Issue 9 🍵: We're not dumb, ok?

A dive into value, NBA Top Shot complaints, and some record-breaking sales (again!). Your NFT news for the week.

Give the collectors some credit.

Like, yeah, someone paid $6.6M for an NFT this week.

And we think that big figures like that have driven the idea that there’s just a lot of dumb money floating around. Like, hey, there’s just an endless pool of cash waiting to buy anything and everything that’s an NFT!

Pfft. That really couldn’t be further from the truth. People are buying NFTs because ownership has value.

When you buy an NFT, you don’t buy an image—you literally are just buying a token that signifies ownership. A non-fungible token is basically a pretty certificate, issued on the blockchain.

And NFTs are comparatively harder to redeem into cash! So when you buy one, you are making a commitment. You are essentially saying: I believe this person/project has value, and it is worth owning a piece of it. No matter what form it takes, be it a creative’s career or a game’s trajectory, NFTs offer a way for people to invest in someone else’s value.

And yes, there’s no clear science to determining a fair price for a lot of these things! At the end of the day, it’s just what someone else is willing to pay for it.

So sure, someone paid $6.6m for an NFT, but it was by Beeple. Beeple’s made cool art everyday for 13 years, and he deserves all his success right now! Plus, he’s also currently the breakout star of the whole crypto art movement. Owning a piece in this historical narrative was clearly worth millions to that buyer.

But you know what’s something that people don’t want to own? A clear, valueless cash grab—like this one!

First of all, it’s already a little off that he’s selling a commissioned piece. But even worse: everyone can tell this is just about making a sale, instead of any enthusiasm for the artist or the art. I mean: “[i]t will be the first NFT to sell for $1 million”?

Dude, what rock have you been living under? CryptoPunks had already been selling for $1M a week before this announcement on 2/24, so LOL, this was not going to be the first NFT to sell for $1M.

The irony here is that the art could actually be a $1M sale, in the hands of the right collector. Fewocious is a fantastic artist, and the subject matter’s good too!

But, at this point, no one wants to be the person who gave this clueless Bitcoin influencer the money. He really had the audacity to list it for $1M, instead of setting it as an auction.

No one’s been bidding, because again: NFT collectors aren’t dumb. Just because NFTs capture a different form of value does not mean that they have no value.

Other news

🏀 We’ve criticized NBA Top Shot before for being very permissioned. Thought that might change for the better when we read their new Marketplace Policy. But then, apparently, the company behind the basketball collectibles game decided to revoke a user’s account and balance. They’ve yet to issue an response, but we’ve seen them ban other people before. It’s one thing to refuse service to your platform, but confiscating people’s money . . . oof.

👻 The savings-account-turned-pet game Aavegotchi launched on March 2, and their first 10,000 Portals sold out in minutes! But there were some technical issues, and flippers immediately resold Portals for 5-10x the starting price, so of course people weren’t happy about it. (There’s 215 responses on that forum link right now). So, uhh, congrats?

🎵 The musician 3LAU sold over $11M of music NFTs in a weekend! Considering how notorious the music industry is in terms of paying people, this is incredible. Our question now is, are these figures exclusive to the NFT-pioneer musician, or will this scale to other musicians? Let’s see.

🎨 It’s been a busy week for Beeple! Besides that $6.6M sale, his Christie’s auction started last week. It hit $1M in the first few minutes (look at his smile below!), and the current bid’s at $3.25m.

He then had a surprise $1 NFT sale with MakersPlace. But of course, there was far too much demand, so it had to be turned into a lottery. Beeple did a great job of communicating and apologizing for it all, so, respect.

Lastly: Metapurse, the entity who spent $2.2M for Beeple’s unique editions in 2020, are releasing a B20 documentary. The first episode starts on Friday, March 5th, at 2 pm EST!

P.S. If you’re new to the B20 project, we tackled it in Issue 3. And in Issue 7, we wrote that we believed that the B20 token ($4 at the time) would be repriced alongside any escalating auction bids.

It’s been 2 weeks since Issue 7, and the B20 token is now at $10! As we said: “when in history has it even been possible to so quickly reprice an artist’s body of work before?”

Reading list

Creative corner: yonFrula

yonFrula is an Argentinian artist, and they describe their own work as “in-between 70s psychedelia and 80s nostalgia.” Which really is the perfect way to describe it!

(Our original description was an acid trip, but for kids. If it isn’t clear yet, we’re not art experts, just unrefined art enthusiasts :P )

Find more of yonFrula’s work on Instagram, and their list of crypto art platforms here.

Try this: educate yourself on crypto security

The bad part about NFTs is that they’re still part of the cryptocurrency world, and there are scams a-plenty.

So this week, take some time to review your security. We highly recommend this guide from MyCrypto on some tips.

We always try to grab download links from verifiable social profiles instead of search results. And honestly, we stopped using Google because the amount of scam advertisements on it felt like a liability!

If you need to do transactions, just take your time. Rushing through things just increases your chances of making a mistake, and it’s better to be safe than sorry.

When in doubt, never give away your seed phrase. There’s no customer service in crypto, and once your wallet is compromised, there’s nothing you can do. :/

Well, whew, today was a long one.

Speaking of longer pieces, we got an essay coming up on Friday, March 12. It’s a work in progress, but we hope you’ll like it.

🍵 See you again next Wednesday!