How Manchester City and the Music Industry Leverage Prolific North Technology

“It’s used quite extensively in the adult industry,” Mcmullan explained. “We were approached to build a platform for an adult site and turned it down for ethical reasons.

“The top selling artist on this platform was a model who wasn’t actually a person. They didn’t model and they didn’t do any shows or anything like that, they just sold NFTs It was eight NFTs of penises with different dressings.

Laughing at what it was like in the office after coming across the strange project request, he said, “When we clicked on it, I was like… oh my god. These eight-bit penis pictures were selling for around $10,000.

“Someone literally woke up and went, ‘I’m just gonna draw pixelated versions of penises.’ Since launching NFTs on this particular platform, they’ve done something ridiculous like $400,000 off day, just sitting there coloring in pixelated pictures.

But it’s projects like this that blur the lines on how NFTs and the technology behind it can actually be used, he explained, and distort public perception of them.

“This is where we are, it shows how far we are from having a serious conversation about NFTs,” he said. “Where they are really valuable is behind the scenes, the smart contract on the blockchain and proof of ownership.”

Employment records stored as NFT?

As a fan of crypto and NFTs, he explained that smart contract technology could potentially change the structure of traditional parts of society in the future by removing this “middle layer” of paperwork – ranging from mitigation from the pressures and delays of a real estate purchase to how a business, like Silverchip, operates.

“We’ve talked about it before and I think we’ll continue to do that, we just need some time to create our own smart contracts and stuff. We thought about doing that for people who are holders in the company, so on your first birthday you will get a one-year Silverchip NFT,” he explained.

“You could basically have someone’s whole employment record stored as NFTs, so you share your portfolio and you have the NFTs to prove you worked there and again, smart contracts can be embedded.

Besides thinking about what the future holds, Silverchip recently worked on an NFT project for Nifty Football alongside blockchain agency Sequence to create an NFT football trading card game.

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