Swimmers who break the world record Christoph Milak i Thomas Ceccon they received their custom-made NFTs, a physical print of the artwork of those NFTs, and their $ 50,000 checks on Saturday to conclude the swimming part of the 2022 World Water Sports Championships on Saturday.
– FINA (@ fina1908) June 25, 2022
The NFTs don’t seem to have been awarded to the Australian Mixed Relay 400 Freestyle which also broke the world record.
In the week before the match, FINA announced that in addition to cash prizes of $ 50,000, they would mint NFTs and transfer them to world record triggers. Digital art for NFT was created by local artist Krizbo from Budapest, who is not particularly an NFT artist, and was coined by FINA.
Athletes also received signed prints of digital artwork attached to the NFT.
The above tweet shows both Milak and Ceccon with their NFTs. Ceccon sent SwimSwam a closer picture of his artwork, which includes the colors of the Hungarian flag (red, white and green), plus two of Budapest’s iconic buildings: the Hungarian Parliament Building and the Fisherman’s Bastion. The two works of art are very similar, except that the athlete who broke the record is shown on each, posing after the race. Brkati Čekon points to the crowd in his edition, while his native Milak sits more passively and looks high at his works of art.
NFTs are a relatively new financial security developed in 2014 based on blockchain technology, the same technology behind cryptocurrencies like Bitcoin. Ethereum is currently the most widespread cryptocurrency technology in the NFT sphere. NFTs typically take the form of digital art, although they can also be used in other files, such as music, video game assets, or movies. Although NFTs do not necessarily transfer copyright ownership to the individuals who purchase them, digital file ownership is unique and traceable. What sets them apart from a cryptocurrency that uses the same blockchain technology is that the value of NFT is largely based on the digital file or artwork it is associated with – compared to cryptocurrencies, where each Bitcoin, for example, is worth the same amount . This different value between assets is what makes NFTs “irreplaceable”.
Global cryptocurrencies are in free fall, losing about two-thirds of their value (about $ 2 trillion in total value) since their peak in November 2021. Although NFT has not suffered such a big blow compared to cryptocurrencies, this week NFT has experienced markets begin to react and to broader economic factors. The Bloomberg NFT index that tracks the performance of NFT fell 23% a week before the start of the championship, and the famous Bored Ape Yacht Club NFTs fell 25%.
Ceccon broke his world record in the 100 backstroke, where his 51.60 in a quarter of a second broke Ryan Murphy’s previous record of 51.85 (read more here). Milak swam 1: 50.34 in the 200 backstroke, breaking his own world record of 1: 50.34 (read more here).
Milak’s photo from the ceremony, courtesy: Fabio Cetti