Jason Bailey on his cutting-edge project ClubNFT
Last week we had the pleasure of interviewing one of the art scene’s most respected thought leaders and one of the earliest collectors of cryptoart. If you’re an active Twitter fanatic and an art fan, you’ve probably come across its work Jason Bailey.
Jason is the mastermind behind Artnome, the world’s largest analytical database of the complete works of important 20th-century artists. Artnome is the leading art and technology publication for reporting and explaining the latest technologies used in art and the art world. Bailey’s extensive research in this field has made him a sought-after speaker in the art world and he has previously spoken about blockchain and digital art at Christie’s Blockchain event in London.
Being an OG in the space, Bailey recently launched his own NFT project, which addresses and provides solutions to one of the most important questions about NFTs – where are NFTs stored and how do we know they won’t disappear if a marketplace is a business? Go out of?
ClubNFT solves the major shortcomings of NFT’s core infrastructure
Bailey was one of the first NFT art collectors from all the way back in 2017, meaning he’s been around the block (chain), a few times in fact, and he knows what to watch out for.
He says that back then no one knew how and where NFTs were stored and he assumed that all art/image files and details lived on the blockchain. But he learned how wrong he was when the 2018 crash put most of the marketplaces that were active at the time – such as Ascribe, Rare Art Labs, Additions, Digital Objects and more – out of business. Many collectors, including Bailey, Millions of dollars lost When their NFT collapses or suddenly disappears.
“It turns out that 90% of the time we were dependent on those marketplaces in business to avoid breaking our NFTs – although we didn’t realize it until it was too late,” He commented. “It felt like deja vu for me in 2021 when NFTs started launching again in a big way. I knew we were in for a major disaster because no one had addressed the issues with marketplace dependency that collectors like me experienced in 2018″.
At the start of the NFT boom in 2021, Bailey sees that there is a lot more money at stake this time around and that the industry is headed for exactly the same disaster, and possibly worse than before. This time, he saw that it was not just a few million at stake, but a market worth billions, and that’s when the idea came to him. ClubNFT was born.
While everyone was busy making money by creating more ways to buy and sell NFTs, no one was working on the fatal flaws of NFTs. Core infrastructure of NFTs That plagued collectors during the first crash.
“I kept waiting for someone to create a tool for collectors to protect themselves, but it never happened. So I decided to take on the challenge myself and started ClubNFT with my co-founder Chris King“
ClubNFT is like meConfirmation For your IPFS NFT
When a user backs up their collection with ClubNFT, the team follows all the links to the IPFS-based NFT and collects the offchain assets, usually actual art and artifact details, and zips them into a backup file for the user. .
The user can then download that backup and save it wherever they want, such as online services like Google Drive and their own hard drive. If those files ever disappear from IPFS, they can be restored with the user’s local backup and the NFT is as good as new. This guarantees that the quality of their collection is protected.
“Think of it as free NFT insurance for your IPFS NFTs. For context, about 50% of all Ethereum NFTs use IPFS, and over 90% of Tezos NFTs use IPFS from what we’ve seen with our users.“
Anyone with zero technical knowledge can use ClubNFT
Fortunately, the ClubNFT backup tool is very easy to use and anyone can do it in just a few minutes.
To use the tool, create an account using your email, add as many wallets as you want to backup, check our analysis of your storage risk, and download your backup. It’s easy and it’s free! You don’t even need to connect your wallet app, authorize any transactions, sign any messages, etc. – it’s zero friction.
Bailey revealed that they have backed up about 5,000 collections and counting Half a million NFTs. “You are in good company and in good hands when you use the ClubNFT backup tool“
Bailey is building a world-class team for ClubNFT
Between ClubNFT and its other publication RightClickSave, the team consists of 17 people and, like many Web3 companies, they are spread across the globe.
Bailey is a huge believer that good hiring is 90% of building a successful company, and they are incredibly patient and careful with who they bring on.
“Right off the bat I poached Chris from Google, where he spent 6 years as a software engineer followed by 7 years at initech and fintech startups. Chris and I have actually known each other for years through my brother – they were college friends. We quickly brought up his sister Danielle, who has dual Ivy League degrees, experience on Wall Street and at the highest levels of the art world, including MoMA where she ran the painting and sculpture department. After we secured our seed funding last fall we brought on my brother Matt Bailey to run the engineering team, and since then we’ve continued to add top talent. I think part of why we’ve been able to do this so quickly is because this initial core team has such a close relationship – we trust each other implicitly.“
The market correction is a positive thing for the NFT space
As expected, crypto and NFT markets have taken a downturn over the past few months, and we’ve already seen Twitter calm down, A lot. Some have lost huge amounts of money and many have lost their initial conviction, at least for now.
Bailey, however, said that while it may feel painful in the short term, he is thrilled that there has been a market correction in the crypto and NFT space. He believes that the space will grow very fast in 2021 and emphasizes the massive media coverage and news related to get-rich-from-NFTs. The worst side of CryptoArt And NFT but now that things are calming down, we can see the traditional art world starting to accept NFTs and even getting curious about CryptoArt history.
“When the hype goes away, what’s left are dedicated artists, collectors, curators and makers, and those are my people. They are the ones who will patiently take this place to the next level in the years to come”.
Aspiring artists should focus on giving value
Since Bailey is an OG in the space, we asked him what advice he has for artists looking to get started in this unpredictable and ever-evolving space.
According to Bailey, many artists come into the space purely looking for a way to make money and then quickly leave because they have no success selling their work. So as with entering any community for the first time, artists should focus on the value they can provide rather than trying to find ways to immediately extract value for themselves.
“There are a lot of amazing communities in the NFT and crypto art space. Find one that resonates with you and take a genuine interest in other artists and collectors before trying to push your own work on them. Be patient, thoughtful and considerate and people will eventually be interested in you and your work“
ClubNFT >> Try it here
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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.
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