3 ms·

i have since yesterday ( no kidding) heard about NFT because i like to live under a rock. i get the whole hype thing but are people really this dumb hat they a

i have since yesterday ( no kidding) heard about NFT because i like to live under a rock. i get the whole hype thing but are people really this dumb hat they are willing to fork over cash for a token whose only aim is to be a bubble store of value and general pissing contest who owns the more elusive ones? i have never bought art so i can't imagine how that trade used to happen say till 20 years ago or even 10 years ago before all this? is it the same? different?

officialchicken 5y ago
I have purchased art. It usually comes in one of two forms - originals and prints/issues (numbered limited copies). There are massive differences between digital and physical art in terms of copyright - with a lot of overlap between digital art, NFT's, and prints. When it comes to "artificial scarcity", an NFT isn't too much different than a print/issue, very similar to photographs. It is possible for an artist to "reissue" prints, and it does happen infrequently with the expected devaluation. But I've never heard of a "drop" or "lootbox" for purchasing fine art. I'm sure it's happened, and imagine it will become more popular in galleries. The major difference I see is the signature, which artists often use as a control mechanism to create lower-cost versions for sale (e.g. unsigned or pseudonym copies) of original pieces. It's technically impossible to get an inexpensive unsigned NFT and then have it signed later (this often costs one thousand+ dollars for paintings). Since an unsigned piece doesn't have "provenance", it has little-to-no resale value. But if you like the artist and want to support their work it's a great way to get started.
mschuster91 5y ago
> i get the whole hype thing but are people really this dumb hat they are willing to fork over cash for a token whose only aim is to be a bubble store of value and general pissing contest who owns the more elusive ones? For what it's worth, most physical art investment isn't much better than that. The amount of art that is (essentially) forever locked up in "toll and tax free warehouses" (Zollfreilager, no idea about the actual English word) is immense - alone in the warehouses of Geneva, there are over 120.000 pieces of art worth many billions of dollars [1]. No one can visit or see them, they are only tokens and change owners at auctions for ever higher and higher prices. Art loses its meaning that way, it's yet another enjoyment that has been hijacked and completely transformed by hyper-capitalism and money laundering, not to mention looting, theft [2] and Raubkunst (art pieces confiscated by the Nazi regime mostly from Jews, ending up sold on the open market or being kept by Nazi officials and museums). [1]: https://oe1.orf.at/artikel/644453/Monumente-verschwindender-Kunst https://oe1.orf.at/artikel/644453/Monumente-verschwindender-... [2]: https://en.wikipedia.org/wiki/Geneva_Freeport https://en.wikipedia.org/wiki/Geneva_Freeport
BashiBazouk 5y ago
My father owned a gallery for a few decades. His may be atypical as it was not in an expensive/exclusive shopping district and was some what avant-garde, but the way art sold at his level was copious amounts of alcohol. A very high percentage of art sold at the opening and was directly related to the quality of the party. I think people are not sure about art unless they can lock into it a positive memory. Art becomes not only a pleasing picture for your wall but a trigger of a good memory whenever looked upon.

officialchicken 5y ago

I have purchased art. It usually comes in one of two forms - originals and prints/issues (numbered limited copies). There are massive differences between digital and physical art in terms of copyright - with a lot of overlap between digital art, NFT's, and prints. When it comes to "artificial scarcity", an NFT isn't too much different than a print/issue, very similar to photographs. It is possible for an artist to "reissue" prints, and it does happen infrequently with the expected devaluation. But I've never heard of a "drop" or "lootbox" for purchasing fine art. I'm sure it's happened, and imagine it will become more popular in galleries. The major difference I see is the signature, which artists often use as a control mechanism to create lower-cost versions for sale (e.g. unsigned or pseudonym copies) of original pieces. It's technically impossible to get an inexpensive unsigned NFT and then have it signed later (this often costs one thousand+ dollars for paintings). Since an unsigned piece doesn't have "provenance", it has little-to-no resale value. But if you like the artist and want to support their work it's a great way to get started.

mschuster91 5y ago

> i get the whole hype thing but are people really this dumb hat they are willing to fork over cash for a token whose only aim is to be a bubble store of value and general pissing contest who owns the more elusive ones? For what it's worth, most physical art investment isn't much better than that. The amount of art that is (essentially) forever locked up in "toll and tax free warehouses" (Zollfreilager, no idea about the actual English word) is immense - alone in the warehouses of Geneva, there are over 120.000 pieces of art worth many billions of dollars [1]. No one can visit or see them, they are only tokens and change owners at auctions for ever higher and higher prices. Art loses its meaning that way, it's yet another enjoyment that has been hijacked and completely transformed by hyper-capitalism and money laundering, not to mention looting, theft [2] and Raubkunst (art pieces confiscated by the Nazi regime mostly from Jews, ending up sold on the open market or being kept by Nazi officials and museums). [1]: https://oe1.orf.at/artikel/644453/Monumente-verschwindender-Kunst https://oe1.orf.at/artikel/644453/Monumente-verschwindender-... [2]: https://en.wikipedia.org/wiki/Geneva_Freeport https://en.wikipedia.org/wiki/Geneva_Freeport

BashiBazouk 5y ago

My father owned a gallery for a few decades. His may be atypical as it was not in an expensive/exclusive shopping district and was some what avant-garde, but the way art sold at his level was copious amounts of alcohol. A very high percentage of art sold at the opening and was directly related to the quality of the party. I think people are not sure about art unless they can lock into it a positive memory. Art becomes not only a pleasing picture for your wall but a trigger of a good memory whenever looked upon.