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It is crazy that people really believe they can resell it for such an absurd price. I doubt that anyone will buy at this price and I don't think it is worth it. I believe this is all a hype that will go away and in a few months time, no one will remember or be buying this again. It feels like a very temporary piece of work.
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Hi Lois, I respect and understand your opinion, I also had the same thinking when I first heard about BTC and cryptocurrencies in general: "It's nothing but a scheme and soon it will disappear" I would say to all my friends around 2010.
In 2015 BTC reached 300$, my opinion remained the same. 2019 came and BTC was around 4K$. My opinion didn't budge, "I'm sure this can't keep existing for much longer..."
This year in April BTC hit 60k$ and it's been around since 2009.
Although NFT's are mainly on the Ethereum blockchain, ETH has a strong correlation with BTC. There are even opinions that ETH will soon surpass BTC due to its newer technology (but this is another subject).
2k for an NFT isn't that much if you consider that beeple sold one for 69M$.
What I think one should consider it's that NFT's are a way to display and transact artwork and also understand the volatility associated with all crypto related goods, whether it's a coin, a token or an NFT.
Also are we witnessing the birth of a new art era?
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I agree with what Lois Evans said in terms of temporality. I think she is referring to this specific artwork, not NFTs as a general thing. I think NFTs are here to stay- I mean look at all galleries and art institutions that are adopting this new digital era. And as you said MattDiLucca , NFTs and digital art have been around for decades. The first digital artworks probably date back to the '50s or '60s so why are galleries/art institutions dedicating a space for digital art just NOW? Digital art is not new but this new commodity (NFTs) are new to the art world and I think that's why NFTs are kind of important. NFTs are giving value to the digital and making people more interested in it. So, are we witnessing a new art era? No, I don't think so. Nothing is new. The only novelty is the way we trade it and that has nothing to do with art.
Thou, I think it is a bit dangerous to attributing these high prices to digital art. But of course, this Hirst piece is a whole new game - literally. And that's why it is so intriguing. If you questioned me: is this Hirst piece a game-changer for the traditional Fine Art market? Yes! It is a blend of traditional with the digital- the perfect way to challenge people to enter a world they find intimidating.
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"The only novelty is the way we trade it and that has nothing to do with art."
That's the keypoint in my opinion!
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