“N-F-T! ” “What does one of’ em go for? ” “1. 2 million US dollars” “2 9 million dollars” “6 9.3 million dollars” “Everyone’s offsetting so much money … … can you be explained in, what’s an NFT? ” When digital art is selling for millionsof dollars, there’s one big question: HOW? How can this be so valuable? Especially if I can merely[ screenshot phone ]? Delete that screenshot! “Oh my divinity, stop it” STOP You’ve probably met reasons aboutthe technology behind thisdigital artwork, too called “NFTs.” Runs on blockchain technology “Blockchain ledger” A blockchain is a bond of blocks … But thats never certainly answered my question of how they can be so expensive. To genuinely is aware that going on here, we have to take a step back and talk about the incrediblystrange room we value art initiated with. ” $11,250, 000! ” ” $30,200, 000! ” ” $41,000, 000…. … SOLD! And that story starts not with NFTs but with a fistfight in 1973. “May I see your tickets satisfy? ” On October 18 th, 1973, the “whos who” of the artistry macrocosm amassed righthere in New York City for an event that wouldchangethe art world forever. It was being hosted by these two: Robert and Ethel Scull. They “re extremely” some ofthe firstly collectors to passionatelyand in depth collect living creators, from Warhol to Rauschenberg, Jasper Johns Thats David Galperin, Head of ContemporaryArt for the Americas at Sothebys. It’s being auctioned at Sothebys Sothebys? Sothebys! Ive been to Sothebys and theyreconfident well get a good rate. Yeah, that Sothebys.They actually owned the gallery that all of this was going down in. This was the first time that livingartists were selling for many hundreds of millions of dollars. And people HATED it, for a good deal of the same reasons they hate NFTs today. They said it felt gross, like too much of a wedlock between art and money. Hard, cold, MONEY[ Chanting] There’s a prominent fib of Robert Rauschenberggetting into a fistfight in the middle of the auctioneer because he couldn’t believe theprice at which his labour was trading. I managed to find some of theonly footage of that minute. It is the MOST POLITE fight I “ve ever known” “Let’s go…”[ Gentle shove] The artist felt ripped off.Hed initially sold his art for $900, and it had justgone for $85,000… He got none of that. But what was most importantis what happened next: Ive been working my ass off foryou to offset that revenue? ” How about yours? Thatyoure gonna sell now? ” There! These two men had justexploded art pricesforever and in this moment, they knew it. That truly was the momentthat varied everything.” Why do you think that moment happened? If you think about that time in art history, that was really the moment where living artistsbecame celebrities.Andy Warhol in the 60 s, notoriety was his medium. And it was at thisturning point when Warhol himself became just as far-famed, if not more famous than thecelebrities that he captured in his exertions. When prowes becomes more aboutthe artistspersonal celebrity or the ideas behind the art than about any physical object, it becomesuntethered from other marks of value. Lame things like how much did that costyou to make? or “how long did it take you? ” or even “how much do I want that hanging in my house? It becomes: “How much is that idea worth? ” People debate how exactly to measure artprices, but they agree on the direction that theyve gone since…UP. “The market has entirely exploded.” And with it, the most theme ofwhat prowes IS exploded too. Art can be text phrases, shownin public arranges …. A mound of sugar, slowly ingested. A banana videotapeed to a wall. Even instructions to meet the prowes yourself. This is by an creator referred Sol LeWitt One of the things LeWitt is famous forare his wall traces, all of which are site specific and actually painted or drawnon site.So I think that the question when we look at it genuinely depends on what the artistwanted and how they examined ability Yeah here’s this really fascinatingquote fromWarhol. He said: “I think it would be great ifmore people took up silk screens so that no one would know whethermypicture was mine or someone else’s.” With Warhol, he was an artist who loved toying with that notion.There’s actually anartist identified Elaine Sturtevant, an appropriationartist whose entire body of work deals withideas of originality and authorship. And so she would replica works of art by creators likeAndy Warhol and Jasper Johns and many others. And actually with Warhol in particular, Warholjust opened her the silkscreen that he exercised, so she could clear her allotments of his effort. Wow. So for him, that whole idea of like, whatis original and what is a copy? is a question that is so integral to the understandingand the appreciation of his art. When art is branding and perception, it’s also hypeand ego and speculation and investment and that are applicable to basically every kind ofart now , not just the “weird” stuff .[ BANG] “SOLD! ” Now, a lot of parties look at thisand they say Say it with me “money laundering.” And it does seem to be the casethat there is plenty of coin cleaning and fraudin the art world-wide. But I judge stopping there iskind of a cop out. Youre avoiding the big question of WHYsomeone would pay so much better for this art by saying they wouldnt !