Connect with us

NFT

Bored Ape and CryptoPunk NFTs ‘Are Not Artworks’: Collector and Creator Derrick Li on the Distinctions Between Digital Art and Collectibles – artnet News

Published

on

His company, Triple X, is currently curating a forthcoming NFT exhibition with some of the leading artists in the digital sphere.
Artnet Gallery Network, June 24, 2022
NFT collector and enthusiast Derrick Li first learned about the digital art form the way many of us did—through the $69 million sale of Beeple’s 5,000 Days at Christie’s in March 2021. But that’s where any similarities with those who jumped onto the NFT bandwagon stop.
Rather than looking for get-rich-quick purchases, Li started reaching out to the NFT creators he most admired. He also founded Triple X, an organization focused on curating collections of NFTs by artists (and not by illustrators—more on that below) and bridging the knowledge gap between mainstream art collectors and artists working in the digital realm. 
Earlier this week,  Li announced that Triple X would be releasing a new curated NFT collection, “On Sparks and Souls,” featuring digital artworks by artists including Jia Aili, who is represented by Gagosian. 
Recently, we caught up with Li to discuss the volatility of the NFT market, what distinguishes NFT art from digital collectibles, and a whole lot more. 
Derrick Li, founder of Triple X.
Can you tell me about yourself and how you came to the NFT space?
I am Derrick Li, a.k.a. Tung or Triple X or X, which some artists call me. My family calls me DongDong. People say I have so many names, they hear a new one every time they meet someone who knows me. These “multiple identities” make me feel great because I don’t want to be defined, and this somehow sets me free in the NFT space; like, it’s all me, but depends on your perspective. 
I founded Triple X at the beginning of last year and have been an NFT collector, curator, and builder since soon after Beeple’s auction at Christie’s. I started researching them and realized their potential, their user cases, and their benefits to the artists and all users.
There were several factors that drew me in. First, I knew I was still early in joining this market, so that would be a great advantage—the earlier you are in and the harder you are willing to work, the better shot you get to have. Second, NFTs have the potential to do so many great things and contribute so much to artists. Lastly, I wanted to facilitate artists in making great new things. 
In your own words, how would you describe Triple X? What would you say you see as parts of its evolving role in the NFT space?
As of now, Triple X is me, but I hope for it to become an organization that is open to supporting opportunities and ideas in digital art that innovate and inspire. My goal with Triple X is to lift up people, especially artists, and make the world a better place. Triple X represents sparks and souls, inspirations and purposes, perceptions and understandings. We want people to gather with good hearts and good intentions to create long-term value in the NFT space in interesting ways.
Part of this means bringing more senior traditional collectors and the general public into the field and helping to build a fundamental and enlightening understanding of what is happening in the digital domain. From there, Triple X will be able to provide high-quality works for collectors and art lovers. I care a lot about the audience, the true art lovers. 
Classic becomes classic for a reason, and I don’t want Triple X to be seen or associated with hype. I want it to build a culture, and to have a culture within too, with like-minded people.
Your company has many dimensions in the NFT world, particularly a curatorial or almost gallery-like vetting process that brings NFT collecting into more familiar territory for art lovers. Earlier this week you announced that you will be dropping a new collection of NFTs by artists including Jia Ail, who is represented by Gagosian. Who are the NFT artists included in the collection? How did you come into contact with each of them? 
This collection includes incredible digital artists like Raoul Marks, David Ariew, and Ryan Hawthorne, and of course, the main character of the collection is Jia Aili. I have two more digital artists who are working on a piece behind the scenes, but I don’t want to reveal their identities yet. It’s more interesting to stay mysterious, but based on the quality of the works we have produced so far, people can trust me that the secret ones are also some of the most artistic digital artists in the NFT space
I also collect NFTs and love reaching out to the masterminds behind these amazing digital artworks. Luckily, many of these artists replied—at that time, NFT artists were more willing to connect with collectors. Nowadays, way too many ghost accounts would be DMing you (whether you are artists, collectors or builders, whatever) and most people wouldn’t even bother to go check the DM request anymore. 
The artist David Ariew also helped me connect with many other artists, including Raoul Marks, who is in the sale. David has always been this super helpful and nice person.
Ryan Hawthorne and Jia Aili, Instance (2022). Courtesy of Triple X.
Would you say there is a common thread between the artists you have chosen to work with?
Yes, definitely! This current collection is called “On Sparks and Souls”, and one of its main intentions is to show the artistic essence of these NFTs and raise the bar for the artistic conversation around them. I asked these NFT artists to create works that in some way respond to Jia Aili’s paintings. They could explore ways of understanding the paintings, have conversations with them, and combine elements of his works with their own in refreshing new ways, while remaining close to its roots. The overarching common thread between these artists, including Aili, is the vibration they have with the essence of art, which is where true creativity comes from.

