I know there’s a lot of hype around this new buzzword recently. The world is trying to wrap its heads around it and the staggering prices it has been fetching recently. The entire art, investment, and legal landscape seem to be coming to grips with what it truly means, and its wider implications.
In the midst of all of this noise, I came across this sale of an NFT of an NFT. This was pretty bizarre to me and had me thinking about what true ownership really meant in a digital art landscape. At first, it seemed to be equivalent to buying a poster of the Mona Lisa. But those posters have never been prized positions. No one has ever been celebrated for owning a poster of a famous painting. Nor should they – there is indeed a massive difference between the poster and the actual painting itself.
But with NFTs, as seen by this sale, it’s hard to distinguish between the real and copy. Isn’t that the problem? Art, design, and almost everything in the world that has value derives it from the exclusivity factor. Price is almost a mechanism to allow you access to certain goods. When the good is already accessible to everyone, how do you demand a price? It seems pretty baffling.
It does seem almost like a ponzi scheme – this cycle of putting more money on top of more money just seems to be like a loop. Where is the loop heading?
