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I stumbled upon a statement accompanying the forthcoming drop (i.e., the beginning of an auction) of one reasonably well-established digital artist, which, like many NFT artworks, ties the concept of the NFT into the artwork itself. The rhetoric is compelling if a little naive at times. Under auction on Foundation.app at time of writing. In addition, as a generation, we have the fervent belief that every single one of us is special and that therefore our creativity must have innate value NFTs are our chance to sell it. Instead of convincing you to buy stuff that you don’t need, they’re convincing you to buy imaginary optimism based on a mass enchantment. To many, it’s a means of overthrowing the existing regime when you look a little closer, you realize that it’s just an extreme manifestation of neoliberalism.

This upstart, new-contender, f***-you mentality also infuses the artworks being created with seemingly endless celebrations of how this new system will redistribute power. Cryptocurrencies offer an alternative to an economic system that is dominated by Wall Street bankers, politicians, and insider dealing, promising a degree of democratization of economic structures that offers freedom and flexibility. As a concept, it has some appealing aspects such as the fact that whenever you mint a token, you can determine the royalty that you will receive each time that it’s sold on in the future (typically around 10%). 60.15ETH works out to just over $100,000 at time of writing.NFTs offer a new type of ownership and an exciting way for digital creators of all sorts to sell their work. The top sellers on over a 24 hour period. The FOMO is so powerful that you probably feel like you're already losing money by having not signed up yet.

Almost every tweet telling you about an auction that you should get involved in will remind you that artwork will only be available for a brief window. This sense that you’re not on board with the beginnings of something big underpins the entire NFT experience, and it’s a marketing masterstroke. Pieces involving the letters FOMO proliferate in a self-referential sea of urgency to buy, sell, and be sold. Incentivization is such a feature of these platforms that many of the artworks being minted and traded reflect it in the aesthetic. That’s a very strong nudge for you to get involved. Whichever platform you choose, you won’t be able to ignore the fact that a lot of people seem to be selling a lot of questionable digital art for ludicrous amounts of money. For Nifty Gateway, you'll need to upload a video telling them why you're valuable enough to warrant being allowed to sell your art. Certain tropes emerge: Pepe the Frog, rhinos, and rainbows proliferate, creating a nonsensical soup of chaos and confusion that feels like a terrifying mash-up of kids cartoons and 4chan.įor Foundation.app, you'll need an invitation. One of the easiest places to get started is Rarible, which is bewildering, thanks to the crypto aesthetic made up of nightmarish visions of randomness and memes. You may even like to build up to a “drop” to create some hype. You choose a starting price and wait for the bids to come rolling in. You then pick one of your digital creations and pay around $70-100 to “mint” this artwork into a Non-Fungible Token.

If you’ve yet not minted your first NFT and you’re wondering how it works, here’s a quick summary of the process: you create a wallet, buy some Ethereum, and choose a platform. Why are so many people buying into the idea that something is rare because everyone says it is?

Photographers, filmmakers, and digital artists are falling over themselves to mint NFTs in a get-rich-quick scheme that will do little beyond transferring wealth from artists to tech billionaires.