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Topic: Crypto Art record! 69M for a Beeple (Read 517 times)

hero member
Activity: 3052
Merit: 651
March 24, 2021, 09:19:25 AM
#54
Found out about this in the news days ago. Sorry, I forgot the name of the program.
The fun part is the anchors having no idea how the hell that happened.
They even said, "How could that be an art?"  Grin
Also trying to understand what NFT's are from a crypto enthusiast explaining everything. But they still can't figure out anything.

That just explains there are still a lot of people out there who have heard about cryptocurrencies but never tried to understand it.
legendary
Activity: 3080
Merit: 1500
March 24, 2021, 09:00:38 AM
#53
I would consider this currency situation with NFT as mad rush! This is insane! Millions of dollars for a JPG file!!! Super strange and absolute nonsense. Few people are definitely making money out of this but I am sure this mad rush is not going to run for longer! Because people are paying millions for an asset which they can't touch or feel and has no value in real world. It's either a marketing masterstroke or an absolute idiotic act! It's getting even worse than central bank money printing!
member
Activity: 174
Merit: 35
March 23, 2021, 12:38:16 PM
#52
I wonder who are those guys spending that much of money for an art, this can be a good market for them and a lot of money to spend for.

NFT are growing, and It think this year will be the best year for them, so congrats to all the early supporters of NFT and for sure its not too late to join with them. Working with some arts now, let’s see if its worth to try.

It's simply because its Beeple.That's it.
Beeple have been a great artist even with or without NFT. So avid fans taking advantage to legally "own" his artwork thru NFT.
legendary
Activity: 2044
Merit: 1115
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March 22, 2021, 11:00:03 PM
#51
the pic looks blurry so i open it in new tab but it was still unclear . i dont know what kind of art was that and why it was sold that high but i think that was normal for an nft because even others sells more weird things that arent consider to be an art anymore .

 i notice that most nft that are sold are expensive , this nft is not for us poor but thats okay because poor dont like to collect stuffs hehe
It is every single art he has ever made all combined to one picture. You could see squares and many of them, each of them is one art that he has made so far, that is why it worths so much because you basically own an NFT that would be all of his works together and if he doesn't end up selling all of it again and again, that means you own the only NFT there is that combines all of his works together in one, kind of like you own all of his work.

The owner could easily end up making it bigger and printing it to put it on his wall as well but that is not what NFT is for, he just owns it somewhere and stored it, when this guy gets more and more famous, and when he dies, suddenly his things will worth more. Obviously it should never worth 69 million dollars, nft is a craze right now, this craze will die down and the price of this will go down as well, but its history made anyway.

It was never about "owning" the art in the physical world.  All NFT does is record in a blockchain that you "own" the art, and for some reason that's worth 69 million dollars.  I think you're right about this being attributable to a craze, like everything else crypto right now.
legendary
Activity: 2086
Merit: 1058
March 22, 2021, 04:14:45 AM
#50
the pic looks blurry so i open it in new tab but it was still unclear . i dont know what kind of art was that and why it was sold that high but i think that was normal for an nft because even others sells more weird things that arent consider to be an art anymore .

 i notice that most nft that are sold are expensive , this nft is not for us poor but thats okay because poor dont like to collect stuffs hehe
It is every single art he has ever made all combined to one picture. You could see squares and many of them, each of them is one art that he has made so far, that is why it worths so much because you basically own an NFT that would be all of his works together and if he doesn't end up selling all of it again and again, that means you own the only NFT there is that combines all of his works together in one, kind of like you own all of his work.

