“Issues”
1. All about monetary
There is no serious critics on any newspapers so far, people only talk about the number.
2. Tulip mania price bubble
According to recent figures published by Nonfungible.com, which show that the average price of NFTs plummeted almost 70% from a peak of around $75,000,000 in mid-March to around $65,400,000 earlier this week.
3. Environmental cost
The carbon footprint of an average single-edition NFT is equivalent to driving a petrol car for 1,000 kilometres.
Crypto infrastructure relies mostly on fossil fuels (64% of the world’s electricity: coal 38%, oil and gas 26%).
The change
The change I want to mainly focus on is issue no.1. As per the interview I’ve made, both artists and collectors who haven’t get started are all concerned about the artwork itself. Also if we’re talking about art, we should pay more attention to Art.
Main Stakeholders
1. Young digital artists
2. Young buyers
3. Critics, Historians, relevant workers
According to the research, 58% of Beeple’s sky-high auction bidders are Millennials (those born between 1981-1996). Although there are different data from various parties, it is estimated that there are about 15 trillion to 30 trillion USD of assets, which will be transferred from the generation Baby Boomer to the generation Millennial in the next ten years. Thus, we see more opportunities among younger collectors, similarly the younger artists in the crypto art world.
News
Most Expensive Artworks
EVERYDAYS: THE FIRST 5000 DAYS Artist(s): beeple Collector: metakovan Last Sold: 11 Mar 2021 Price: $69,346,250.00 (31,927.224 ETH) Gallery: MakersPlace Editions: 1 I made a picture from start to finish every single day from May 1st, 2007 - January 7th, 2021. This is every motherfucking one of those pictures.
https://cryptoart.io/
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