Is Mayte Spínola's Space NFT a Giant Leap or a Black Hole?

Okay, let's be honest. As far as ideas that would be cool to do go, blasting an NFT into space is a pretty cool idea. A digital artwork, Mayte Spínola’s “Galactic Christ,” orbiting Earth on a satellite thanks to WISeKey and SpaceX? That’s the sort of thing that lands headlines and causes you to say, “Gee whiz, what a time to be alive!” Before we all start envisioning a future where digital Picassos orbit alongside communication satellites, let's pump the brakes and ask some tough questions.

Really Decentralized, Or Just Hype?

WISe.ART claims to be the most secure platform for NFT creation and trading. Fine. But how truly decentralized is it? This is where my DeFi senses really begin to tingle. The original artwork from the “Galactic Christ” NFT, which is specially composed and digitized on solar-powered WISeSat satellites. It features blockchain certification stringently based on WISeKey’s Root of Trust. Root of Trust? Sounds pretty centralized to me.

Think about it: the artwork's security hinges on WISeKey's infrastructure. As such, when their system is hacked, so too is the NFT. This isn’t the decentralized, trustless utopia that blockchain was supposed to deliver. It resembles less of a digital Library of Alexandria and more of a digital Fort Knox in orbit, protected by Big Tech. It's like claiming to be a punk rocker while relying on your parents' credit card. The irony is palpable.

And what about the two-way data connectivity? Sounds great, but it sure seems like a super-duper attack surface. Every connection point is a potential vulnerability. We’re discussing protecting a capability that represents not just a program’s worth of digital file, but a satellite flying around the globe. Post-quantum secure elements? Okay, those do all sound great, but do they even come close to being enough to protect you from the constant barrage of would-be-cyber attackers?

Who's Actually Buying Space NFTs?

Let's talk economics. But is there actually a market for space-based NFTs? Or is this truly a frontier of innovation rather than a vanity project in disguise? This wouldn’t be the first time WISeKey sent a Brooke Shields NFT into space, as the company did so in 2022. How did that pan out? What were the transaction volumes? Those are the questions no one is asking.

Honestly, I doubt this “Galactic Christ” was intended to impress your typical Web3 NFT collector. A very small but very rich constituency is just dying to get their hands on a chunk of US space history. They are specifically looking to acquire a digital version of that. They’re not purchasing art—they’re purchasing bragging rights. They are buying social currency.

Is there sufficient commercial demand to cover the cost of launching and maintaining a satellite in service and providing ongoing updates? Or is this NFT doomed to become another Matthew McConaughey, fading from memory, a lost artifact from the exhilarating crypto era of the 2020s? It’s a little like constructing a beautiful mansion on the moon – wow, that’s amazing, but totally unworkable.

Even the average transaction volume on WISe.ART is, how shall we say this, unimpressive. Sorry, I don’t have the detailed numbers handy. Yet a glance at the collection indicates that the platform is having a tough time making a dent against the behemoths OpenSea and Rarible. Just putting an NFT into space doesn’t instantaneously develop demand. It just creates a really expensive NFT.

Democratization Or Corporate Empire?

Mayte Spínola imagines her piece as an emblem of international fellowship and harmony, soaring above borders from its place within orbit. That’s all well and good, and we appreciate the love of art here, but hold on now, it’s not all about passion. WISeKey, perhaps unsurprisingly, is at its core a cybersecurity company. They’re not in the business of art; they’re in the business of security.

So, what's their angle? Are they really trying to democratize what art is and who can create it? Or are they just using NFTs as a way to promote their technology and attract investors? I suspect it's the latter.

Which leads me to a bigger observation about the NFT space. Although NFTs can be equitable tools that empower artists and creators, they can reinforce existing hierarchies of power. Large corporations like WISeKey can leverage their resources and infrastructure to dominate the market, leaving independent artists in the dust.

A colossal advance for art, or another move toward corporate domination of the metaverse? This is a question we need to be considering as we venture into the brave new world of blockchain. Furthermore, we take a journey beyond the stars. Is this the beginning of a new artistic golden age? Or is it more like the latter — a shiny new toy for the ultra-rich? Only time will tell, and I’m reserving full skepticism-smashing optimism for full implementation.