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NFT art galleries: Future of digital artwork or another crypto fad?

Physical NFT art galleries are popping up all over, but why? And does the public appreciate them, regardless of their crypto knowledge?
As nonfungible token (NFT) art continues to develop as an industry, a new trend is quickly emerging

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Physical NFT art galleries are popping up all over, but why? And does the public appreciate them, regardless of their crypto knowledge?

As nonfungible token (NFT) art continues to develop as an industry, a new trend is quickly emerging: physical NFT galleries featuring digital, nonfungible pieces of unique artwork. Most recently, the largest Bitcoin (BTC) event in history — the Bitcoin 2021 conference — featured a peer-to-peer pop-up NFT art gallery with artwork from over 30 different crypto artists. 

Teodora Atanasova, VIP relations manager and founding team member of Nexo — the company that backed the Bitcoin Art Gallery — told Cointelegraph that over 100 pieces of art were sold during the two-day conference: "This demonstrates the impact physical NFT galleries can have on both the traditional art world and the crypto industry." She added: "We need to bring crypto to people's eyes and touch."

Popular crypto-friendly cities like Miami are not the only places where NFT art galleries are appearing. Earlier this month, an NFT art gallery pop-up took place in Dallas, TX for the first time. The event was hosted by Artist Uprising, a Dallas-based talent agency for creatives, and featured several individual art pieces by breakout NFT artists who have collectively grossed over $1 million in online digital art sales in the last month alone.

Merrick Porchéddu, CEO of Artist Uprising, told Cointelegraph that the event attracted over 200 attendees, with NFT sales still ongoing in open auctions:

"Many prints were sold, along with two fine art canvases. The 'Making of NFT Gallery IRL' documentary was also filmed (which will hopefully explain so much behind what NFT art is all about and why it is here to stay). Also, we now have three districts wanting to bring our NFT gallery to their spaces."
"So Happy We Met" NFT artwork by Magdiel Lopez. Source: Artist Uprising

Understanding the need for physical NFT art galleries

Yet while physical NFT art galleries are a notable step for the crypto industry, some art aficionados, or traditionalists, may question the importance of, or even the necessity of, NFT art galleries in the real world.

For instance, an article in The Art Newspaper quotes Saskia Draxler, co-owner of German art gallery Galerie Nagel Draxler, who noted that the digital artist Beeple — who auctioned off a piece of NFT art at auction house Christie’s for over $69 million — will most likely not impact art history. She added that "NFTs will not replace physical art any more than NFTs from a Nike sneaker will replace real sneakers."

Related: NFT 'art revolution': Beeple on his 5,040-day labor of love

While this is just one opinion, some believe that the confusion around NFTs and the need for physical galleries may stem from a lack of understanding. Carrie Eldridge, founder and CEO of ATO Platform — an asset management service providing royalties to artists, galleries and nonprofits — told Cointelegraph that there are many pragmatists and conservatives who are not ready to embrace NFTs as a legitimate medium. "They also don’t believe that NFTs provide a solution to challenges that have plagued artists for generations, like value tracking, royalty collection, collector analytics, value appreciation for collectors and insurance companies and many more complex issues," she said.

Although this may be the case, Eldridge noted that it’s important to consider perspectives from both traditional collectors and the crypto community when it comes to NFT art: "At ATO we are enthusiastic about the innovation and at the same time, are vigilant and protective of the art industry and those who have toiled for decades to make it what it is today."

While Eldridge brings up a valid argument, it’s important to point out the reason that physical NFT galleries have appeared in the first place. While some may think that these venues opened simply as a result of lifted COVID-19 restrictions, industry experts beg to differ.

For example, Marc Billings, founder of Blackdove — the company that launched Miami’s first NFT art gallery earlier in June — told Cointelegraph that NFT art galleries are no different than traditional galleries in form and function. However, he noted that traditional art galleries have failed to meet the needs of the NFT artist, both in terms of technology and collector interest, thereby opening the door to dedicated NFT galleries. Billings said:

"NFT artwork more closely resembles a moving painting than a traditional work of video work, which has been missed by the more conservative art world. Artists and curators are starved for wall space to showcase their works and voices that the NFT gallery is uniquely positioned to handle."

In addition to digital NFT artwork being displayed in real-world spaces, NFT artists have also started to create physical pieces that are associated with their digital creations. Not only do physical NFT art galleries allow these pieces to be displayed, but they also help attract interest from the mainstream.

For instance, NFT artist Taylor Good — also known as "Warhodl" — told Cointelegraph that by creating physical soup cans tied to digital NFTs, his pop-up at Bitcoin 2021 attracted collectors who were new to the NFT space.

