Crypto Art record! 69M for a Beeple - page 2.

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Quote from: sujon5 on March 14, 2021, 03:14:51 AM

I'll never understand this NFT craze. How can a file of a picture/collage cost millions of dollars?

I think it has more to do with the massive printing of money than with the value of the good itself. When so much money is printed and money is not circulating, which is what is happening today, a lot of that money ends up in speculative assets at crazy valuations.

sujon5

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I'll never understand this NFT craze. How can a file of a picture/collage cost millions of dollars?

Kittygalore

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Quote from: jaysabi on March 14, 2021, 01:03:29 AM

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.

jaysabi

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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.

Lordhermes

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Quote from: goaldigger on March 12, 2021, 10:28:28 AM

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.

There are some multi-millioniers that can spend up to any amount to get an art that is worthful. Art brings back unforgettable memories which could be only understood by who truly know the meaning of arts., Yes of course,

darewaller

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I have always said that these type of things reek money laundering by the highest levels, art is one of the most used things when we are talking about money laundering, you could be unsure how it is done but there is always a possibility that crypto is purchased with illegal money, and art could be bought with that, and then you could resell that art and get legit money, that happens in regular life, don't know if it happens in NFT at all but it looks quite possible.

I can easily say that art is not something you could calculate the price of, for some people this NFT could be 10 dollars, for some it is 69 million dollars, we all remember that banana taped to wall was something of a controversy because it was sold for 150k or something if I am not wrong, and we all know that banana taped to wall shouldn't worth that much, some guy took it and ate it lol, and that is why art pricing is always difficult for people outside of art world.

Oceat

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Quote from: ulhaq on March 12, 2021, 07:27:29 PM

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

Imran232

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It's a proved that crypto is future and crypto features is the most valued platform for talent. Like here has Investing, trading, yield farming / staking, DeFi & NFT all the features are most successful and most value-able still than any physical service what is legal for our country. Well we can say blockchain gives us a opportunity to take the best value for our talent. Just think if beeple was a job boy in a company how much he paid for his creative work maybe $1k-$5 per month. Or if he was a freelancer then how much he got maybe same. Bht in this platform gives him the best value for his talent. What gives him more inspiration to work more. And this also inspired a lot to others.

Gyfts

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Quote from: dothebeats on March 12, 2021, 12:36:22 PM

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..

But we're not here to critique the art. I'm not surprised that such pieces of work would fetch for insane amounts of money (if it is true). Apparently, this is an NFT, and for sure this will boost the attention and hype around such to greater heights after seeing this auction that has reached millions.

Quote from: orions.belt19 on March 12, 2021, 11:33:23 AM

Have you guys heard about the properties turned into NFTs as well? Although there's no confirmation if there's any value or validity to it like a land title would. It's crazy because its like anything can be turned into a NFT now. I can imagine more celebrities jumping into this and take advantage to get profit.

Imagine Onlyfans image leaks becoming NFTs in the near future. I can see that coming, and oh boy almost every picture from famous people would be turned into NFTs.

lol yup. Jack Dorsey is doing the same by making his first tweet an NFT and auctioning it off. NFT's are a speculative bull market. You can attach "blockchain" to any "asset" and it'll increase in value based on the buzzword itself.

Flowzer

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Quote from: TedMosby on March 13, 2021, 12:02:37 PM

Quote from: Flowzer on March 12, 2021, 03:26:24 PM

-snip-

Agree, especially when the Arts looks messy and not really good or worthy to buy.
I dont know what is the clear category NFT is, bcs a tweet can be considered as NFT too.
So is basically NFT is anything unique and precious for a someone?

It’s very subjective, but I believe most of NFT users are not collectors, but only a speculative traders.
NFT can be used to represent something, virtually. Digital, physical, or intangible item can be presented as an NFT. CMIIW.
http://Https://www.coindesk.com/how-to-create-buy-sell-nfts

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.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Quote from: Flowzer on March 12, 2021, 03:26:24 PM

-snip-

Agree, especially when the Arts looks messy and not really good or worthy to buy.
I dont know what is the clear category NFT is, bcs a tweet can be considered as NFT too.
So is basically NFT is anything unique and precious for a someone?

