But it turned out his digital asset had lost more than 99% of its value. He intended to sell it for 14,969 ethers – the equivalent in a major cryptocurrency to $50 million, promising to give half that sum to charity. Last April, Estavi put his brand-new original of Dorsey’s Twitter NFT up for auction.
The drawing 'Sinister Ghosts', by Frida Kahlo, burned by Martín Mobarak in a Martini glass.
But we do have an idea of what value potential buyers ascribe to it right now: $280. To better understand the ups and downs of this market, ask yourself one question: how much is the NFT of Twitter founder Jack Dorsey’s first tweet worth today? The question is to some extent rhetorical, because its current owner, investor Hakan Estavi, who bought it for the equivalent of $2.9 million in March 2021, is putting its re-sale on hold until the market for crypto assets emerges from the doldrums. That is to say, no matter how spectacular the collapse of the business model, there is no lack of unscrupulous entrepreneurs willing to keep it afloat.Īccording to Noah Davis, the crypto connoisseur that Christie’s consulted before embarking on its foray into the NFT market, the volatility of recent months is simply due to “the fact that we are still in the embryonic phase of a new artistic tradition, something like the cave painting period, and there are still no stable criteria that allow us to separate the wheat from the chaff.” This guru of disruptive digital art believes that NFTs will soon reach their definitive consolidation phase. Sinclair is wryly defined as the Lionel Messi of contemporary digital art. According to Mobarak’s calculations, with the physical drawing no longer in existence, the digitized versions will soar in value.Ĭoinciding with Mobarak’s stunt, Christie’s auction house has just launched its 3.0 auction platform, focused exclusively on NFTs, and has kicked off by putting nine works by the 18-year-old activist and visual creator Diana Sinclair under the hammer. On September 27, Martín Mobarak, a private collector from Miami, burned Fantasmones Siniestros (Sinister Ghosts), an original work by the Mexican artist Frida Kahlo, after digitizing it and launching 10,000 NFTs that will go on sale soon. Retrieved November 26, 2021.Two recent news items confirm the extreme volatility of the digital non-fungible token (NFT), which has been at the center of a speculative storm in the art world. ^ "OF MICE & MEN Drops New Single "Echo" ".^ "Of Mice & Men Share Title Track From New Album".^ "Of Mice & Men announces new album, 'Echo,' releases new track, 'Fighting Gravity' ".^ "Of Mice & Men Debut "Fighting Gravity" From New Album "Echo" "."Of Mice & Men's Aaron Pauley teases trilogy of EPs in 2021". "3 EPs means new music all year!" (Tweet). ^ "Of Mice & Men Announce New Album Echo + Share "Fighting Gravity" Video".^ "OF MICE & MEN Announces Echo Album With New Single "Fighting Gravity" ".^ "NEWS: Of Mice & Men will release three EPs in 2021!".^ "Of Mice & Men Reportedly Planning EP Trilogy".
^ "Of Mice And Men set December release for Echo album and drop single "Fighting Gravity" ".^ "Of Mice & Men announce new album 'Echo' ".^ "OF MICE & MEN To Release 'Echo' Album In December".
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^ "Of Mice & Men Reveal Last EP of Trifecta + Culminate Full Album With Single 'Fighting Gravity' ".^ "Of Mice & Men announce new album Echo, unveil Fighting Gravity video".^ "Of Mice & Men Get Atmospheric on 'Fighting Gravity,' Announce 'Echo Album' + Aaron Pauley Talks EP Trilogy".^ "Of Mice & Men - 'Ad Infinitum' Cyan W/ Grimace Purple Splatter Vinyl LP".
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