m just going to draw pixelated versions of penises. Since the launch of NFTs on that particular platform, it has made something ridiculous like $400,000 in less than two days, just sitting there coloring in pixelated pictures.
But its projects like this that muddy the waters of how NFTs and the technology behind them can actually be used, he explained, and skews public perception of them.
That’s where we are, that shows how far we are away from having a serious conversation around NFTs, he said. Where they are really valuable is behind the scenes, the smart contract on the blockchain and proof of ownership.
Employment records stored as NFTs?
As a fan of crypto and NFTs, he explained smart contract technology could potentially change the structure of traditional parts of society in the future by removing that middle layer of paperwork – anything from easing the pressures and delays of a property purchase to how a business, like Silverchip, operates.
We’ve talked about this before and I think we’re still going to follow through with it, we just need a bit of time to create our own smart contracts and stuff. We’ve thought about doing it for people who have tenure in the business, so at your one year anniversary, you’ll get a one-year Silverchip NFT, he explained.
You could essentially have someone’s whole employment record stored as NFTs so you share your wallet and you’ve got the NFTs to prove that you did work there and again, smart contracts can be built in.
Aside from pondering what the future holds, Silverchip has recently worked on an NFT project for Nifty Football alongside blockchain agency Sequence to build an NFT football trading card game.