How Beeple Crashed the Art World | The New Yorker

[John Bailey]

The reporting on NFTs is so breathless yet misses the mark entirely -
nobody is buying the art, they're buying the NFT, a kind of cryptocurrency.
It's exactly the same as putting a virtual ribbon around a Bitcoin and
claiming that people are paying $70,000 for a ribbon! What will it do to
the ribbon market! Big Ribbon is being disrupted!

On Tue, Mar 23, 2021 at 8:25 AM David Morris <fqmorris at gmail.com> wrote:

> > How Beeple Crashed the Art World | The New Yorker
> >
> > An N.F.T., or “non-fungible token,” of the digital artist’s work sold for
> sixty-nine million dollars in a Christie’s auction. It’s good news for
> crypto-optimists, but what about for art?
>
>
> https://www.newyorker.com/tech/annals-of-technology/how-beeple-crashed-the-art-world
> >
> In October of last year, Mike Winkelmann, a digital artist who goes by the
> name Beeple, noticed increasing talk in his online circles about a
> technology called “non-fungible tokens,” or N.F.T.s. Broadly speaking,
> N.F.T.s are a tool for providing proof of ownership of a digital asset. […]
> --
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>