›C for craze, C for concern: Worry over quality, ownership & authenticity is driving art collectors away from NFTs
C for craze, C for concern: Worry over quality, ownership & authenticity is driving art collectors away from NFTs
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C for craze, C for concern: Worry over quality, ownership & authenticity is driving art collectors away from NFTsBy Zachary Small, New York Times
Last Updated: Apr 29, 2021, 06:22 PM IST
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Synopsis
Industry experts have observed a growing wedge between a new generation of digital speculators and an older school of art collectors.
Reuters
More than a dozen collectors interviewed said that NFTs raise copyright and other issues that sellers and buyers have not fully thought through.
As Auctioneers and Artists Rush Into NFTs, Many Collectors Stay Away nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
REPLICATOR (2021). Courtesy of Phillips.
But the premium-inclusive price Phillips achieved for
REPLICATOR (2021) has made Mad Dog Jones the most expensive living Canadian artist. The digital creator, whose real name is Michah Dowbak, outstripped the famed contemporary photographer and artist Jeff Wall, whose current auction record stands at $3.7 million.
The winning $4.1 million bid Mad Dog Jones’s only auction result on record, according to the Artnet Price Database was made by a buyer new to Phillips. It is the latest example of how crypto-wealth is flooding and shaking up the traditional art market.
A Phillips representative confirmed the house is accepting Ethereum as well as traditional currency for the work, but said it was too soon to say how the buyer would pay.
Phillips hops on NFT gravy train with US$4 1 million Mad Dog Jones sale bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
NFTs Arrive in the Watch World
The first purely digital timepieces have been offered to bidders, but will their auctions become a watershed moment or a bubble? Only time will tell.
A still image of the Jacob & Company nonfungible token, or NFT, known as SF24 Tourbillon Piece Unique. The NFT itself is a 3-D animation.Credit.via Jacob & Company
By Nazanin Lankarani
The latest crypto-token craze is spilling over into watches.
Following a torrent of record prices for digital assets from artwork to sneakers, the first watch NFT or “nonfungible token,” verified by blockchain technology was offered early this month. It didn’t sell, and the auction has been extended.