So the NFTs in the exhibition are directly inspired by 2D paintings? Why did you choose to pursue this way of building an NFT collection? 
Yes. All the digital artworks are inspired and based on at least one painting by Jia Aili, which each artist in the collection chose. The final digital artworks are mixes of Aili’s visions, art philosophy, and artistic inputs from him directly, along with each artist’s personal input, mediums, styles, interpretations and “signatures”, which are then minted as NFTs. Through this process, the meaning of the symbols in the original paintings was expanded upon.
Since the original paintings played a big role in this collection, I am contemplating planning and curating an exhibition next year that brings these paintings into conversation with the digital artworks—though there would be lots of steps, including loans from collectors, to make that possible. The paintings already have homes, but it would be a great conversation between the works. 
There is a lot of volatility in the NFT space right now. What do you think about this?
This is the consequence of non-stop speculations in the NFT space, which just happened to collapse during the crypto crash. Am I worried about the market? No. Am I worried about the people? Yes. We need more proper information and education in this space.
The market was so unstable because some people were playing this money game, trying to speculate on certain artists’ markets, and then they got to become the “influencers” to tell people what’s good or not, who should people be looking into and buying into, rather than any real knowledge of the artwork. NFTs were being sold at prices that made no sense given their actual and true demand and artistic values.
There is no liquidity flowing into the space as of now, so most NFTs become dead assets. The so-called “Whale collectors” need to take a huge responsibility for the current state of the space.
A lot of people have been very impatient; people only have short-term visions and mindsets when they are in this space. Not that many people have long-term visions or are willing to start building a healthy infrastructure for this market and its reputation. I’m so critical of this because I want the NFT space to have longevity.
Can you tell us about the difference between digital collectibles and NFTs? What are the major distinctions and how do you think these differences will be clarified in the future? 
Digital collectible projects are made by developer teams, rather than artists. Oftentimes, these teams hire an illustrator to create the visual design for their product, but does that count as artwork? My answer might sound controversial, but I say no. Not every creation is a piece of artwork. Not every single illustration is a piece of artwork.
I think it’s extremely important to differentiate digital collectibles that are NFTs from digital artworks that are minted as NFTs. People shouldn’t try to find artistic values or the essence of art in digital collectibles, It’s like expecting lychee to fall from an apple tree.
Of course, a lot of people who are seeking artworks are confused when they see the successful collectible projects such as Bored Ape Yacht Club and CryptoPunks and wonder why such “bad art” sold for so much. These are not artworks; they are digital collectibles that can offer utilities. The line needs to be drawn here, clearly. Then people can start identifying artworks and talk about things with the right definitions and expectations. 

Share
By Sarah Cascone, Jun 24, 2022
By Helen Stoilas, Jun 24, 2022
©2022 Artnet Worldwide Corporation. All Rights Reserved.var w = Math.max(document.documentElement.clientWidth, window.innerWidth || 0),
h = Math.max(document.documentElement.clientHeight, window.innerHeight || 0),
pagetype = document.querySelector(‘meta[property=”og:type”]’).getAttribute(“content”),
pagetypeurl = document.URL,
pagetypeforce = pagetypeurl.substr(pagetypeurl.length – 3);
isnewsletter = pagetypeurl.includes(“?page_1”);
w = pagetype + 20 * Math.round(w / 20), h = pagetype + 20 * Math.round(h / 20), googletag.cmd.push(function() {
googletag.pubads().setTargeting(“width”, w), googletag.pubads().setTargeting(“height”, h), 1 == isnewsletter && googletag.pubads().setTargeting(“isfirstpage”, [‘Y’, pagetypeforce] )
});
(function defernl() {
if (window.jQuery) {
if (jQuery(window).width() > 619) {
setTimeout(function() {

var cookieSettings = {
recentlyShown: {
expiration_minutes: 5
},
signedUp: {
expiration_days: 14
},
closedSignupBar: {
expiration_days: 5
}
};

var generalSettings = {
loadFontAwesome: false
};

if (!window.jQuery) loadJQuery();
var $ = window.jQuery;

function addCss(fileName) {
var head = document.head
, link = document.createElement(‘link’);

link.type = ‘text/css’;
link.rel = ‘stylesheet’;
link.href = fileName;

head.appendChild(link);
}

function appendNewsletterSignup() {
var signup =

//hide on mobile phones
+ ‘ @media (max-width: 575px){ #ouibounce-modal {display:none !important;} }’
+ ‘ @media (max-width: 767px){ .close-signup {top:0 !important;} }’
+ ‘ @media (max-width: 1199px){ #ouibounce-modal .description {font-size:13px !important;} }’
+ ”
+ ‘


+ ‘


+ ‘


+ ”
+ ”
+ ‘


+ ‘


+ ‘

Get hand-picked stories from our editors delivered straight to your inbox every day.


