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Beeple Mania

esquire.com

31–40 of 76 posts

Re: Beeple Mania

#31

Using blockchain to identify ownership of digital art is imo the first use case that makes sense. Who would want to own a coin number when you can own a masterpiece.

How do you "own" something that everyone else can consume and replicate? Owning a physical item implies a degree of control over it. Owning a public digital item doesn't seem to grant any kind of control.

I feel like this is a classic case of "tree falls in a forest, does anyone hear it?" where the confusion relies on the word "hear" being used in two ways (objective sound waves travelling through air, vs subjective perception). Is the word "own" being used in two ways here?

Re: Beeple Mania

#32

I submitted this a few days ago without any traction: https://joanielemercier.com/the-problem-of-cryptoart/ Honestly I can’t do anything but shake my head in disapproval about crypto-art (and crypto currency in general) when it involves wasting so much energy.

PoS blockchain like Cardano network now only consumes an energy as big as a household. They already have NFT implemented.

Cardano doesnt even have smart contracts yet, how have they implemented nfts?

otherwise yes, energy usage will be dropping massively on most networks with pos upgrades.

Re: Beeple Mania

#33

Yesterday I was talking with a friend of mine to try to wrap our heads around what's happening, and we can't help but feel that a lot of this NFT hype is based on FOMO and the craving for having something unique with high perceived value: like, everyone wants a Black Lotus, without having to wait 30 years to find out that there's actually people that have also some emotional investment into these items, and are willi…

It reminds me of the beanie baby craze of the 90s. Same thing, different tech. I'm going to go out on a limb and suggest this may happen again with some yet unimagined tech in the future.

Re: Beeple Mania

#34

Yesterday I was talking with a friend of mine to try to wrap our heads around what's happening, and we can't help but feel that a lot of this NFT hype is based on FOMO and the craving for having something unique with high perceived value: like, everyone wants a Black Lotus, without having to wait 30 years to find out that there's actually people that have also some emotional investment into these items, and are willi…

> It's like people want collectibles but seem to have decided to cut off a big part of what makes a collectible valuable. What makes a collectible valuable? I think it's just scarcity plus a group choice to value that scarcity. I don't think this is new or unique to non-physical collectibles, other collectibles also follow a pattern of increased demand for scarcity. Take baseball cards. We know that better players ha…

I understand that in the great scheme of things is just a group of people that values scarcity, but you don't need to go deeper to see it's more then that.

People don't just value baseball cards because there's a designed scarcity for particular players and there's a consensus that a specific card is valuable.

You're missing the history of a game that took many years to establish themselves and grew a base of followers and fans over decades. It's a competitive game, with different leagues, with teams that have fans.

This is why the cards have value, and there's no consensual agreement that X and Y card is valuable, it's something so simple and intuitive that even children understand this. Even if it's just by the transactions in their playground among colleagues and friends (not because many people have some card, and everyone seems to want it, but because it's represents a popular player and it's a rare card - that's why they want it).

Then there's plenty of sub sections of this, like you said: misprints, particular years, etc.

But it all revolves around a cultural event.

What you're seeing with NFTs are assets created for the sake of being unique - it's not consequential of anything. It's designed to be that way.

It's like they turned the baseball card analogy upside down - they created NFTs for the sake of being NFTs, it's not serving any purpose and scarcity has no logic behind it. I think the closest analogy would be the Beanie Babies, that were trying to hack this mechanic with nothing else to support it no other then "they are scarce".

There's no emotional bond to it, it doesn't serve the purpose of a game (like balance wise), it's not even merchandising to promote something that's eventually going to become popular and that's popular to a specific niche.

Re: Beeple Mania

#35
post #4

“Why would you spend $5,000 on an MP4?" That's the $64k question. Who, exactly, is buying rare digital art? It doesn't seem to be traditional collectors, dealers or major institutions. But the same contingent of crypto "whales" speculating in alt-coin assets. A simple bot could even be employed to track auction prices and automate trades. In a sense its not dissimilar to inter-market dealing among art galleries. With…

Would you spend $5k for the streaming rights to an mp4? Thats generally where people see NFTs going.

