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I never see any discussion about the actual art behind the NFTs. When classic art pieces are sold as NFTs, someone else often still owns the actual art. NFT dis
by PragmaticPulp 5y ago
I never see any discussion about the actual art behind the NFTs. When classic art pieces are sold as NFTs, someone else often still owns the actual art. NFT discussion is 100% about the price. The art is a convenient sideshow.
In fact, most of the hyper NFTs seem to come from series of generic artwork with variations in the 1000s or 10,000s. The goal isn’t to produce good art, it’s to produce a massive quantity of low-effort or algorithmically generated pieces so they can be sold and traded in volume.
I have feeling that everyone in and out of NFT communities are fully aware that this isn’t about the art at all. It’s about hype and trading and profit. The art just happens to be an excuse to mint new tokens now that the crypto coin market has been flooded with 1000s of altcoins for a decade.
- criddell 5y agoI might have the details wrong, but isn't there a mechanism so that the original artist can get some portion of the proceeds every time an NFT is sold?
- iskander 5y agoMany market places have an optional royalty to send a percent back to the artist on every sale.
- iskander 5y agoI think non-crypto coverage of NFTs conflates a few different categories. There's a lot of stuff for sale on more niche venues like Hit et Nunc that's really just art made in a classically recognizable way; people don't flip there very effectively and seem to buy based on their own aesthetics. There's also generative art, most prominently Art Blocks, which has a very active collector community but has more recently entered into a speculative bubble because some pieces pull in high prices. And then there's avatar NFT projects (e.g. Pudgy Penguins), which I think what you're mostly talking about.