Bitcoin original can NFT artwork by Warhodl. Source: Warhodl

Echoing Good, crypto artist Sergey Gordienko — also known as "Do What You Love Artist" — told Cointelegraph that he is offering physical pieces of NFT art to traditional collectors along with their digital versions. "I think this brings additional value to the physical art piece," he said.

Bitcoin artwork by Do What You Love Artist. Source: Sergey Gordienko

NFT art and the importance of blockchain

While it’s important to recognize the necessity of physical NFT galleries, Billings also pointed out that blockchain technology plays an important role in the overall ecosystem: "Blockchain allows the hard work of the various members of the community to be recognized and compensated accordingly."

Indeed, blockchain is one of the most important features behind NFTs in general, as it has created an entirely new financial model for these assets. This has enabled creatives to achieve a larger portion of profits, as value is exchanged across a blockchain network. In addition, proof of ownership is achieved for collectors because all transactions are conducted and recorded on the blockchain.

Good explained that NFT art has allowed him to receive profits in real time, instead of waiting for galleries to accept, price and then sell the item:

"The age-old issue as an artist is knowing your worth, asking for it, and actually receiving your worth. While NFT’s are simply a utility of the blockchain, the creative world is lucky to be one of the first vehicles or use cases, because what NFTs essentially are is a direct value exchange."

Moreover, the decentralized finance (DeFi) protocol Aave is currently working on developing a platform to use NFTs as collateral. Jordan Lazaro Gustave, chief operating officer of Aave, told Cointelegraph that the company views NFTs as a store of value, typically in the form of artwork. He noted that Aave plans to use NFT art as collateral, similar to the way a bank would offer a credit line to someone wanting to purchase a piece of fine art.

Related: Digital turns physical: Top NFT galleries to visit in-person in 2021

While Lazaro Gustave couldn’t reveal the full details of the platform in development, he noted that traditionally in the DeFi space, fungible assets like stablecoins are used as collateral. However, he pointed out that NFTs are nonfungible, and that Aave has developed a way to use NFTs as collateral at scale.

Will NFT art galleries be an ongoing trend?

While the benefits provided by physical NFT galleries are evident, it’s unclear whether these dedicated spaces will continue to emerge across the world — or will die down as the NFT art hype fades.

Porchéddu explained that while he initially thought NFT art was a bubble that was going to pop soon, he now believes it is a trend that will morph and stay, adding: "People are getting incredibly innovative and approaching this in a unique way where they're providing solutions to problems."

Billings further remarked that there is no traditional gallery that can keep up with the technological innovation coming from the NFT art space. Echoing Billings, Eldridge commented that NFT art is not a revolution but an evolution of an old standing art form: digital art. He said:

"The reason why digital art has not caught on earlier in previous decades is because of the inability to track it. An NFT is merely a 'pointer' toward where the artwork is saved/stored, along with the aim of adding value by confirming it is limited or scarce. NFTs are essential to explore, and there are many enthusiasts who are embracing this innovation."

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Government

Mathematicians use AI to identify emerging COVID-19 variants

Scientists at The Universities of Manchester and Oxford have developed an AI framework that can identify and track new and concerning COVID-19 variants…

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Scientists at The Universities of Manchester and Oxford have developed an AI framework that can identify and track new and concerning COVID-19 variants and could help with other infections in the future.

Credit: source: https://phil.cdc.gov/Details.aspx?pid=23312

Scientists at The Universities of Manchester and Oxford have developed an AI framework that can identify and track new and concerning COVID-19 variants and could help with other infections in the future.

The framework combines dimension reduction techniques and a new explainable clustering algorithm called CLASSIX, developed by mathematicians at The University of Manchester. This enables the quick identification of groups of viral genomes that might present a risk in the future from huge volumes of data.

The study, presented this week in the journal PNAS, could support traditional methods of tracking viral evolution, such as phylogenetic analysis, which currently require extensive manual curation.

Roberto Cahuantzi, a researcher at The University of Manchester and first and corresponding author of the paper, said: “Since the emergence of COVID-19, we have seen multiple waves of new variants, heightened transmissibility, evasion of immune responses, and increased severity of illness.

“Scientists are now intensifying efforts to pinpoint these worrying new variants, such as alpha, delta and omicron, at the earliest stages of their emergence. If we can find a way to do this quickly and efficiently, it will enable us to be more proactive in our response, such as tailored vaccine development and may even enable us to eliminate the variants before they become established.”

Like many other RNA viruses, COVID-19 has a high mutation rate and short time between generations meaning it evolves extremely rapidly. This means identifying new strains that are likely to be problematic in the future requires considerable effort.

Currently, there are almost 16 million sequences available on the GISAID database (the Global Initiative on Sharing All Influenza Data), which provides access to genomic data of influenza viruses.

Mapping the evolution and history of all COVID-19 genomes from this data is currently done using extremely large amounts of computer and human time.

