Painting new horizons
Would you spend $69m on ‘NFT’ art that only exists digitally?
World history was made on March 11, 2021 when digital artist Mike Winkelmann aka Beeple, sold a nonfungible token (NFT) artwork for $69m at a Christie’s auction. No painting, print or sculpture exchanged hands; instead, it was a GIF that was sold via a digital transaction that consisted of getting an NFT digital token, also known as ‘bitcoin for art’. While digital art has been around for a while, NFTs have suddenly skyrocketed into mainstream attention, as the hottest new tech must-have.
What is an NFT?
If bitcoin is a ‘digital currency’, then NFTs are the equivalent when it comes to ‘digital collectables’, especially art. An NFT allows buyers to purchase ownership of a digital good, for example, an artwork, as a unique digital token living on a blockchain. One of the main USP’s of NFTs is that once created, it cannot be duplicated, giving it a similar value proposition as an original artwork.
But it’s not limited to that – NFTs can encompass pictures, videos, music, or anything else that can be digitally represented. In a nutshell, they are “oneof-a-kind” assets that only exist in the digital world and have no tangible form of their own. However, they can be freely bought and sold, like any other piece of property, with the NFT acting as a digital certificate of authenticity.
Can I make an NFT (and get rich overnight)?
In theory, absolutely – anyone can tokenise their work to sell it as an NFT. While NFT technology prevents it from being duplicated, there’s nothing that controls who can make an NFT in the first place. After the success of Beeple at Christie’s, that particular image has already been copied and shared countless times. Moreover, Beeple isn’t the only one to profit from NFTs – Canadian musician Grimes recently sold $6m worth of NFTs; the ‘Nyan cat meme’ sold for $590,000; and a video of a LeBron James slam dunk sold for $208,000. While people cannot hang their purchase over the mantle, it does come with huge ‘bragging rights’, touted as one of the main drivers behind investing in NFTs.
If a relatively unknown artist called Beeple can become one of the most important and valuable living artists due to blockchain technology (and the aid of a prominent auction house), what’s stopping us from trying our luck too?
Are NFTs the future of art?
At the moment there is the novelty factor coupled with a sense of scarcity that is making NFTs popular and desirable. However, with major auction houses like Christie’s beginning to take notice and setting global records with their inaugural NFT auction, the question is: Will the rest of the art market follow suit, or wait for the proverbial bubble to burst?
Can you tell us about Monty Mobile and how it has evolved?
Founded in 1998, Monty Mobile is a leading VAS (value added services) provider and an international SMS wholesale intermediary hub. Headquartered in the UK, in addition to 13 offices operating around the world, Monty Mobile has taken bold steps to drive ahead in a competitive industry.
Despite the fact that mobile network operators (MNOs) are usually inclined towards Western companies in favour of Middle Eastern alternatives, Monty Mobile was able to break this cycle and compete vigorously through its qualified portfolio of products and customised services. Monty Mobile products are not only developed to fulfil industry needs, but also improve MNOs’ performance, help them find new prospects and positively impact the end-customer experience.
Can you elaborate on some of your products and services?
In the last few years, the telecom sector entered a slow period of decline with the wave of digitisation that reshaped the industry landscape. Traditional communication services experienced a fundamental shift and systematic regime change in favour of digital omnichannel systems. The rise of digital communication over the top (OTT) applications prompted Monty Mobile to seek opportunities to address this challenge.
We launched our SMS A2P (Application to Peer), which was a key product to help mobile operators monetise their revenues. It highlighted our ability in discovering new opportunities amidst a stressed phase within the industry. The product was released at a critical inflection period, when traditional means of communication were fading out in favour of OTT applications. At the time, mobile operators struggled to keep up with the dynamic market of growing communication channels. Their businesses were being tested from the inside out. Despite utilising their infrastructure network systems to the fullest, revenues were heavily impacted. In other words, this situation created a loophole that was taken advantage of at the cost of mobile operators’ lifespan. Monty Mobile’s SMS A2P facilitated a major change in the industry by binding the digital OTT world to a mobile operator’s business. Whenever an installed app requires a verification code, the SMS received on a mobile number passes through an operator’s official network routes. This service became possible by integrating the SMS A2P into mobile operators’ systems. OTT applications’ survival became tied to operators’ networks, which is a win-win outcome for both sides.
The application’s intention to reach billions of global users will be fulfilled at a small cost while also adding value for mobile operators. As a result, SMS A2P ensured this segment a consistent stream of revenue over time. In addition, our product paved the way to broaden our customer base and reach OTTs and institutional clients.
Also, to deal with rising eSIM-equipped consumer devices and the need to manage the new technology, Monty Mobile launched its Instant Connectivity platform, which enables mobile operators to remotely and effectively supervise their eSIM users. This product enhances their ability to provide subscribers with a wide range of automated and remote services.
Monty Mobile is also the first among our peers to embed artificial intelligence and
The rise of digital communication over the top (OTT) applications prompted Monty Mobile to seek opportunities to address this challenge
machine learning in our products.
What kind of security do you offer to your customers against threats and leakages?
Monty Mobile has developed SmartWall, an SMS firewall solution that complements SMS A2P. It protects against any leakages that usually occur in the system.
Firstly, implementing this product reduces excessive useless loads on the network and improves its security. Secondly, it stops unauthorised sources and spam threats from reaching the overall structure. As a result, this enhances a network’s performance with zero waste in resources and an increase in revenue for mobile operators, in addition to full protection from messaging abuses at the subscribers’ level.
How do you deal with competition?
Competition and ensuring differentiation from rivals is challenging in any market. By far, the most dynamic and ruthless is the telecoms industry. What sets Monty Mobile apart from its competitors is the focus on developing our products in-house to serve the clients.
Flexibility – in terms of support, fast integration and customisation of product development – was the first key vehicle that opened the way towards building value in the market. That remains one of our main characteristics. Tailoring our products to meet clients’ needs has also raised long-lasting and trusting relationships with clients internationally. Also, Monty Mobile has never treated mobile operators as clients; instead, they’re served as partners and we treat all of them similarly. Our dedicated professional team, available at all times, is ready to provide any kind of support.
We have established ourselves as a pioneer provider of mobile services globally and our customers can attest the positive experience and the unique service they receive from us.
Looking ahead, what are the future plans for the company?
Monty Mobile was – and continues to be – on the lookout for new opportunities. Telecommunication remains a vital industry that will continue to shape the evolution and growth of mankind. There is a huge potential for future capabilities with a focus on building the future with technology. This has inspired Monty Mobile to also acquire a financial institution to extend our activities in the direction of the growing world of fintech. Fintech services are anticipated to accelerate significantly in the future.
Moving forward, we will continue to look at expanding into new markets and strengthening our position in the existing ones, while also offering our clients great service.
My attitude has always been ‘Never stop dreaming big’.