March 6, 2022
What the Heck are NFTs | Sway Podcast with Beeple
Episode webpage here. Episode orignially aired March 22, 2021
Key Takeaways
- NFTs are digital proof of ownership and are still in their nascent stage.
- The market is definitely a bubble and most art will go to zero
- Beeple intends to portray the weirdness of tech and its unintended consequences
Intro
- Sway, hosted by Kara Swisher (@KaraSwisher) interviews digital artist Mike Winkelmann better known as @Beeple about NFTs.
The Beginning
- He started off by putting art every day on his website for an audience of “his mom and 3 friends”
- Studied computer science in college. Always been interested in computers and art.
- His art has always reflected what he is currently interested
- His name “Beeple” comes from an 80’s toy.
NFTs
- NFTs are for proof of ownership. He thinks digital proof of ownership will be issued for cars, houses, diplomas, etc.
- At its core it’s basically a webpage and the technology is basically a blank slate
- It’s extremely speculative right now. A lot will go to zero. The market is irrational.
- Not a pyramid, it’s just people buying into ownership of art.
Fractionalization of Art
- An investor bought 20 pieces from Beeple and put them in virtual museums. Bundled everything, locked it in a smart contract, and sold 10 million shares.
- The shares went from $.36 to $25 at a high. Gave Beeple 2%.
- The standard is for the artist to keep 90% and when the art is flipped, the creator keeps 10%
About Beeple and his Artwork
- Beeple thinks that this will all be part of Instagram one day
- His art intends to project the weirdness of tech and its unintended consequences
- Thinks the pandemic has accelerated this bubble and the rise of crypto and use cases for NFTs
- The energy usage and ecological footprint from this tech will be fixed quickly
- Looks at himself as a tech company. People invest in his art and he wants to make a return on it.
