NFT Art

[Elmekuderan]

Apparently it's easy and lucrative to pump art and collectibles LOL

IMO the problem specifically with NFT's as art is that there's not really any aesthetic value in a 'token'(atm). It just represents 'ownership' of a digital image through some text stored on a blockchain. For digital collectibles this matters a lot less tho but most prices are obviously ridiculous rn

Christies getting in on the action like with Supreme

[darwin]

Feb 25, 2021 23:15:29 GMT 1 @cliffybyro said:

I wanted to try and mint a few nft for a laugh but I cant even buy crypto with my bank or credit cards here in UK!

Why not? Coinbase?

[Deleted]

Feb 25, 2021 23:41:59 GMT 1 @cliffybyro said:

Feb 25, 2021 23:37:35 GMT 1 darwin said:

Why not? Coinbase?

Banks banned purchase of any crypto. Binance.

I’ve literally just bought eth on my hsbc card?

[covertshadowops]

Coinbase and Gemini for buying/selling Btc and Eth

[niss]

guess who never has to work another day in his life...





and thats just the open editions...

[Gard]

All of this is crazy. But did people see the new open edition Damien Hirst from HENI? Now they offer storage for the works you buy, isn't that a lot like NFT's with extra steps?

[kuni]

Feb 26, 2021 1:08:34 GMT 1 niss said:

guess who never has to work another day in his life...





and thats just the open editions...

I fully expect to see GM rolling around ATL in a new lambo any day now. 

This is all really crazy and definitely a massive bubble. I have one of his first prints and edition of 20 from ‘09. This print is worth maybe $300? If that. What’s wrong with this picture?

[Philpenn]

I don't understand the question, and I won't respond to it.

[Philpenn]

Feb 26, 2021 4:30:27 GMT 1 @cliffybyro said:

Feb 26, 2021 4:25:37 GMT 1 Philpenn said:

I don't understand the question, and I won't respond to it.

Then why bother to post? Bell end!

You must prefer Lucille Two.

[Deleted]

Feb 26, 2021 0:41:53 GMT 1 @cliffybyro said:

Feb 25, 2021 23:45:35 GMT 1 @wales1975 said:

I’ve literally just bought eth on my hsbc card?

Have you, or are you asking yourself? I tried HSBC Credit card and it failed. Both with Wyre and Binance.

Coin base - it’s a bank payment that you do. Appears in the account within 20 minutes

[darwin]

Feb 26, 2021 4:57:13 GMT 1 @cliffybyro said:

and why is it so expensive to withdraw from Binance to Metamask?!

Binance does make it expensive to withdraw. I think they just want to push their new smartchain.

I used to dismiss Coinbase as being wack as hell and if you're buying with a card the fees are ridiculous.

Use Coinbase Pro, the fees are way cheaper than Binance.

Bank transfer > Coinbase > Coinbase Pro

[JW]

Banksys and cat gifs...

"The new world of investing: Air Jordans, Banksys and cat gifs"
www.smh.com.au/business/small-business/the-new-world-of-investing-air-jordans-banksys-and-cat-gifs-20210225-p575q6.html

[Deleted]

Exit Through The Gif Shop.

[Alexander 88]

Very interesting subject. I’m yet to be convinced on the artistic merits of NFTs although I’m still open to being persuaded. It seems more akin to an investment vehicle, capitalising on the target market’s affinity to exclusivity and upside potential. A Hypebeast culture bi-product. That’s not to say opportunist investors/artists couldn’t or shouldn’t capitalise off it.

I guess I’m more interested in the short/long term impact of NFTs on traditional/physical pieces and the artists that choose to leverage both platforms.
Does it make them more marketable?
Will their physical stock go up with their NFT popularity?

Take Greg Mike:
Rarely mentioned on forums, although undoubtedly a super talented muralist and painter. Fairly niche following. Low investment potential (based on resales/auction performance).
FFW to his NFT release, which sells 000’s of editions over $999.
Will this impact the desirability and value of his physical work?
Genuinely curious.

