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Damien Hurst and his NFT experiment


MrXxxx
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https://www.ft.com/content/9a29c9e1-5990-4fc9-b021-20e4aef5f6fd

An interested experiment in 'con' artistry?

I believe that the option for art is a 'win-win'....10,000 keep the art and they will retain their value and/or increase at a fixed rate. If some go for NFT these will become worthless as they will no longer have a link to the asset [art] however this will then increase the value of the remaining art exponentially due to reduced numbers of pieces/scarcity, an approach sometimes taken previously where a number of rare objects have been destroyed to increase the value of the 'survivors'. Obviously there is a 'sweet spot' to rarity, where the value of retaining the potential destroyed objects outweighs the gain in the survivors...this is what I find interesting, and if bought I would go for keeping the art every time.

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Fuck me, is this charlatan really a billionaire?

Screenshot 2021-07-16 at 10-56-02 Damien Hirst launches his own NFT ‘Currency’.png

He pairs well with NFTs. A completely overrated fad, right place right time, both take themselves very seriously, etc.

 

Quote

With a stack of boxes containing the 10,000 small paintings stashed somewhere in a secure vault, awaiting their fate in two months’ time, he is creating a sort of ultimate test of belief in his work and its durability, both in the market and in aesthetic terms.

If I were the journalist I'd do less hero worship and instead I'd have asked why a "billionaire" needs another $200k. Couldn't he have done this for charity, or donated a percentage?

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I still don't understand why NFTs are so hyped. The current usecase might be shit, okay it is shit. Trading lame digital kitties and collectibles that aren't even unique. I've seen a few proper artists selling their NFT + the original artwork together, and that sounds like a good idea. But it's just selling artwork at the end of the day.

I've been trying to see where NFTs can go in the future; I admit I didn't see the appeal of Ethereum until fairly recently and think that or some other blockchain have massive scope ahead. But NFTs still seem like a load of shite to me. Can someone redpill me on their potential please?

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Frank Hovis

I can only see them as novelty things like the company who claims to name a star after someone for £20.

When you don't know what to buy someone then why not a star or a Damian Hurst NFT.

I seriously doubt that he is anywhere near a billionaire.

Maybe fifteen years ago he claimed to have sold a skull covered in crystals for a million but it turned out that the buyer was actually one of his own companies and they had only bought 40% of it or somesuch.

He's certainly brilliant at conning journalists.

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2 hours ago, spunko said:

Fuck me, is this charlatan really a billionaire?

Screenshot 2021-07-16 at 10-56-02 Damien Hirst launches his own NFT ‘Currency’.png

He pairs well with NFTs. A completely overrated fad, right place right time, both take themselves very seriously, etc.

 

If I were the journalist I'd do less hero worship and instead I'd have asked why a "billionaire" needs another $200k. Couldn't he have done this for charity, or donated a percentage?

I don't think he is a con`artist`, I just think sometimes he likes to try and humiliate his own well-heeled followers, playing on their gullible view of art...unfortunately (fortunately?) the art world is such a crazy place that they usually benefit themselves when their purchase goes up dramatically in value.

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42 minutes ago, spunko said:

I still don't understand why NFTs are so hyped. The current usecase might be shit, okay it is shit. Trading lame digital kitties and collectibles that aren't even unique. I've seen a few proper artists selling their NFT + the original artwork together, and that sounds like a good idea. But it's just selling artwork at the end of the day.

I've been trying to see where NFTs can go in the future; I admit I didn't see the appeal of Ethereum until fairly recently and think that or some other blockchain have massive scope ahead. But NFTs still seem like a load of shite to me. Can someone redpill me on their potential please?

My understanding of NFTs are that they are tied/assigned to something of value in part or whole, so are akin to stocks owning a part of a company. In this example though it doesn't make sense, as if you opt to have the print destroyed the NFT is assigned to nothing...much like the `emperor's new clothes`. If you keep the print then the NFT is destroyed, so you have the value of the object.

This said, where does art finish and a store of value begin, as people will see the Hurst NFT in itself as an artistic statement, and if more opt for the print the NFT will be of greater value due to its rarity.

I suppose the answer is to have one of each where the worst case scenario is 50/50, and a best case would be an extreme I.e NFT` are 1% of market but value at a much higher price due to rarity.

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5 minutes ago, MrXxxx said:

My understanding of NFTs are that they are tied/assigned to something of value in part or whole, so are akin to stocks owning a part of a company. In this example though it doesn't make sense, as if you opt to have the print destroyed the NFT is assigned to nothing...much like the `emperor's new clothes`. If you keep the print then the NFT is destroyed, so you have the value of the object.

This said, where does art finish and a store of value begin, as people will see the Hurst NFT in itself as an artistic statement, and if more opt for the print the NFT will be of greater value due to its rarity.

I suppose the answer is to have one of each where the worst case scenario is 50/50, and a best case would be an extreme I.e NFT` are 1% of market but value at a much higher price due to rarity.

The only thing that you own with an NFT is the erc721 transaction. Basically a string of numbers. They can be used to prove  that you own and can therefore sell that string of numbers. You don't own the artwork, just the numbers. Boiled down it means that people are paying thousands of pounds for a string of numbers that they own and nobody else does.

It's so far only been used for this purpose but I'm wondering if there's a wider usage I'm not seeing.

