69.3 million USD for Beeple's Everydays: The First 5000 Days
7.6 million USD for Cryptopunk #3000
7.6 million USD for Cryptopunk #7804
What the hell are we doing?
Yesterday I saw this interaction on Twitter:
Come on man. It's hilarious, I get it; but at the same time I know that both of these tweets will be sold for thousands of dollars as NFT's. THOUSANDS! We are now taking publicly available videos, tweets, images and packaging them as a token and charging crazy prices. It's just absurd.
I understand the functional and practical aspects of an NFT. An NFT can be used to tokenize important documents such as a deed to a house or a contract so that it is forever ingrained into a blockchain. The immutability and finality of having something on a blockchain is an amazing thing for the way human beings interact with and "trust" one another. With NFT's we can create digital copies of things that are important to us and know that they will be safe forever.
That being said, why why why WHYYYYY are people paying millions for a JPEG or GIF? Don't get me wrong, Beeple's work is awesome; but I can literally take a screenshot of that work, print it and put it on my wall for just the cost of the ink.
Can someone explain the draw to this field monetarily? I have many artist friends who I try to support by sharing their work, but what value is a buyer gaining by sending over yacht money for a pixelated face? I want to see artists succeed, but I can't see how NFT's are the future of art; if anything they seem like the future of memes.
Please help, I just don't get it.
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