[kuni]

Mar 1, 2021 15:49:44 GMT 1 Alexander 88 said:

Very interesting subject. I’m yet to be convinced on the artistic merits of NFTs although I’m still open to being persuaded. It seems more akin to an investment vehicle, capitalising on the target market’s affinity to exclusivity and upside potential. A Hypebeast culture bi-product. That’s not to say opportunist investors/artists couldn’t or shouldn’t capitalise off it.

I guess I’m more interested in the short/long term impact of NFTs on traditional/physical pieces and the artists that choose to leverage both platforms.
Does it make them more marketable?
Will their physical stock go up with their NFT popularity?

Take Greg Mike:
Rarely mentioned on forums, although undoubtedly a super talented muralist and painter. Fairly niche following. Low investment potential (based on resales/auction performance).
FFW to his NFT release, which sells 000’s of editions over $999.
Will this impact the desirability and value of his physical work?
Genuinely curious.

Agree that this is a very interesting subject and for most part nobody has any idea what's going to happen. 

With more physical artists getting into NFT, what happens to the mid career hot artist who's getting $15-20k for a canvas when they drop a 1/1 NFT and it sells for $150k? Does their canvas explode in value or are they 2 totally separate markets? What happens when Damien Hirst drops a NFT and a 1/1 only sells for $100k when he'd get 10x for the physical? 

Greg mike is a perfect example and interesting case. I mentioned it before but I've got a 1 of 20 GM print from his first release that's probably worth $500 tops? Even if it's worth $1k how does this make sense? He just sold 1/300 NFT's for $2k which are now $10k on secondary. 

[kuni]

Mar 1, 2021 16:46:29 GMT 1 derivitive said:

And now shepard fairey will be releasing something...

yep I saw this and not sure what to think...i'm slightly more encouraged that he's doing a 1/1 instead of a massive release which at the moment feels. like a big cash grab. 

Edit...just watched a Grimes 1/1 NFT go for $390k with crazy action on the auction in the final minutes. I don't really know what to think of this...there is SO much art i'd rather have for $390k but it's not really about the art now is it?

[Alexander 88]

Your guess is as good as mine! The thing I’m gradually learning about the majority of art valuation, is that it rarely makes any sense.

You might want to hold on to that Greg Mike edition a little longer 🤙 (Just in case!)

Mar 1, 2021 18:45:22 GMT 1 kuni said:

Mar 1, 2021 15:49:44 GMT 1 Alexander 88 said:

Very interesting subject. I’m yet to be convinced on the artistic merits of NFTs although I’m still open to being persuaded. It seems more akin to an investment vehicle, capitalising on the target market’s affinity to exclusivity and upside potential. A Hypebeast culture bi-product. That’s not to say opportunist investors/artists couldn’t or shouldn’t capitalise off it.

I guess I’m more interested in the short/long term impact of NFTs on traditional/physical pieces and the artists that choose to leverage both platforms.
Does it make them more marketable?
Will their physical stock go up with their NFT popularity?

Take Greg Mike:
Rarely mentioned on forums, although undoubtedly a super talented muralist and painter. Fairly niche following. Low investment potential (based on resales/auction performance).
FFW to his NFT release, which sells 000’s of editions over $999.
Will this impact the desirability and value of his physical work?
Genuinely curious.

Agree that this is a very interesting subject and for most part nobody has any idea what's going to happen. 

With more physical artists getting into NFT, what happens to the mid career hot artist who's getting $15-20k for a canvas when they drop a 1/1 NFT and it sells for $150k? Does their canvas explode in value or are they 2 totally separate markets? What happens when Damien Hirst drops a NFT and a 1/1 only sells for $100k when he'd get 10x for the physical? 

Greg mike is a perfect example and interesting case. I mentioned it before but I've got a 1 of 20 GM print from his first release that's probably worth $500 tops? Even if it's worth $1k how does this make sense? He just sold 1/300 NFT's for $2k which are now $10k on secondary. 

[Schrödinger's Chat]

I can't be bothered to read this but this looked relevant / may be of interest

edm.com/.amp/gear-tech/lindsay-lohan-daft-punk-nft-sale

[dirtypete]

This all sounds completely bonkers, therefore I’m sure it will catch on.

The art market is notorious for shill bidding and creating non-existent hype, so this seems a match made in heaven.

