In the coming decade or two most of the world’s valuable assets will be traded through blockchain technology and NFTs, attorney Maayan Bachar, founder and owner of Chat des Rues, recently told The Jerusalem Post.
NFTs, or non-fungible tokens, are a technological means based on blockchain technology that allow digital representation of physical or digital assets.
This relatively new technology provides the ability to trace the ownership of a property and verify its authenticity, allowing for greater transparency. In turn, the property can be traded relatively easily and can be attached to a smart contract giving the holder various rights.
“I believe that in the economic world of tomorrow, which is already emerging before our eyes today, the internet we are familiar with will be replaced with a new network which will allow us to transfer not just information but also ‘value’,” Bachar said.
This past year, Bachar, a real estate and investment attorney, opened a first-of-its-kind CNFT Incubator in Israel - an initiative which develops collections of unique NFTs in the field of fashion and digital art as well as innovative products that are expected to enable new uses for blockchain technology and the use of smart contracts.
“For several years I have been involved in the field of crypto and digital currencies and in the development of uses of blockchain technology for the real estate industry,” she said. “Through NFT I found a way to combine my great love of art and fashion with the pursuit of investing and finance.”
During the height of the coronavirus pandemic, Bachar began working on her first NFT collection in the field of fashion and art.
NFTs burst into the public scene in 2021 and since then have drawn the interest of fashion brands, celebrities, gaming companies, and major retailers, which all invested in this emerging field. Reports indicate that the NFT market is worth some $35 billion in 2022 and is expected to grow to roughly $147 billion by 2026.
This massive global interest led Bachar to develop her brand, CHAT DES RUES, Street Cats in French, the first digital luxury house for fashion and art.
The brand’s collections include limited edition luxury series of physically handcrafted art, jewelry and fashion items attached to digital assets (NFTs).
“Our brand aims to blur the boundaries between imagination and reality, between the existing and the fantasy,” she said. “Our art items are inspired by pop culture and street art and are manufactured from quality materials in very complex work processes using advanced technologies.”
A unique CNFT Incubator, which includes a studio for digital art together with development and technology personnel aims to provide a professional and technological envelope for all projects in the NFT field, including the development of new and innovative uses.
“This industry unfortunately does not include enough women and I hope to pave the way for more women to engage in the crypto field in general and in the NFT field in particular,” she said.
The brand also has digital membership cards (NFTs), which provide their holders access to the brand’s content and events as well as the purchase of unique art and fashion. The gallery’s members’ club also hosts business meetings, conferences, and gala evenings for entrepreneurs, creators, investors and collectors, providing its members with an exclusive global social network.
This also includes the establishment of the “Round Tables” forum, which promotes regulation in the fields of crypto and NFTs in Israel and includes representatives from the private and public sectors.
“Today regulation in Israel lags far behind its technological development, especially compared to other countries in the world which have begun to regulate the crypto field and specifically the NFT field,” she said. “Unfortunately, today many Israeli entrepreneurs and artists are moving their activities to other countries whose regulation allows for more convenient activities.”
Despite this, Bachar said that the relevant authorities in Israel, including the Finance Ministry, Securities Authority, the Anti-Money Laundering Authority, the Tax Authority and the Bank of Israel, are all currently working to promote regulation in Israel.
“Today there are very few people in Israel who are experts in the field, and those that are usually move their activities abroad. I hope that the regulation will indeed cause the Israeli technological minds to stay here in the country and to position Israel as a power in this area as well,” she said.
As such, looking forward Bachar is very optimistic for the future of digital currencies and NFTs.
“I estimate that the regulation will bring greater stability to the industry and enable the development of new uses for NFT and blockchain technology,” she said. “The market today is in the process of an evolution of a new economy, which is developing before our eyes, so the unpredictability is very high. But it seems to me that the future of this industry is very promising.”
She added: “In fact, I believe that NFT is a revolution in the sense that it is likely to significantly change the way we do business, acquire valuables and even change the way we spend and hold social gatherings.”
This article is taken from The Jerusalem Post Israel Technology and Innovation Magazine 2022. To read the entire magazine, click here.
This article was written in cooperation with NFT