The owner could easily end up making it bigger and printing it to put it on his wall as well but that is not what NFT is for, he just owns it somewhere and stored it, when this guy gets more and more famous, and when he dies, suddenly his things will worth more. Obviously it should never worth 69 million dollars, nft is a craze right now, this craze will die down and the price of this will go down as well, but its history made anyway.
hero member
Activity: 2968
Merit: 640
March 21, 2021, 02:46:37 PM
#49
No, your website example is not enough proof that they own something, not even close. It's simple - if there is not a good relationship between the token and the digital art, then the entire market will collapse and be worth almost nothing. If you can actually own digital art as a unique buyer, then there is value. In your example the website IS the object. But owning a digital token is not owning the digital art. It's like owning a piece of paper that says you own gold, versus actually owning gold. They are not both the same thing.
Maybe it's just like a license and anyone else in the digital space or we often call it Internet can't really use the image without your approval and the file is sent through private like emails or etc though I wonder how's the practice of enforcing the law with these NFTs, are they really useful as a proof of ownership?
That has been the case for regular paintings as well but that didn't stop the original ones being worth money. DO not get me wrong I do not think that these things worth this much money, and I think in a year this will worth probably under a million dollars, or maybe a bit more because it was the most expensive at one time but that was about it. However one thing is for sure, if we are talking about owning rights to a painting that would be enough.

Let me put it this way, you have seen the painting of mona lisa right? How many times did you see the original painting and how many times did you see it out of the original painting (like jpg, google, online, tv shows, movies etc etc)? You will realize that sure it could be seen everywhere and you can just share it on google everywhere, hell we have seen this beeple thingy here as well as other places, so we all know we can share it, yet it still worths money just like how real mona lisa still worths money.
full member
Activity: 490
Merit: 123
March 21, 2021, 04:56:42 AM
#48
I'm not an art connoisseur or something but that art looks like it has been taken straight from Minecraft and has been pieced together to form its entirety..


So true, usually these kind of art works are pretty cool. They are pieced together to make one picture which can be clearly seen as something a face, person or something else. In this case i cant see anything there.

I get how this is cool and interesting for art investors but the amount of money spent is just outrageous. I wonder, maybe it was done to grab attention to NFT market.
legendary
Activity: 3010
Merit: 1028
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March 21, 2021, 04:11:16 AM
#47
No, your website example is not enough proof that they own something, not even close. It's simple - if there is not a good relationship between the token and the digital art, then the entire market will collapse and be worth almost nothing. If you can actually own digital art as a unique buyer, then there is value. In your example the website IS the object. But owning a digital token is not owning the digital art. It's like owning a piece of paper that says you own gold, versus actually owning gold. They are not both the same thing.
Maybe it's just like a license and anyone else in the digital space or we often call it Internet can't really use the image without your approval and the file is sent through private like emails or etc though I wonder how's the practice of enforcing the law with these NFTs, are they really useful as a proof of ownership?
member
Activity: 512
Merit: 44
March 21, 2021, 02:56:41 AM
#46
There are a lot of platforms that allowing their users to sell their art but again with a certain condition. Some of them are needed to go past their KYC well this is not good if you want to keep for self as anonymous. Instead, there are still some of them that required you to pay a small amount just to publish your art.

I don't want to drop them because there are a lot more.
legendary
Activity: 2044
Merit: 1115
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March 20, 2021, 10:37:50 PM
#45
~

But what exactly do you own? So I get that the buyer owns a token with a unique digital signature, say the public key is:

4985POSDIEFUA8OW3FJUWOI8FJWAOWAO398FJ8OIKL

But what does that have to do with Beeple's 5000-image artwork? Is the file which is hundreds of megabytes ALSO stored in the blockchain? What is the relationship between the unique digital token and the artwork?
Why do you ask these question in the first place? Do you plan to buy the artwork and negotiate it at lower prices by reasoning that you don't own anything physically. The answer to your question is simple, owning the NFT is like basically owning a website, you know that you can't hold it physically but you know that you are the owner of it, and you mentioned that there is a token as proof, isn't that enough proof that they own something?