Personally I long for a life less binary. I spend enough time looking at screens, the last thing I need is for my art to be digital as well!

[rosac]

I’ve just tried to create my first NFT on Rarible. A learning curve but I wanted to understand what it’s all about. I was going to try as sell an artwork for around 100 bucks, and see how it goes. It turns out, in order to create and NFT you have to pay a ‘Gas Fee’. I understand this fee varies with the price of ETH and the demand on the blockchain. More activity = more expensive to buy and sell. Not what I was expecting! So to create my NFT tonight I am expected to pay ~55usd equivalent gas fee. I’ve read that normally this should be ~2-5usd. I’ll wait and see....

[stradled]

Mar 1, 2021 16:06:57 GMT 1 derivitive said:

There is a lot of shady shit going on with these. There is big money backing all the marketing.

Nifty Gateway was purchased by Gemini in 2019 (Winklevos twins) and I can't figure out which blockchain they are running.
They claim you can remove a NFT from the blockchain but that's as much as it says.

Dapper (NBA top shots) is all a closed system on the flow blockchain. They talk about it being open, but they have someone controlling the node whitelist.

Simply put, if the company shuts down for whatever reason, your money and NFTs are gone forever.

Nifty runs on Ethereum and you can transfer NFTs out of it to your own wallet. They are a standard token type. I can go in to more info if anyone is interested

And you are right about topshot it's closed to transfer at the moment - not to mention they only allow cash out to US bank accounts right now.

[tab1]

Mar 2, 2021 0:27:37 GMT 1 derivitive said:

Mar 2, 2021 0:00:39 GMT 1 stradled said:

Nifty runs on Ethereum and you can transfer NFTs out of it to your own wallet. They are a standard token type. I can go in to more info if anyone is interested

And you are right about topshot it's closed to transfer at the moment - not to mention they only allow cash out to US bank accounts right now.

The other part that is being ignored is security. Both for the apps themselves, and the ability to insure what you own.

Imagine being at a bar one night and you meet a gorgeous woman. You pull up the app and log in with your fingerprint to show your NFT collection and she grabs your phone and sends them to her account.

lol, past experience?

Different scenario, It has happened quite frequently with cheating couples logging into each other’s accounts this way 🙄

[teabaggins]

Mar 2, 2021 0:27:37 GMT 1 derivitive said:

Mar 2, 2021 0:00:39 GMT 1 stradled said:

Nifty runs on Ethereum and you can transfer NFTs out of it to your own wallet. They are a standard token type. I can go in to more info if anyone is interested

And you are right about topshot it's closed to transfer at the moment - not to mention they only allow cash out to US bank accounts right now.

The other part that is being ignored is security. Both for the apps themselves, and the ability to insure what you own.

Imagine being at a bar one night and you meet a gorgeous woman. You pull up the app and log in with your fingerprint to show your NFT collection and she grabs your phone and sends them to her account.

If you meet a gorgeous woman at bar and the first thing you think of is to show off your NFT collection then you are doing life wrong.

[theclash]

Good luck to anyone in the Beeple 100 drop raffle. More chance than the Heni Richter maybe given random.org use

[mack]

NFT art shouldn’t age well. New styles come and go in the art world. But when technology moves forward, will people be paying a lot of money for a “low quality” gif from 15 years ago?

Or have I missed the point completely?

[gmidd]

Apologies if this has already been mentioned and I missed it, but I read in a couple of articles that many NFTs creators get paid each time an NFT is resold. Anyone know where those funds come from? Are they paid by the seller or the buyer? I haven't really seen any discussion on how the fee structure works for buying and selling on the secondary market.

I don't think I'll be jumping into NFTs anytime soon—mainly because I haven't really seen anything that I'd pay the kind of money they're asking—but I am interested in how this whole thing works, haha.

[thisisalow]

No one's mentioned smells yet. A gif running on a small screen won't cut it. I went back to records after 20 years of CDs/mp3's because nothing beats the smell of warm vinyl...