Mark Cuban was talking about this yesterday on bankless podcast, how an NFT can contain all the royalty payments for e.g. a film or tv show, director/producer/actors/editors, and when someone wants to show it they rent it for a period of time (or buy it to rent to others), their rent payment instantly divided across everyone involved. That utility saves a lot of time and money. His comparison is to how he still receives physical checks for $1 from some episode of a tv show he did that are barely worth cashing, saving time/money in that process is potentially big business.

Re: Beeple Mania

#36

Yesterday I was talking with a friend of mine to try to wrap our heads around what's happening, and we can't help but feel that a lot of this NFT hype is based on FOMO and the craving for having something unique with high perceived value: like, everyone wants a Black Lotus, without having to wait 30 years to find out that there's actually people that have also some emotional investment into these items, and are willi…

It reminds me of the beanie baby craze of the 90s. Same thing, different tech. I'm going to go out on a limb and suggest this may happen again with some yet unimagined tech in the future.

Funny enough I just used the Beanie Baby example in a reply to other user: it's the closest analogy I found in modern history.

Something that was designed to be scarce, for the sake of being scarce. Serves no other goal: it's not a balancing mechanism to game (overpowered cards are rare), it's not promoting something that people love and want to be a part of (like baseball cards), hell it's not even a celebration of some success with the fans, nothing that holds people emotionally attached to any of it other then those that want to hope on something to resell later - this is completely the wrong motivation.

Re: Beeple Mania

#37
post #35
post #4

“Why would you spend $5,000 on an MP4?" That's the $64k question. Who, exactly, is buying rare digital art? It doesn't seem to be traditional collectors, dealers or major institutions. But the same contingent of crypto "whales" speculating in alt-coin assets. A simple bot could even be employed to track auction prices and automate trades. In a sense its not dissimilar to inter-market dealing among art galleries. With…

Would you spend $5k for the streaming rights to an mp4? Thats generally where people see NFTs going. Mark Cuban was talking about this yesterday on bankless podcast, how an NFT can contain all the royalty payments for e.g. a film or tv show, director/producer/actors/editors, and when someone wants to show it they rent it for a period of time (or buy it to rent to others), their rent payment instantly divided across e…

What rights do you own with an NFT? Say I bought a digital piece, can I print it on a million t-shirts and sell them? Or does the artist still retain the copyright etc.?

I've seen people minting tweets as NFTs - again, how does the copyright work here.

Genuine question - seen NFTs come up a lot over the last fortnight - don't really understand it at all (which makes me feel old!).

Re: Beeple Mania

#38

I submitted this a few days ago without any traction: https://joanielemercier.com/the-problem-of-cryptoart/ Honestly I can’t do anything but shake my head in disapproval about crypto-art (and crypto currency in general) when it involves wasting so much energy.

Celo is the EVM and uses proof-of-stake, has actual ERC721 and ERC1155 capabilities, but the market hasn't built the frontends to it (opensea, rarible, zora, foundation, etc.) and is still entirely on top of Ethereum.

Re: Beeple Mania

#39
post #32

Earlier quoted context omitted.

PoS blockchain like Cardano network now only consumes an energy as big as a household. They already have NFT implemented.

Cardano doesnt even have smart contracts yet, how have they implemented nfts? otherwise yes, energy usage will be dropping massively on most networks with pos upgrades.

Cardano has a different approach of smart contract than Ethereum. For example, in Cardano, any tokens will be treated as native assets (except with the ability to vote in Cardano network, which you need ADA), so no need smart contract.

Re: Beeple Mania

#40
post #11

I bought one of his "Into the Ether" NFTs[1] but now I'm in a fairly interesting position. If I prove ownership of the artwork (via a signed message from the address) then Beeple will send the physical artwork to me but it'll immediately lose a high percentage of its value (currently trading at ~$90,000 from $969 original). Right now it's owned/stored by the artist and someone buying the piece from me would be able t…

>Right now it's owned/stored by the artist and someone buying the piece from me would be able to get it delivered directly from Beeple. That's a new level of unboxed where the piece of art is basically unseen at this point in time and can easily be guaranteed original.

But doesn't this defeat the goal of NFT? If you are the owner, then if it's stored by the creator or not it's irrelevant, right?

It's just like buying anything from an artist, save the receipt and ask him to store it from you, the difference is that storage of a, let's say painting, requires more space and controlled humidity/temp.

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