café con crypto

what is an NFT?

NFT = non-fungible token

cryptographic assets (like digital art, gifs, tweets, music, videos, and more) on blockchain with unique identification codes and metadata that distinguish them from each other. source: investopedia.com

 

unlike cryptocurrencies (or fiat currency, like the US dollar), they cannot be traded or exchanged at equivalency.

you must purchase ETH with your fiat currency on an e-wallet in order to bid or buy an NFT.

for more on NFTs click HERE.

for how to bid on café con crypto click HERE.

learn about ETH and how to buy click HERE and/or HERE

why an auction?
& how does it work?

how is art priced? 

that can be a difficult question to answer, and even more difficult in the context of the crypto community. 

we'd like to maximize the amount we're able to pass on to artists in cuba, but also offer a price that is accessible to most.

that is why we're doing an auction.

the highest bidder still wins, but the set price will be the the median bid price. 

we are auctioning our first piece (we will have more soon, and they will be the same) as part of a process of price discovery.

for example, if out of 10 bids the highest is 1 ETH, we will use the price at the 5th highest bid. 

for our episode 012. non-fungible talent: gabriel guerra bianchini on cuba & NFTs, we spoke with one of cuba's first NFT artists, gabriel guerra bianchini.

as one of the first artists to sell an NFT from cuba, gabriel has been using his ETH (crypto) to help pay the gas (the fee to list a piece for sale/auction) for other cuban artists - helping more and more folks mint (list for sale/auction) for  their work!

we have joined him in creating an NFT, where a large portion of the proceeds will be used for the same purpose - to help artists on the island mint.