[gmidd]

Mar 2, 2021 1:43:46 GMT 1 derivitive said:

Mar 2, 2021 1:39:23 GMT 1 gmidd said:

Apologies if this has already been mentioned and I missed it, but I read in a couple of articles that many NFTs creators get paid each time an NFT is resold. Anyone know where those funds come from? Are they paid by the seller or the buyer? I haven't really seen any discussion on how the fee structure works for buying and selling on the secondary market.

I don't think I'll be jumping into NFTs anytime soon—mainly because I haven't really seen anything that I'd pay the kind of money they're asking—but I am interested in how this whole thing works, haha.

It's all crypto and put into the smart contracts. A lot of these "apps" are just wallets that are converting what you put in as money into some sort of crypto they have a large stake in and using that in the backend. It's then converted back to money and paid out by the same company that you have your wallet with.

It's almost like a ponzi scheme now that I've written it out.

I get how the conversion works, but, take Nifty for instance, they state on their site that "On Nifty Gateway, whenever your work is bought and sold, you receive a percentage of the sales. As an artist, you get to choose what percentage this is - it could be 5% of every secondary sale, or 50%. Nifty Gateway takes 5% + 30 cents of every secondary sale, to cover credit card processing fees and to keep our platform running."

But I don't see anywhere that says who actually pays that "5% of every secondary sale, or 50%". Trying to figure out if that's tacked onto the sale price for the buyer, if it comes out of the money the seller receives, split between the two, or if Nifty is paying it.

If a creator is getting 50% every time a NFT is sold, that's either going to kill a lot of resale profits or jack up the prices, no?

[Humble Art Collector]

OK I have been biting my tongue but after Gondek's highly successful drop (by the financial looks of it) I just do not get it at all...

This weekend Gondek dropped 6 items that fell into 4 categories:

A. Open edition which was basically a digital file
B. Open edition part 1 of 3. If you buy all 3 you get a free surprise. Encourages buying all 3 or buying older ones at #2 or 3 creates future demand.
C. A raffle to win 1 of 5 digital sketches
D. Three 1:1 paintings. These were copies of 3 canvas works he already produced.

The three 1:1 paintings you get a "blockchain" and a giclee print of basically his Procreate planning sketch. There is no description of what this giclee print is or the size but I would assume it is no bigger than 24x30". In each of these cases there is a physical painting that exists. Each one has hundreds of hours putting paint to canvas and arguably there was more time painting the canvas than the procreate sketch. You cannot fix mistakes as easy and there is something physical there... In my humble opinion I would MUCH rather have the physical painting and a paper COA than the 1:1 digital print and a blockchain. In the case of the NFT on gondeks latest drop I really consider them copies of the original painting since they came after the paintings that were already sold through a gallery. It also seems a bit unfair that he resells a painting via NFT that a gallery helped him promote and sell the first time. Yes he owns the copyright and has the ability to do with it what he wants but he still has an obligation to his collectors and gallery representation. Again just my opinion. The crazy thing is the NFTs sold for more than the ACTUAL paintings. In some cases more than 2x. If anything it seems like the NFT increased the value of the painting by orders of magnitude.

I am ALL for NFTs if they truly are unique but for me I do not see the appeal of owning something that as already been done and done BETTER.

The other thing that is very odd is if you look at the "winners" of some of the items they were fellow artists or friends. In other cases I noticed the artists themselves still own a couple of the NFT's and the 1:10 versions etc. Like they held them back for when the market gets "hotter" seems a bit shady and unethical. If you are saying you are selling 10 then the 10 should be sold you should not be holding one back for future gains.

The open editions with a timed drop also is not an "open" edition...

I guess you can go on an on about this. I think there is still a lot to be figured out here some things will be very successful but more will lose their value because people were prospecting a bit too early.

SO after all said an done here is my question to you. Pick A or B.

A. Original canvas painting 4' x 5'. Acrylic on canvas. 100+ hours of work with a paper COA
B. NFT of same painting. Blockchain code and a digital print of the Procreate planning sketch (lets say 2' x 3').

[gmidd]

I'd much rather have a painting than an NFT any day!

The amount of money these are selling for boggles my mind. A lot of these artists are selling hundreds to thousands of "open edition" digital files for significantly more than any of their limited edition prints, and in some cases original paintings, sell for.