NEWS:
The artist Beeples’ online digital artwork, titled “Everydays: The First 5000 Days”, recently sold at auction, as a crypto (NFT) digital only work for the third-highest price of any art EVER, for a living artist.
WHAT IS AN NFT?
NFT stands for “non-fungible token”, fungible means interchangeable. Example: a $20 bill is not unique, all $20 bills represent the same value to the owner and the owner does not care which $20 bill he/she has in his/her possession. A Non-Fungible “object” is unique, there are no others exactly like it, and the owner ONLY wants that singular “object” in his or her possession. A Unique Work of Art is by nature Non-Fungible.
In the online game, Farmville, you buy FV cash with real $ money, then use those FV coins to buy virtual Chickens, Cows, Hay, etc. THOSE VIRTUAL POSSESSIONS are also called NFTs.
“Beeples” artwork pictured, is a unique and singular work of art, in which the purchaser has complete control over this asset, within the bounds of the sales contract. Example: an artist can stipulate the owner cannot purposely destroy any part of the art as a part of the sales contract.
“Beeples” digital artwork sold last week, through Christie’s Art Auction House, for $69,000,000. Yes someone paid $69 million actual U.S. Dollars for a NFT, that only exists virtually and can only be viewed on a digital device.
We are at the very beginning of a new era of life, actually embracing the virtual world as being a part of our real-world re: possessions and business. The concept of buying, selling and collecting virtual art, plus all virtual goods and downloadable services is officially here to stay. This is also the concept behind cryptocurrency, ie: virtual money, like Bitcoin.
I am presently on the first rung of this 1000 rung ladder, trying to get my head wrapped around the “crypto-world”. It can be a mind-boggling, mind-numbing, and very difficult to comprehend quest.
Regarding “Beeples” digital artwork itself, this collage is not without controversy. Critiques have exposed some images which have racist overtones, negative LGBT commentary, and blatantly misogynistic images. In the 21st century, especially in the art world, these kinds of negative would normally create a backlash, but this artwork, selling for this kind of price is a brand new phynominan and there was little time for thoughtful review. Most of the images included in the collaged artwork are simple digital “words combined with pictures” and illustrations of fantasy creatures. This collage of images was sold as one unique artwork, but the new owner is selling off the individual images, as NFTs, within the collage*, and has already made back most of the money spent on the purchase.
*Collage = art resulting from an assemblage of different forms, thus creating a new whole.
