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I am curious if anyone in FIO has looked into non fungible tokens.
I discovered them a couple of months ago (always too late), and I think there might be something interesting in them.
Please share your thoughts.
Can you help answer these questions from other members on NexusFi?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
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Posts: 5,049 since Dec 2013
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I don't get it!
Ether Rock (high of 888 ETH ~ $2.67M now, higher at the time) Bored Ape's (high of 740 ETH ~ $2.9M at the time, now about $2.2M)
and of course CryptoPunks, highest sale 4200 ETH, which was $7.6M at the time and approximately $12.6M today!
They are digital images, and in the case of all the above, very low detail (think (8x8 ~ 64 bi)t images).
What am I missing? In 20 years time will an Ether Rock be the same as Picasso? If so why?
Well, from my perspective Picasso's works are not worth so much because they beautiful or because they are intrinsically special but only because there is a market for them. Arts work allow to store 30 millions in a very compact way and to launder great amount of money. This reminds me of a great documentary about Wolfang Bertracchi (see the link below)
In my opinion the difference between a painting worth millions and a cheap one is just the existence of a market for the former.
Now I wouldn't be surprised if a digital image will be worth more than a Picasso painting, the value behind much of modern art lied in the fact that they were innovative and unique some sense, now with NFT you get both aspects:
1) associating 10 millions dollar to a 64bit image will be innovative in itself
2) blockchain technology will give you the uniqueness
So you basically have the two components that make the art market, with a great advantage: you don't need some experts to reach an agreement on whether something is original or not and you don't need any special care to move a physical object worth millions. Essentially you will have all the same benefits of a physical art without any side hustle.
In a sense this market might be much more liquid than the one of physical art, if it allows for some money laundering you will have some added intrinsic value