The described method allows automation of such tasks. The researchers processed 5.7 million high-coverage sequences in only one to two days on a standard modern laptop; this would not be possible for existing methods, putting identification of concerning pathogen strains in the hands of more researchers due to reduced resource needs.

Thomas House, Professor of Mathematical Sciences at The University of Manchester, said: “The unprecedented amount of genetic data generated during the pandemic demands improvements to our methods to analyse it thoroughly. The data is continuing to grow rapidly but without showing a benefit to curating this data, there is a risk that it will be removed or deleted.

“We know that human expert time is limited, so our approach should not replace the work of humans all together but work alongside them to enable the job to be done much quicker and free our experts for other vital developments.”

The proposed method works by breaking down genetic sequences of the COVID-19 virus into smaller “words” (called 3-mers) represented as numbers by counting them. Then, it groups similar sequences together based on their word patterns using machine learning techniques.

Stefan Güttel, Professor of Applied Mathematics at the University of Manchester, said: “The clustering algorithm CLASSIX we developed is much less computationally demanding than traditional methods and is fully explainable, meaning that it provides textual and visual explanations of the computed clusters.”

Roberto Cahuantzi added: “Our analysis serves as a proof of concept, demonstrating the potential use of machine learning methods as an alert tool for the early discovery of emerging major variants without relying on the need to generate phylogenies.

“Whilst phylogenetics remains the ‘gold standard’ for understanding the viral ancestry, these machine learning methods can accommodate several orders of magnitude more sequences than the current phylogenetic methods and at a low computational cost.”


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International

There will soon be one million seats on this popular Amtrak route

“More people are taking the train than ever before,” says Amtrak’s Executive Vice President.

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While the size of the United States makes it hard for it to compete with the inter-city train access available in places like Japan and many European countries, Amtrak trains are a very popular transportation option in certain pockets of the country — so much so that the country’s national railway company is expanding its Northeast Corridor by more than one million seats.

Related: This is what it's like to take a 19-hour train from New York to Chicago

Running from Boston all the way south to Washington, D.C., the route is one of the most popular as it passes through the most densely populated part of the country and serves as a commuter train for those who need to go between East Coast cities such as New York and Philadelphia for business.

Veronika Bondarenko captured this photo of New York’s Moynihan Train Hall. 

Veronika Bondarenko

Amtrak launches new routes, promises travelers ‘additional travel options’

Earlier this month, Amtrak announced that it was adding four additional Northeastern routes to its schedule — two more routes between New York’s Penn Station and Union Station in Washington, D.C. on the weekend, a new early-morning weekday route between New York and Philadelphia’s William H. Gray III 30th Street Station and a weekend route between Philadelphia and Boston’s South Station.

More Travel:

According to Amtrak, these additions will increase Northeast Corridor’s service by 20% on the weekdays and 10% on the weekends for a total of one million additional seats when counted by how many will ride the corridor over the year.

“More people are taking the train than ever before and we’re proud to offer our customers additional travel options when they ride with us on the Northeast Regional,” Amtrak Executive Vice President and Chief Commercial Officer Eliot Hamlisch said in a statement on the new routes. “The Northeast Regional gets you where you want to go comfortably, conveniently and sustainably as you breeze past traffic on I-95 for a more enjoyable travel experience.”

Here are some of the other Amtrak changes you can expect to see

Amtrak also said that, in the 2023 financial year, the Northeast Corridor had nearly 9.2 million riders — 8% more than it had pre-pandemic and a 29% increase from 2022. The higher demand, particularly during both off-peak hours and the time when many business travelers use to get to work, is pushing Amtrak to invest into this corridor in particular.

To reach more customers, Amtrak has also made several changes to both its routes and pricing system. In the fall of 2023, it introduced a type of new “Night Owl Fare” — if traveling during very late or very early hours, one can go between cities like New York and Philadelphia or Philadelphia and Washington. D.C. for $5 to $15.

As travel on the same routes during peak hours can reach as much as $300, this was a deliberate move to reach those who have the flexibility of time and might have otherwise preferred more affordable methods of transportation such as the bus. After seeing strong uptake, Amtrak added this type of fare to more Boston routes.

The largest distances, such as the ones between Boston and New York or New York and Washington, are available at the lowest rate for $20.

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International

The next pandemic? It’s already here for Earth’s wildlife

Bird flu is decimating species already threatened by climate change and habitat loss.

I am a conservation biologist who studies emerging infectious diseases. When people ask me what I think the next pandemic will be I often say that we are in the midst of one – it’s just afflicting a great many species more than ours.

I am referring to the highly pathogenic strain of avian influenza H5N1 (HPAI H5N1), otherwise known as bird flu, which has killed millions of birds and unknown numbers of mammals, particularly during the past three years.