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Frank Hovis

Maybe you can buy the number 9 and then start charging royalties to manufacturers of keyboards, laptops, phones and remote controls.

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8 hours ago, spunko said:

The only thing that you own with an NFT is the erc721 transaction. Basically a string of numbers. They can be used to prove  that you own and can therefore sell that string of numbers. You don't own the artwork, just the numbers. Boiled down it means that people are paying thousands of pounds for a string of numbers that they own and nobody else does.

It's so far only been used for this purpose but I'm wondering if there's a wider usage I'm not seeing.

Well now you know why I don't have any NFT or Blockchain investment i.e. I don't understand them properly! :-)))

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1 hour ago, MrXxxx said:

Well now you know why I don't have any NFT or Blockchain investment i.e. I don't understand them properly! :-)))

Say that each time you post on DOSBODS, a unique number is generated alongside your post. You own that number and nobody else can. You don't own the post, I do, kind of, because I run the server and I can delete it edit your post.

But the unique number cannot be changed, you own it, and only you. Unless you decide to sell it, that is. Then you transfer that unique number to someone else.

That's kind of how NFTs work.

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8 hours ago, spunko said:

Say that each time you post on DOSBODS, a unique number is generated alongside your post. You own that number and nobody else can. You don't own the post, I do, kind of, because I run the server and I can delete it edit your post.

But the unique number cannot be changed, you own it, and only you. Unless you decide to sell it, that is. Then you transfer that unique number to someone else.

That's kind of how NFTs work.

Now I understand it....but I don't understand why people are crazy enough to pay 'good money' for something such as this...the world [or people within it] has gone crazy! :-)

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2 hours ago, MrXxxx said:

Now I understand it....but I don't understand why people are crazy enough to pay 'good money' for something such as this...the world [or people within it] has gone crazy! :-)

Because they think there's value in those numbers. It's all about creating value. If one person pays a hundred quid for something, then they try to sell it for two hundred quid, it's likely the next person will buy it because they think the value will increase more.

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It's another bubble at least under the current usage. It's likely that the use will change over time and actually mean something though, I just can't really see what else it can be used for.

NFTs like all crypto are tied closely to the price of bitcoin too. they've crashed in the past month.

One way I can see this being a success is to verify the authenticity of a physical collectible. Let's say those Panini playing cards that kids pay loads for... Panini could issue the physical card alongside an NFT so that anyone can verify that it was issued by Panini and is authentic. Just input the unique number and check it.

They can also see the history of who else has bought that specific card and, optionally, how much each person paid. 

Another interesting use case is lockable content. I've seen already that 'artists' selling their artwork as NFTs are including hidden content that only the buyer can see. You have to own it to reveal the message. Celebrities could probably piggyback on this idea to send unique messages to their loser fans etc.

Edited by spunko
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reformed nice guy
34 minutes ago, spunko said:

It's another bubble at least under the current usage. It's likely that the use will change over time and actually mean something though, I just can't really see what else it can be used for.

NFTs like all crypto are tied closely to the price of bitcoin too. they've crashed in the past month.

One way I can see this being a success is to verify the authenticity of a physical collectible. Let's say those Panini playing cards that kids pay loads for... Panini could issue the physical card alongside an NFT so that anyone can verify that it was issued by Panini and is authentic. Just input the unique number and check it.

They can also see the history of who else has bought that specific card and, optionally, how much each person paid. 

Another interesting use case is lockable content. I've seen already that 'artists' selling their artwork as NFTs are including hidden content that only the buyer can see. You have to own it to reveal the message. Celebrities could probably piggyback on this idea to send unique messages to their loser fans etc.

Is that not the oracle problem? How can you trust the source?

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Frank Hovis
49 minutes ago, spunko said:

One way I can see this being a success is to verify the authenticity of a physical collectible.

It's a shame that you can't retrospectively do this.

I used to collect coins as a kid and kept the collection with the expectation that I could return to it when retired and buy the expensive coins that I desired.

However with the rise of Chinese manufacturing I would seriously doubt the authentcity of anything expensive that I was buying so have abandoned the idea.

 

There are plenty of fakes of the 2009 Kew Gardens 50p knocking about and that's only worth £160.

A faker is going to put far more effort into a coin worth £2,000.

 

af-composite-fake-50p-kew-gardens.jpg?st

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1 hour ago, reformed nice guy said:

Is that not the oracle problem? How can you trust the source?

Yes, but that's for another thread I suspect.

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  • 1 month later...
On 16/07/2021 at 23:07, MrXxxx said:

Blockchain investment i.e. I don't understand them properly!

ah but the blockchain is immutable and unhackable..... apparently And now we can all share it!

Become your own central bank! 

https://getumbrel.com/

Edited by nirvana
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I've been thinking this was load o wank too BUT I've been in a livestream with some geeks and it's quite an interesting space lol

If you think about how much all the rich and famous spend on 'art' this is just something else for them to throw their millions and billions at.....I might 'mint' some stuff and see how it goes lol

check it out https://opensea.io/

there's some good humor in it ie the chicken derby https://opensea.io/collection/chicken-derby

but check this shit out lol https://opensea.io/assets/0xa7d8d9ef8d8ce8992df33d8b8cf4aebabd5bd270/76000067

 

 

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