+ ‘


+ ‘


+ ‘


+ ‘


+ ‘


+ ‘Please enter a valid email address’
+ ‘


+ ‘


+ ‘


+ ‘


+ ‘
+ ‘


+ ”
+ ”
+ ‘


+ ‘


+ ‘


+ ”
+ ‘


+ ‘


+ ‘


+ ‘


+ ‘

‘;

$(‘body’).append(signup);
}

var paywallPagesRegex = /^/subscribe|subscribe-confirm|my-account(/|$)/;

function initNewsletterSignup() {
// don’t show it on paywall-related pages where the user might be in the process
// of subscribing, or managing their account
if (paywallPagesRegex.test(window.location.pathname)) {
return;
}

// Append ouibounce to page
var ouibounceScript = ”;
$(‘body’).append(ouibounceScript);

// Add animation css
addCss(‘https://cdnjs.cloudflare.com/ajax/libs/animate.css/3.5.2/animate.min.css’);

if (generalSettings.loadFontAwesome) {
addCss(‘https://maxcdn.bootstrapcdn.com/font-awesome/4.7.0/css/font-awesome.min.css’);
}

// Check if ouibounce exist before calling ouibounce
var initOuibounce = setInterval(function() {
if (typeof ouibounce !== ‘undefined’) {
appendNewsletterSignup();

var $modal = $(‘#ouibounce-modal’);
SignupForm.init($modal.find(‘form’), function onSuccess() {
//hide form fields and show thank-you message
$modal.find(‘.form-row’).hide();
$modal.find(‘.newsletter-signup-thank-you’).fadeIn(‘fast’);

setNewsletterCookie(‘signedUp’, 1);

//after successful signup, hide the signup bar after 5 seconds
setTimeout(function() {
closeSignupBar();
}, 5000);
});

// Handler for close signup button
$(‘body’).on( ‘click’, ‘.close-signup’, function(){
setNewsletterCookie(‘closedSignupBar’, 1);
closeSignupBar();
});

ouibounceAPIaccess = ouibounce(
$modal[0], {
aggressive: true,
sensitivity: 50,
callback: function() {
slideInModal(‘Down’);
}
}
);

clearInterval(initOuibounce);
}
}, 100);
}

function slideInModal(upOrDown) {
$(‘#ouibounce-modal’)
.removeClass(‘slideOutDown slideOutUp’)
.addClass( ‘slideIn’ + upOrDown );

setNewsletterCookie(‘recentlyShown’, 1);
}

function setNewsletterCookie(cookieName, value) {
//exdays*24*60*60
var settings = cookieSettings[cookieName];
var expirationMinutes = settings.expiration_minutes;
if (!expirationMinutes) {
expirationMinutes = daysToMinutes(settings.expiration_days);
}
setCookie(cookieName, value, expirationMinutes);
}

function daysToMinutes(numDays) {
return numDays * 24 * 60;
}

/**
* Generic setCookie() method, used by setNewsletterCookie().
* There is probably no need to call this directly – use setNewsletterCookie().
*/
function setCookie(cname, cvalue, expMinutes, prefix) {
//default prefix is ‘artnet_newsletter_’
if (prefix == undefined) {
prefix = ‘artnet_newsletter_’;
}
var d = new Date();
d.setTime(d.getTime() + (expMinutes*60*1000));
var expires = “expires=”+d.toUTCString();

//console.log(prefix + cname + “=” + cvalue + “;” + expires + “;path=/”);
document.cookie = prefix + cname + “=” + cvalue + “;” + expires + “;path=/”;
}

function getCookie(cname, prefix) {
//default prefix is ‘artnet_newsletter_’
if (prefix == undefined) {
prefix = ‘artnet_newsletter_’;
}
var name = prefix + cname + “=”;
var ca = document.cookie.split(‘;’);
for(var i = 0; i <ca.length; i++) {
var c = ca[i];
while (c.charAt(0)==' ') {
c = c.substring(1);
}
if (c.indexOf(name) == 0) {
return c.substring(name.length,c.length);
}
}
return "";
}

function closeSignupBar() {
var $modal = $('#ouibounce-modal');
$modal.addClass( $modal.hasClass('slideInUp') ? 'slideOutDown': 'slideOutUp' );
}

