Or rather, what’s in a title?
Named “The Title,” the collection was composed of 9 different art pieces, to be obtained (and not obtained!) in 9 different ways. But the thing is, they were the exact same file, just with different titles! 🤯 Pak had a lot to say about the controversial intent of the drop.
Pak @muratpakAn imploding chain of never ending blocks. This is where we are now.
The collection was hosted on Nifty Gateway, which specializes in bringing traditional artists into the crypto art space. But Nifty has really set themselves apart with their experimentation on editions, so here’s a quick explanation.
There are the usual fixed number of editions, like 1/1, and it was applied for “Copy” and “Paste.” But there are also open editions, which are open for the first 5 minutes so that anyone can buy a piece in that window of time! That was the format for “The Cheap” and “The Expensive,” with the only difference being two wildly different price tags.
You getting the meaning of all the names in the collection now? Especially with “The Unsold?” 😉
But lastly, there was “The Gift,” meant to be given away in 3 different ways (links: 1, 2, 3). And Pak (cheeky, cheeky Pak) set the bar high for “The Gift” 3/3 by announcing: “Global auction houses. This one is for you.”
And guess what? He ended up attracting Sotheby’s, one of the largest and oldest auction houses in the world!
This was such a wild ride, from start to finish. The entire concept is absolutely audacious, and it’s a joy to see someone so cleverly play with their means of distribution.
And it still blows our minds away that it ended with Sotheby’s (THE SOTHEBY’S) acquiring crypto art! They’re such an established name in the art world, and it’s crazy to see that institutions are catching on so quickly to this movement. This feels . . . historic.
Last: does anyone else think it’s absolutely poetic how one of the most elite entities in the world had to compete for “The Cheap” at the same level as everyone else? *chef’s kiss*
✖️ NFT-backed index funds are here! NFTX has two types of funds, a D1 and D2 fund. D1 tokens are backed by a specific type of NFT, all with different conditions: Zombie Punk is one D1, and Ape Punk is another D1 token. And you can burn a D1 to redeem an NFT, gacha-style, if you like. But the magic happens when all those D1 tokens are then pooled into a common category D2 fund, so you can get a D2 CryptoKitties pool full of these unique CryptoKitty D1 tokens. Just buy the D2 pool token and voila, instant NFT exposure in your portfolio!
📦 Renowned NFT flipper Pranksy has revealed his new venture: NFTBoxes! It’s building off of his successful advent calendar. Subscribe, and get some NFTs every month. More news and details still to be announced. Our take: subscriptions are tricky to execute in crypto in general, but we’re excited to see someone attempt it!
📋 Crypto.com released the results of their NFT survey. With close to 30,000 respondents, this might be the largest data sample yet on what people think about NFTs. And the data shows that we’re still so early: only 47% of them had ever heard of NFTs!
Important tips on staying safe in the NFT boom
Tweet thread: An investor’s rationale for investing 140 ETH in a Cryptopunk (So good)
Another good thread: “The DeFi NFT Symbiosis”
A fascinating exploration of copyright and NFTs (as if thinking about ownership wasn’t difficult enough!)
Things to try
Check out Yield Guild!
Yield Guild is a fledgling DAO centered around earning yield through play-to-earn. And right now, you can even obtain the Founders Coin NFT, which will entitle you to bonuses and things in the future!
But the deadline to register is January 14, 1pm GMT. If you’re interested, make sure to hurry up and get it!
That’s it for today. Feel free to hit reply and let us know what worked, what didn’t, and what you’d like to learn about NFTs.
🍵 See you again next Wednesday!