This is the strain that emerged in domestic geese in China in 1997 and quickly jumped to humans in south-east Asia with a mortality rate of around 40-50%. My research group encountered the virus when it killed a mammal, an endangered Owston’s palm civet, in a captive breeding programme in Cuc Phuong National Park Vietnam in 2005.

How these animals caught bird flu was never confirmed. Their diet is mainly earthworms, so they had not been infected by eating diseased poultry like many captive tigers in the region.

This discovery prompted us to collate all confirmed reports of fatal infection with bird flu to assess just how broad a threat to wildlife this virus might pose.

This is how a newly discovered virus in Chinese poultry came to threaten so much of the world’s biodiversity.

H5N1 originated on a Chinese poultry farm in 1997. ChameleonsEye/Shutterstock

The first signs

Until December 2005, most confirmed infections had been found in a few zoos and rescue centres in Thailand and Cambodia. Our analysis in 2006 showed that nearly half (48%) of all the different groups of birds (known to taxonomists as “orders”) contained a species in which a fatal infection of bird flu had been reported. These 13 orders comprised 84% of all bird species.

We reasoned 20 years ago that the strains of H5N1 circulating were probably highly pathogenic to all bird orders. We also showed that the list of confirmed infected species included those that were globally threatened and that important habitats, such as Vietnam’s Mekong delta, lay close to reported poultry outbreaks.

Mammals known to be susceptible to bird flu during the early 2000s included primates, rodents, pigs and rabbits. Large carnivores such as Bengal tigers and clouded leopards were reported to have been killed, as well as domestic cats.

Our 2006 paper showed the ease with which this virus crossed species barriers and suggested it might one day produce a pandemic-scale threat to global biodiversity.

Unfortunately, our warnings were correct.

A roving sickness

Two decades on, bird flu is killing species from the high Arctic to mainland Antarctica.

In the past couple of years, bird flu has spread rapidly across Europe and infiltrated North and South America, killing millions of poultry and a variety of bird and mammal species. A recent paper found that 26 countries have reported at least 48 mammal species that have died from the virus since 2020, when the latest increase in reported infections started.

Not even the ocean is safe. Since 2020, 13 species of aquatic mammal have succumbed, including American sea lions, porpoises and dolphins, often dying in their thousands in South America. A wide range of scavenging and predatory mammals that live on land are now also confirmed to be susceptible, including mountain lions, lynx, brown, black and polar bears.

The UK alone has lost over 75% of its great skuas and seen a 25% decline in northern gannets. Recent declines in sandwich terns (35%) and common terns (42%) were also largely driven by the virus.

Scientists haven’t managed to completely sequence the virus in all affected species. Research and continuous surveillance could tell us how adaptable it ultimately becomes, and whether it can jump to even more species. We know it can already infect humans – one or more genetic mutations may make it more infectious.

At the crossroads

Between January 1 2003 and December 21 2023, 882 cases of human infection with the H5N1 virus were reported from 23 countries, of which 461 (52%) were fatal.

Of these fatal cases, more than half were in Vietnam, China, Cambodia and Laos. Poultry-to-human infections were first recorded in Cambodia in December 2003. Intermittent cases were reported until 2014, followed by a gap until 2023, yielding 41 deaths from 64 cases. The subtype of H5N1 virus responsible has been detected in poultry in Cambodia since 2014. In the early 2000s, the H5N1 virus circulating had a high human mortality rate, so it is worrying that we are now starting to see people dying after contact with poultry again.

It’s not just H5 subtypes of bird flu that concern humans. The H10N1 virus was originally isolated from wild birds in South Korea, but has also been reported in samples from China and Mongolia.

Recent research found that these particular virus subtypes may be able to jump to humans after they were found to be pathogenic in laboratory mice and ferrets. The first person who was confirmed to be infected with H10N5 died in China on January 27 2024, but this patient was also suffering from seasonal flu (H3N2). They had been exposed to live poultry which also tested positive for H10N5.

Species already threatened with extinction are among those which have died due to bird flu in the past three years. The first deaths from the virus in mainland Antarctica have just been confirmed in skuas, highlighting a looming threat to penguin colonies whose eggs and chicks skuas prey on. Humboldt penguins have already been killed by the virus in Chile.

A colony of king penguins.
Remote penguin colonies are already threatened by climate change. AndreAnita/Shutterstock

How can we stem this tsunami of H5N1 and other avian influenzas? Completely overhaul poultry production on a global scale. Make farms self-sufficient in rearing eggs and chicks instead of exporting them internationally. The trend towards megafarms containing over a million birds must be stopped in its tracks.

To prevent the worst outcomes for this virus, we must revisit its primary source: the incubator of intensive poultry farms.

Diana Bell does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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