![]() ![]() Naysayers think this makes little sense because ultimately people are just trading expensive addresses on complicated, surprisingly environmentally destructive blockchains, and that the market is eventually bound to collapse.Įverydays: The first 5000 Days by Beeple. – is variously adorned with eyepatches, goatees, hats, jackets, sunglasses, pipes or spliffs in order to create hundreds or thousands of different iterations.įans of the format argue that NFTs represent a populist uprising against traditional art world gatekeepers and provide a source of income for digital artists who never had “original” art pieces to sell. PFPs are typically conceived as series in which a simple quirky image of a character – such as the aforementioned apes, cats, penguins, etc. The most widespread subset of NFTs has another acronym, PFP (which stands for picture for proof, or profile picture). Called Everydays: The first 5000 Days, it was a compilation of all the artworks Winkelmann had created on a daily basis for his Everyday series.įor confounded critics, whether you've paid $11 million for a series of numbers on a blockchain or a simple picture of a pixelated punk is a moot point A high point came in May last year when an artwork by the digital artist Beeple (Mike Winkelmann) sold for more than $69 million (€61 million). Celebrities such as Paris Hilton, Eminem and Grimes have auctioned off NFTs for silly amounts of money. Twitter founder Jack Dorsey sold an NFT of his first tweet for nearly $3 million (€2.7 million). The news that you could now, at least in theory, monetise digital art has spawned a speculative boom. I know that that’s a lot of jargon underpinning something that often just looks like a picture of a robot smoking a spliff, but there’s a lot of money wrapped up in this.ĭigital artists always struggled to get a foothold in the art market because, unlike someone who produces oil paintings, they had no unique original to sell. Blockchains are decentralised digital ledgers that keep track of transactions and are used to underpin cryptocurrencies such as Bitcoin. NFTs are unique units of digital data that are stored on blockchains. This is a product of a relatively new phenomenon in which digital art is connected by virtual deeds of ownership called NFTs (non-fungible tokens). There’s also a lot of chatter about these things making people a fortune and disrupting traditional art markets. A lot of people are getting unusually excited by cartoon images of apes, cats, penguins, robots, skeletons, anime warriors, aliens and ghosts. Something strange is happening in the world of online art. ![]()
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