NFT Spotlight: Love, Death + Art

Please note that the following review is not an endorsement of purchasing the NFTs discussed, and the author does not themself own any of the collection.

The Netflix-produced animated sci-fi anthology series Love, Death + Robots has recently released its third series. To mark that occasion, the show has partnered with a Web3 studio known as Feature to produce an NFT scavenger hunt

According to the site, QR codes have apparently been hidden within promotional videos and real-world billboards, as well as the episodes themselves. Once scanned, these codes redirect users to a website where they can view artworks and mint them as NFTs.  

Minting the NFTs requires users to have a MetaMask or Coinbase wallet. Minting the unlimited NFTs is free except for variable gas rates, and the collection encourages those without an interest in NFTs to simply save them as JPEGs.

The Collection

The collection consists of short clips from season 3 of the show, and as such inherits the production values of Love, Death and Robots, which is known for the diversity of styles between episodes.

Image Credit: Love, Death + Robots

Only three of the nine-strong collection (one for each episode of the latest series) are viewable prior to being collected. In one we see a dancing, jewel-encrusted siren, animated in a near photo-real manner. In another, three very different robots look between a clipboard and the viewer, and the final example, from the episode “The Very Pulse of the Machine”, sees a lone figure standing over a strange alien landscape of neon lights in a pose highly reminiscent of Caspar David Friedrich’s Romantic classic Wanderer above the Sea of Fog

It’s a clever way of repurposing content, especially when that content has been created by artists working at the level required to produce one of Netflix’s tentpole shows. The move into NFTs is also one that makes perfect sense for Love, Death and Robots, thanks to both its technological and artistic reputation, sidestepping the weird incongruity of projects like that of TV chef Gino D’Acampo. In other words, more people will be happy to give the NFT collection the benefit of the doubt, instead of denouncing it as a cash grab.

At the time of writing, some 27,000 NFTs have been minted, with a floor price of 0.003ETH (approximately $5 or $6). It’s not a princely sum, but it highlights that there is an appetite for collectables issued in this way and gives people a small amount of motivation to take part in the scavenger hunt. Hiding the codes within promotional material and episodes is a particularly smart choice, encouraging close watching and encouraging the collection to go viral as viewers share the locations they have found codes.

The Background

Of course, this isn’t the first NFT project to base itself around a scavenger or treasure hunt. Last year, The Great NFT Treasure Hunt took a slightly different approach by hiding passwords to wallets containing 32 different NFTs across Southern California, issuing clues to their location via Twitter. And budding metaverse NFTWorlds earlier this year organised a hunt within its virtual worlds with puzzles, riddles and challenges to unlock the twelve words necessary to gain access to a wallet filled with 3ETH and 500,000 of its native WRLD currency.

Image Credit: Love, Death + Robots

Nor is this the first intersection of TV and NFTs. Fox has called its upcoming animated TV show Krapopolis “the first-ever animated series curated entirely on the blockchain“, with plans to launch a dedicated marketplace that will sell digital goods including character NFTs and social experience tokens. And Seth Green’s plan to produce an animated show featuring a Bored Ape he owned was recently thrown into jeopardy after he lost the NFT in a hack and it was subsequently resold.

While the collection isn’t much more than a novelty and makes a point of saying that the show or Netflix derives no revenue, it could represent Netflix dipping its toe into the Web3 sector following recent revelations about its poor financial health. It reported a loss of 200,000 paid subscribers in its latest quarterly earnings report and estimated it would lose another 2 million by the time of its next earnings report in July.

The Verdict

The Love, Death + Art collection highlights an interesting way for more traditional forms of media to get involved with NFTs. Done respectfully, as this has been, NFT collections such as Love, Death + Art can serve as a gateway for individuals outside of NFTs to become involved with the space – instead of alienating them. Other TV shows looking to take a similar approach should be aware, however, that without a throughline that connects NFT technology to the programme in question, viewers will likely turn up their noses.

