![]() Even less so can we say that this technology has allowed most artists to make money, since the costs of creating and maintaining NFTs are a major obstacle. Even so, the much-heralded democratisation has not materialised, nor has the disappearance of intermediaries. When first presented to the general public, the intersection between digital art and blockchain was defined as a tool that would allow artists to profit from their work. On releasing his own collection, the most famous of all Spanish influencers to adopt NFTs, Willyrex, declared that “ Those who trusted will be rewarded! Those who didn’t will flop!” Who knows whether ominously or sardonically. Keeping high expectations of what is to come has become a very important currency and it is essential to constantly keep boosting the hype. ![]() This story is bolstered by the assertion that this is a select group of visionaries who have been able to jump ahead of their contemporaries and who, thanks to this, will be ushered into the land of plenty and never have to work again. A supposedly communal atmosphere is therefore generated in which the participants in this great house of cards must constantly convince each other and themselves that they will be rich if they hold out long enough. Just as it is essential to have new investors, it is also essential that those who invest do not pull out and sell, because if this were to happen en masse, the value of cryptoart would fall. But, as Dan Olson said in the viral video Line goes up, this is not a fandom like the rest, because the product itself is not important, only the profit it generates. The use of references from popular culture serves as a smokescreen – you can make out that you are investing in crypto out of attachment and affection for a certain cultural artefact, pretend that the interest exists out of fetishism for a celebrity, an artist or their work, or camouflage the investments under layers of irony, aware that Bored Apes are nothing more than aesthetically ugly monkeys randomly generated by an algorithm, and that this is precisely what makes them fun. The fact that the value of NFTs is intrinsically linked to the trust in this same value, without the existence of any other official, banking or state structure to support it, means that its credibility needs to be expanded by means of these strategies. Similarly, tokens of historical memes such as Nyan Cat have sold for millions of dollars. This imbued the object with a nostalgic and cultural value. In an attempt to legitimise this format not only in monetary terms, the first tweet sent by the founder of Twitter, Jack Dorsey, was tokenised. And in terms of drawing the general public into digital asset investing, the use of emotional suggestion techniques has been essential. Following the logic of Ponzi schemes, more people need to constantly enter the world of NFTs to stop confidence and growth from stagnating. In other words, the hype that has been generated around NFTs has been essential in inflating the bubble and allowing some (basically the first) investors to make money. No matter how hard you try, when the product itself can be precisely reproduced for free at the click of a button, its only value is the price at which it can be resold.Ī great exercise in hyperstition and self-fulfilling prophecy is thus required in order to extract value from the product. In reality, NFTs are not dead because they were never alive. ![]() How did this 99% loss of value occur in such a short period? ![]() A year later, last April, an attempt to resell was abandoned when the maximum bid was $14,000. ![]() The most paradigmatic example of this burst bubble is the crash in price of the NFT of the first ever tweet. ![]()
0 Comments
Leave a Reply. |