function loadJQuery() {
var script = document.createElement('script');
script.src = "https://code.jquery.com/jquery-3.1.1.min.js";
script.integrity = "sha256-hVVnYaiADRTO2PzUGmuLJr8BLUSjGIZsDYGmIJLv2b8=";
script.crossorigin = "anonymous";
document.body.appendChild(script);
}

function checkCookies() {
//if any of these cookies are found, we don't show the modal.
var cookieNames = ['recentlyShown', 'signedUp', 'closedSignupBar','signup_cookie'];
var i = cookieNames.length,
found = false;
while (i–) {
if (getCookie(cookieNames[i]).length) {
found = true;
break;
}
}

if (!found) {
initNewsletterSignup();
}
}

var SignupForm = {
regex: {
email: /^([a-zA-Z0-9_.-])+@(([a-zA-Z0-9-])+.)+([a-zA-Z0-9]{2,4})+$/
},

// Init – Anything you want to happen onLoad (usually event bindings)
// ——————————————————————-
init: function (formElement, onSuccess) {
var ctx = this;
ctx.customSerializer();
if (!onSuccess) {
throw Error('onSuccess callback is required');
}

var $form = $(formElement);
$form.submit(function(e){
e.preventDefault();

var $email = $form.find('.signup-email');
var valid = ctx.validate( $form, $email);
if(valid){
// Hide the errors
$form.find('.errors').children().hide();
// Submit the form
ctx.submit($form, onSuccess);
} else {
// Focus on the email input box
$email.focus();
// Show email validation error and hide other errors
$form.find('.invalid-email').show().siblings().hide();
}
});
},

// FUNCTIONS
// ===================================================================

// Signup validation
// ——————————————————————-
validate: function( $form, $email ){
var ctx = this;
// Does the email match our regex?
return ctx.regex.email.test( $email.val() );
},

// Signup submission
// ——————————————————————-
submit: function($form, onSuccess) {
var ctx = this;
$.ajax({
type: $form.attr('method'),
url: $form.attr('action'),
data: JSON.stringify( $form.serializeFormJSON() ),
// dataType: 'json',
contentType: 'application/json; charset=UTF-8',
crossDomain: true,
timeout: 10000
})
.done(function(data, textStatus, jqXHR) {
onSuccess();
})
.fail(function(jqXHR, textStatus){
// Show signup failure error and hide other errors
$form.find('.signup-failed').show().siblings().hide();
});
},

// Extends jQuery with a function to serialize to JSON
// ——————————————————————-
customSerializer: function(){
$.fn.serializeFormJSON = function () {
var o = {};
var a = this.serializeArray();
$.each(a, function () {
if (o[this.name]) {
if (!o[this.name].push) {
o[this.name] = [o[this.name]];
}
o[this.name].push(this.value || '');
} else {
o[this.name] = this.value || '';
}
});
return o;
};
}
};

//show automatically after delay
setTimeout(function(){
var $modal = $('#ouibounce-modal');
//if there are cookies indicating that we shouldn't show the signup bar, then the modal won't have been added to the page
//and we can just return here.
if (!$modal.length) {
return;
}
//don't run this function if the user has already triggered the modal by leaving the viewport
if ($modal.hasClass('slideInDown')) return;

//position at bottom of screen
$modal.css({
top: 'auto',
bottom: 0
});

slideInModal('Up');
$modal.show();

},20000); //20 seconds

$(function() {
checkCookies();
});

}, 7500);
}
} else {
setTimeout(function() { defernl() }, 250);
}
})();

You are currently logged into this Artnet News Pro account on another device. Please log off from any other devices, and then reload this page continue. To find out if you are eligible for an Artnet News Pro group subscription, please contact [email protected]. Standard subscriptions can be purchased on the subscription page.
Log In

source

NFT

Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

Published

on

source

Continue Reading

NFT

DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

Published

on


Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
For all PYMNTS crypto coverage, subscribe to the daily Crypto Newsletter.
New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, just 9.3% call them their primary bank.
Sign up for our daily newsletter.
You have successfully joined our subscriber list.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More
Sign up for our daily newsletter.
You have successfully joined our subscriber list.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More

source

Continue Reading

NFT

FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

Published

on

Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
Stay up to date:
The Embassy of Israel in Korea Opens Pavilion in the Metaverse
Bored Ape Yacht Club #2883 Was Today Sold For 105 ETH
Leading NFT Collections Are Seeing a Rise In Median Price
Uniswap Labs Acquires Genie, Announces Uniswap NFT
New NFT Marketplaces Bid to Dethrone OpenSea From Top Spot
Space Runners Ramps Up the Development of Its Metaverse-Only Fashion House with $10M Round

source

Continue Reading

Trending

Copyright © Diaily Meta News