It’s very subjective, but I believe most of NFT users are not collectors, but only a speculative traders.
NFT can be used to represent something, virtually. Digital, physical, or intangible item can be presented as an NFT. CMIIW.
http://Https://www.coindesk.com/how-to-create-buy-sell-nfts

shoreno

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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

aysg76

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There is no price for art lovers and collectors who want to be the pride owners of such paintings and drawings.Some people pay too much for the artwork to get into limelight so that they are in news for paying such high prices for artwork and people believe it might be very interesting or beautiful price of work and they charge from people to exhibit such artworks.Non fungible Tokens or NFT's have become quite a famous for such artworks as they are digital ownership of such artworks and are unique of their type.Beeple sold a collage of 5000 artworks that he had made over past 13 years as single NFT and it was auctioned for $69 million making it most expensive painting sold in NFT.

Watch his reaction after becoming 3rd most valuable living artist

Note: "There is no price limit for art lovers and their collectables".

Lorence.xD

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Quote from: goaldigger on March 12, 2021, 10:28:28 AM

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.

You don't have to wonder who it is, it is definitely someone who is filthy rich that they don't know what to do with the excess money that they have so they spend it on art, we can't understand what is going through their mind but we have to consider that this arts are valuable tool that they can use for tax write offs if they want to by donating it. Hopefully your art will become the next big thing in the NFT industry.

Poker Player

legendary

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This is another effect of massive money printing by central banks. The money that is printed does little to move the day-to-day economy. Little cash flows, and most of it ends up in speculative assets. Some of these assets make more sense, such as shares of solid companies, or Bitcoin, which is proving to be the best store of value in the world, but these types of assets are very much pure speculation.

bussybuddy

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Quote from: TimeTeller on March 12, 2021, 06:53:36 PM

And later on, they will not be this expensive to buy.
It will just be an ordinary item to buy. Right now, they are spending millions of dollars just to get a hold of this digital art.
Wonder if the value of this will also grow thru time just like the physical art pieces.
And this type of collection, only those elites can afford.
Regular users cant afford such expensive digital art.
More than likely, there will be more rising digital artists in the next coming years.

It can be seen as a short-term trend and we will again see an exaggeration of its potential for real life like defi. But I am not a rigid person with the view that it has no value, if more positive thinking it attracts more people to the market, and this is good for all of us who do not know this is the case diversity in the crypto space is a mess.

ulhaq

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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?

TimeTeller

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Quote from: bussybuddy on March 12, 2021, 06:43:50 PM

I can't really see any valuable technology or its application. In this case I just see it as a way to show off what blockchain can do to solve various problems. Additionally, these projects stand out because their users don't have to interact with the underlying blockchain technology, but can still benefit greatly from this technology, making projects ripe for adoption official. Ultimately, the NFT opens the door capable of digitizing all intellectual property rights and encrypting all assets.

And later on, they will not be this expensive to buy.
It will just be an ordinary item to buy. Right now, they are spending millions of dollars just to get a hold of this digital art.
Wonder if the value of this will also grow thru time just like the physical art pieces.
And this type of collection, only those elites can afford.
Regular users cant afford such expensive digital art.
More than likely, there will be more rising digital artists in the next coming years.

bussybuddy

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I can't really see any valuable technology or its application. In this case I just see it as a way to show off what blockchain can do to solve various problems. Additionally, these projects stand out because their users don't have to interact with the underlying blockchain technology, but can still benefit greatly from this technology, making projects ripe for adoption official. Ultimately, the NFT opens the door capable of digitizing all intellectual property rights and encrypting all assets.

adzino

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I went through few marketplace after seeing this sudden NFT hype. Damn I was surprised. I saw digital arts being auctioned and people bidding insane amount. Even saw the Nyan cat auction. Sold for 300 ETH. The same guys is still selling "memes" and people are actually buying it! Even tweets are being sold. This whole things sounds really overwhelming.
Didn't expect digital contents to be sold at this shocking rates. Who knows how long is thing trend going to last. If the hype ends, I wonder what those people are going to do who were expecting to sell their contents at higher rate.

Topic: Crypto Art record! 69M for a Beeple - page 2. (Read 488 times)