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NFTs and the future history of art – TechCrunch

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I am an art historian who has carried out extensive research on the evolution of the market for “recent art.” And I can tell you that something generational is now happening with NFTs.
As a historian, this is quite exciting — almost the equivalent of an astronomer getting to watch the birth of a new galaxy. The multimillion-dollar results achieved by Cryptopunks, Bored Ape and Beeple have shattered long precedents in the history of art auctions and suggest that we may be nearing some tectonic tipping point around digital culture and virtual currency.
That tipping point may be inevitable in the century to come, but the fate of today’s most visible figures is remarkably uncertain. Having studied several of these cycles up close, I can say with some confidence that the factors that have determined whether art trends become art history are receiving scant attention amid the NFT writing of today.
Namely, the movements that have held their long-term critical esteem (as well as market value) are those who have managed to attach themselves to the institutions, such as museums and universities, that both distill prestige and create knowledge.
Said differently, how will the world of NFT.NYC, taking place now in Times Square, relate not only to Sotheby’s downtown, but uptown — to MoMA? Or to Columbia University’s Department of Art History and Archaeology, widely considered the preeminent modern and contemporary program in the world?
The NFT world may collectively decide to sidestep these questions. No one would think of looking to the Golden Globes or the NYU film school to arbitrate the value of TikTok virality.
However, I’m skeptical that no serious attempt will be made to cultivate NFT worth for the long haul. There’s just too much at stake for the multibillion-dollar ecosystem of today not to attempt to organize and sort itself out. Gatekeepers and tastemakers arise organically, and powerful ones already exist in the $60 billion art market that predates the NFT universe by hundreds of years.
Indeed, the relationships between artists, collectors, curators and academics have formed the fault lines around which art history has broken over the last centuries — sorting winners from losers, visionaries from imitators, priceless heritage from passing fancy. And I am certain that, for the NFT world, this intersection of intellectual and financial value has the potential to matter a lot. More than almost anyone realizes.
Probably the closest art historical analog to the present NFT fervor was the dramatic rise of pop art in the early 1960s. Artists such as Jasper Johns and Andy Warhol turned suddenly and in earnest to colorful, recognizable imagery produced in technological, déclassé media in multiple such as screen prints and lithographs.
Intentionally or not, this created an unprecedented volume of stuff to sell to the nouveau riche who had been locked out of the Old Master circuit. Fifty soup cans support a lot more market action than one Vermeer.
Gross market value aside, the durability of the success of Johns and Warhol is due in no small part to the efforts of a dealer named Leo Castelli, arguably the most impactful character of modern art history whose name is not widely known beyond the discipline.
My research uncovered how Castelli zealously worked to ensure that his coterie would end up on the walls of museums and as the subjects of academic monographs, endeavors that required him to occasionally flout ethical and legal norms. Importantly, his efforts broke through for a wave of new significant voices: not just the first young Americans to cross the threshold to canonization, but many of the first openly queer figures, as well. It rarely permits coloring within the lines, but writing history in real time can open the door to necessary change.
Pop’s priming of the museum ecosystem stands in marked contrast to a more recent episode of democratization. The “return to painting” of the 1980s presaged the NFTs’ auction-fueled dynamics as dealer Mary Boone and Sotheby’s CEO Alfred Taubman pioneered techniques akin to futures trading and margin buying — the last major innovations in the art auction space before the blockchain. They effectively poured gasoline on the fire of the secondary market but, without significant attention to an academic or institutional matrix to support the work, the overnight sensations they hyped mostly faded into oblivion.
These things will matter deeply in the long run. As years stretch into decades and centuries, cryptocurrency usage will almost inevitably grow. Nearly every interaction on the planet today is technologically mediated in some way, and the currency of record is ever more likely to become that which is native to the medium. This long-term potential provides a huge opportunity to rethink not just the expressive capabilities of the NFT but the fundamental means of academic knowledge creation.
An incredibly rich set of potential lurks here, made all the more pressing given the unfolding waves of crisis in higher education. Imagine a political scientist gaining a chance to tinker with an experimental voting mechanic as a part of a decentralized autonomous organization (DAO). Or a historian working to close the gaps in an archival record through artistic re-imaginings.
Out of far-flung research, world-changing discoveries are sometimes forged. Voting mechanics might move from experimental margin to governmental center — perhaps finally unblocking comprehensive climate reform or other blue-sky legislative needs. The NFT world in which these ideas were incubated would have, through its collaboration with the academy, created something of deep significance. Something worthy of museum preservation (and market valuation) as an artifact of history.
At the present moment, open possibilities linger in the decentralized ether. How will practice be turned into history, ideally with the best net effect for society at large?

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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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