If you don't have property rights you don't own it. If you own a website, you can stop people from visiting the website, you can change the content, etc.  The "owner" of this digital artwork can't stop people from viewing the work, or even stop them from digitally owning a copy of it.  There are no property rights associated with this "ownership" so the concept of owning it is completely fictitious.  The NFT owner doesn't own the artwork, he owns a hash in a blockchain that he hopes others will recognize means he owns it but in reality actually has zero real-world ownership properties.
sr. member
Activity: 1932
Merit: 370
March 15, 2021, 06:33:24 PM
#44
He deserved the price his art is getting. Been following his page and it is nothing short of awesome and creepy at the same time, but because it's an eye-opener and not just creepy for the sake of creepy. Most of all, he accentuates digital art, which surprisingly still is receiving tons of hate from trad art connoisseurs about how "easy" it is to create pieces in it. Nevertheless props to the man. I highly suggest you go check his Facebook page out as he posts content there regularly.
sr. member
Activity: 503
Merit: 286
March 15, 2021, 01:39:45 PM
#43
~

But what exactly do you own? So I get that the buyer owns a token with a unique digital signature, say the public key is:

4985POSDIEFUA8OW3FJUWOI8FJWAOWAO398FJ8OIKL

But what does that have to do with Beeple's 5000-image artwork? Is the file which is hundreds of megabytes ALSO stored in the blockchain? What is the relationship between the unique digital token and the artwork?
Why do you ask these question in the first place? Do you plan to buy the artwork and negotiate it at lower prices by reasoning that you don't own anything physically. The answer to your question is simple, owning the NFT is like basically owning a website, you know that you can't hold it physically but you know that you are the owner of it, and you mentioned that there is a token as proof, isn't that enough proof that they own something?

No, your website example is not enough proof that they own something, not even close. It's simple - if there is not a good relationship between the token and the digital art, then the entire market will collapse and be worth almost nothing. If you can actually own digital art as a unique buyer, then there is value. In your example the website IS the object. But owning a digital token is not owning the digital art. It's like owning a piece of paper that says you own gold, versus actually owning gold. They are not both the same thing.
member
Activity: 868
Merit: 63
March 15, 2021, 02:38:03 AM
#42
~

But what exactly do you own? So I get that the buyer owns a token with a unique digital signature, say the public key is:

4985POSDIEFUA8OW3FJUWOI8FJWAOWAO398FJ8OIKL

But what does that have to do with Beeple's 5000-image artwork? Is the file which is hundreds of megabytes ALSO stored in the blockchain? What is the relationship between the unique digital token and the artwork?
Why do you ask these question in the first place? Do you plan to buy the artwork and negotiate it at lower prices by reasoning that you don't own anything physically. The answer to your question is simple, owning the NFT is like basically owning a website, you know that you can't hold it physically but you know that you are the owner of it, and you mentioned that there is a token as proof, isn't that enough proof that they own something?
sr. member
Activity: 1120
Merit: 438
https://bitcointalk.org/index.php?topic=5274318.0
March 15, 2021, 12:43:45 AM
#41
-snip-

How do you know they're not collectors, and how you classified someone as collectors?
As far as i know, collectors also sell and buy unique things. Yes true NFT can be anything, but i think there's need some rule to classified NFT.

I define collectors are those people who collect something as a hobby. they collect it not because of the hype. interest, artistic value, and rarity aspect on that things are more important.
NFT could be bought and sold instantly, collectors most likely won't do it. at least they want to enjoy the art first.

Buyer of $69 million Beeple NFT is a crypto investor using the pseudonym Metakovan
https://www.cnbc.com/2021/03/12/buyer-of-69-million-beeple-nft-is-a-crypto-investo-metakovan.html

IMO, you can make complex art that has high artistic value, but still, NFT with random art with big names behind it and price manipulation will still win.
hero member
Activity: 2002
Merit: 535
March 14, 2021, 06:46:04 PM
#40
Buying this expensive NFT is extremely risky at all. If someone can afford this expensive price, the price is just very small for them, they can afford to lose it at all. They are willing to lose at all.
Recently about NFT trends, tweets also on Twitter can be now bought and sold. I am amazed by these NFT trends now.
It all about the rich investing their free money and nothing else, you might see these crazy big deals taking place to create the hype and eventually it will die out. Who in the right sense will be investing huge amounts for these digital shit. This shit just shows why billions are invested in bitcoin when the price is multiple times higher than its old all time high valuation  Cheesy.
sr. member
Activity: 503
Merit: 286
March 14, 2021, 02:59:36 PM
#39
What do you actually "own" here? Cuz it's not a digital image, which can be replicated infinitely and anyone can access or view. What you own is some signature in a blockchain and a bunch of people who agree that has some special properties that give it value. However, if you don't have property rights over the digital image, you don't own it. It's absurd people believe you could own something that is infinitely replicable.
NFTs have a unique signature in them so there isn't a possibility of replicating it. If you think that it is replicable then why don't you do it? I mean you have a strong adverb there to support your claim. Let's just accept the fact that it isn't our money and the art was worth that much, it's not our money so why do we have to feel regret about it? You think that it is absurd but here we are in a world where Jackson Pollock painting can fetch you millions, you don't understand how rich people think.