… instead of reckoningwith the mind-bendy fact that some people genuinely pay for the concept behind the skill, and whatthey own is the fact that they bought it.The actual select on the wall is not theartwork. The artwork is the certificate. Without Without the certificate, the artwork has no value. Without the certificate, the artworkhas no value … You know where Im going with this … Delete that screenshot! The big difference between NFTs and the art that came before themisnt why they have value … it’s who decides. With NFTs, there’s a new group of beings, stimulated about a new kind of art. And the same critic who looked at a bananataped to a wall and said “this is worth $ 120,000, ” now look at this and say it has no value. They don’t decide anymore. “Um … Okay” “Alright! ” “Oh my deity, yes” Im having a bit of a “pinch me” moment That is AlexisOhanian, founder of Reddit and investor. And hes giving me a tour ofhis NFT collection. “I went on a little shopping spree…” “I bought this one” “I liked the vibe of it.I liked how it looked aesthetically. This actually functions too as a ticket to events, so NFTs can have other uses that include other kinds of value.But right now, werejust talking about their appraise as artistry. Alexis is married to Serena Williams, whichIm not just saying because shes astounding, this is about to be relevant … I “ve known you” apparently wanna accompany the Serenapunks…” “The seventh one, I knack to my spouse When Alexis devoted this to Serena, he transferredthe credential the entry into a database thatsays who owns it. The conclude NFTs took off now, as opposed to digital images 10 several years ago, is because now there’sa database that some critical mass of people agree to. It happens to be using a technologycalled a blockchainbut in theory it could have been run by Sothebysorsomething if everyone agreed to that. As long as there is a critical mass of people who believe in it, that is the only database thatmatters. And so yes, you can right-click save to as many different databases as you miss but aslong as enough people believe that there’s one that truly difficulties then it’sthe one that’s gonna winning. If youve ever heard that an NFT is justa link to an epitome … this is something that thatreally wants. Its weirder than youve been told.Because thats actually where the significance is. Without the certificate, theartwork has no value. Ok, gives delay here for a few seconds. Weve gotten prettyfar away from how most of us understand evaluate. It helps to think of an example of whatyou personally might do. Tells “re saying you” bought a draw …[ OOF] You might think that this has valuebecause you have it and no one else does. But as a meditate experiment, what if they did? This is a drawing by Andy Warhol. Last year, an artwork collective announced MSCHFbought it for about $20,000. Then they drew 999 accurate prints. They desegregated the original inwith the rest and sold them each for $250. So, would you personally compensate more if youcould figure out which the original was? If it comes down with a authorization of some kind? I make most people would.Maybe becausethey like it, but also maybe because they believe other people wouldand then they could sell it for more. Now imagine an infinite number of emulates. For me, this illustration really made it clear that evenfor those of us outside the prowes macrocosm, evaluate is an unbelievably adaptable feeling. So, when someone saysOh I can exactly screenshot that” or Why do NFTs have any value ?… they might think theyre making a new level. When really, theyre asking the same questionsthe prowes nature has been asking for decades: “What is evaluate? Where does it come from? What is too much, for too little? “[ Laughing] NFTs are raising those questions more intothe public sphere by taking things to an extreme: “What about more coin? And no physicalproduct? And anyone decides? ” Its like its the same equation, butNFTs hurled a 0 in there somewhere and the math is coming out all wonky.But its the SAME EQUATION. It makes a lot of beings extremelyuncomfortable. Which is fair. In some disputes, were talking about pricesthat are so much more than the price of a mansion. For a digital idol. But you dont need to believe every saleprice, or ever want to buy an NFT, or even not dislike that other parties arespending their coin thisway, to see that NFTs are part ofthemuch larger context of art itself. In the next 5 or 10 times, we will see a new generation of artists who arecreating alone with digital inmind … This is a new medium. The brand-new canvasis this technology. And it’s massive. Whats uncovered on this new canvas? Us. NFTs are a shiny brand-new thing, and in them, we witness our own reflection moreclearly than we did before.After all, isnt that the value of art? Hi again, this is where a sponsorshipmight extend, so I just wanted to take a second and talk abouthow that works: I’m an independent video correspondent now, full time, and one of the ways that beings subsidize this work isby doing sponsorships or ads. I haven’t actually done any hitherto but I wantto be super transparent about how that’s gonna work for me. The most important thing to know is: If it’s an ad, you’ll know it’s an ad. For illustration, I might do an adat the end of a youtube video. It’ll be observed as an ad. Or an ad that’s just an individual TikTok, it’ll be celebrated as an ad. They is not have editorial oversight intoany of the other stuff that I’m making whether it’s in that same video or in othervideos or collaborations or anything else. That’s all me. What’s interesting about video sponsorships isthat you’re the one saying them, and as a journalist that can be kind of interesting, it’s more like a podcast predict than a television ad.So as the person whomight say the ad, the things I genuinely want you to know are: 1. I’m only gonna say things I actually guess. I’m only gonna work with corporations I actually like. So the things in the ads are true. But 2) firms have a say inwhat’s in those ads, so whether that’s only “drive to this link” orthey’ve actually looked a dialogue. But 3) and most importantly, if it’s an ad, you’ll know it’s an ad.Cool? Great ..
Get in touch for your NFT project