The Pros and Cons of Hot and Cold Wallets

In the cryptocurrency world, a wallet is a piece of software or hardware that stores the cryptographic keys necessary to access your assets stored on the blockchain. Those keys consist of a private and public pair. The latter identifies the wallet, allowing it to receive tokens without revealing the identity of the owner. The private key, meanwhile, is what gives you access to the wallet – whether that’s to check balances or perform transactions.

While asking someone the temperature of their wallet in the real world might draw some blank stares when it comes to crypto wallets that’s perfectly appropriate, as they fall into two categories: hot and cold. So just what is the difference between the two and why would you favour one over the other? 

Metamask - Shutterstock
Image credit – Shutterstock

Hot Wallets

This category ranges from mobile wallets to desktop programmes and web-based solutions such as accounts with crypto exchanges. Think MetaMask or Coinbase Wallet, to name two popular examples. The key defining feature is that they are connected to the internet, meaning all are vulnerable to online attacks. Levels of security differ hugely within the category, however, with web-based wallets generally being deemed among the least secure as they are vulnerable to security breaches.

That being the case, why use a hot wallet? Ease-of-use. The fact that a hot wallet is always online means there is no impediment to making cryptocurrency trades, purchases and transactions – unlike with a cold wallet, which needs to be plugged in and currency moved out of before a purchase can be made.

It’s good practice to not store too much in a hot wallet, however, owing to the aforementioned security concerns. The analogy that is often deployed is to treat a hot wallet as you would the one you store in your pocket – just enough cash to get by without it being a devastating loss if you lose it. 

Cold Wallets

If a cold wallet is connected to the internet, it stands to reason that a cold wallet is not. Cold wallets include physical cryptocurrency with private keys printed under tamper-proof stickers, or even simply writing down your private and public key pair and storing it on a piece of paper.

When you hear cold wallets being discussed, however, usually what’s being referred to is a hardware wallet. These devices often look like USB sticks only with a screen and buttons – as popular examples from Ledger attest. Such devices store cryptocurrencies internally, meaning a bad actor would need to physically have the cold wallet as well as the PIN code to gain access to them.

Adding and removing currencies is a question of connecting it to a computer. You might think this would be the moment of greatest vulnerability, but all transactions are completed in-device, meaning it is impossible to hack remotely.

So far, so good, but there are downsides. Firstly, you have to stump up the funds, and as a physical object, cold wallets open up the danger of the keys to your cryptocurrency being stolen or even accidentally discarded – we’ve all heard the horror story of the guy who threw away a hard drive containing a fortune in Bitcoin. 

With hardware wallets, that wouldn’t be the end of the world, however. Recovery phrases allow the funds held inside hardware wallets to be restored elsewhere – meaning protecting the recovery phrase is almost more important than the wallet itself.

Ledger NanoX
Ledger Nano X. Image credit Ledger.

The Verdict

The exact amount you might be comfortable with storing in a hot wallet depends on the reputation of the exchange you are using. Reputable exchanges will be using a system of cold wallets in the background, keeping their customers’ funds offline, with a certain amount stored online for withdrawals.

It’s worth also considering providing some means of accessing your wallets, hot and cold, to loved ones if you are incapacitated for whatever reason. After all, if you are the only one who knows how to access your cryptocurrency, then those funds could well die with you.

Ultimately, it’s a combination of both hot and cold wallets that is the best approach. The actual balance of hot and cold will be dependent on your approach – and how much you value security versus functionality. For those who want to sit on vast amounts of cryptocurrency, clearly, there is an incentive to maintain cold, hardware wallets, while frequent traders of smaller amounts will favour hot wallets they can quickly move coins in and out of.

Not only that, but it might be a good idea to have multiple examples of each category for different purposes – storing a certain amount with an exchange you frequently use, storing currency you plan to hold for a long time on a hardware wallet and using a mobile or desktop wallet for more speculative purchases. The choice is yours!