But what exactly do you own? So I get that the buyer owns a token with a unique digital signature, say the public key is:

4985POSDIEFUA8OW3FJUWOI8FJWAOWAO398FJ8OIKL

But what does that have to do with Beeple's 5000-image artwork? Is the file which is hundreds of megabytes ALSO stored in the blockchain? What is the relationship between the unique digital token and the artwork?
sr. member
Activity: 503
Merit: 286
March 14, 2021, 02:57:38 PM
#38
What exactly is the buyer getting?

The artwork is hundreds of megabytes. Is it linked in some way to the token?

Does the metadata include a hash of the artwork? The title of the artwork?
I think they were paying too much just for the unique identity and ownership as what the wiki says.

"A non-fungible token (NFT) is a digital file whose unique identity and ownership is verified on a blockchain (a digital ledger). NFTs are not mutually interchangeable (not fungible). An NFT is created by uploading a file, such as a digital artwork, to an NFT auction market."

Source: https://en.wikipedia.org/wiki/Non-fungible_token

I think this is too much for a small digital artwork compared to the famous ones and this is insanely expensive that almost took more money than those famous artworks. This looks like a hype thing again but whatever, it's their money their choice what they gonna do with it. lol

That doesn't explain anything.
legendary
Activity: 2534
Merit: 1397
March 14, 2021, 03:35:06 AM
#37
I think only rich people spend their money to buy art at a very high price. Because rich people sometimes have excess money and are confused
about what to spend it on, they usually end up buying works of art at fantastic prices. Anyway the picture is not clear, even though I am curious
about the picture. To be honest I'm not someone who really understands art, so sometimes confused by many works of art that are valued
very expensive.
Buying this expensive NFT is extremely risky at all. If someone can afford this expensive price, the price is just very small for them, they can afford to lose it at all. They are willing to lose at all.
Recently about NFT trends, tweets also on Twitter can be now bought and sold. I am amazed by these NFT trends now.
sr. member
Activity: 1876
Merit: 318
March 14, 2021, 03:16:09 AM
#36
I think only rich people spend their money to buy art at a very high price. Because rich people sometimes have excess money and are confused
about what to spend it on, they usually end up buying works of art at fantastic prices. Anyway the picture is not clear, even though I am curious
about the picture. To be honest I'm not someone who really understands art, so sometimes confused by many works of art that are valued
very expensive.
hero member
Activity: 2814
Merit: 911
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March 14, 2021, 03:51:34 AM
#35
A digital piece by Beeple is selling for 69M USD according to The Japan Times, The Verge and other, at Christie's.

This follows a trend of increased prices for NFTs that are becoming an alternative asset of choice for the wealthy willing to invest in art with all the advantages of blockchain technology (easy to transfer, authenticity without doubt, proof of ownership,..)
I always had a problem to understand the mindset of these huge investors when you see piece of art and antiques being sold at auctions for millions of dollars and that too purchased by anonymous buyers, in the past i considered them as a recreational pass time for the ultra rich to satisfy their ego or either have a detail for looking after these epic pieces to preserve or people who made money through illegal means can spend this kind of money  Cheesy.

I have read about the Chinese government purchasing their antique arts kept for auctions for insane amounts and the once that are not sold were stolen from different museums around the world but i cannot understand why there is a huge demand for digital art .
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