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A Beeple Artwork Just Sold for $69M: NFT Bubble or Everything Bubble?

Duration: 15:48
Everyone paying attention knew that Beeple’s Christie’s auction was likely going to set a new high water mark for NFT sales. Fewer would have guessed that it would lead to the third-highest auction price for a living artist in history.
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Everyone paying attention knew that Beeple’s Christie’s auction was likely going to set a new high water mark for NFT sales. Fewer would have guessed that it would lead to the third-highest auction price for a living artist in history.  On this episode, NLW breaks down: How interest in NFT is at an inflection point, why it’s not just digital art but sports collectibles as well, how the traditional collectibles markets are also exploding and why people think growing NFT prices might be a sign of an everything bubble.
Snippet Transcripts
nft snippet
00:06-01:41
onto the risk curb. Everyone is looking to move their money into assets to avoid the loss of value inherent in those negative real rates. And it means that things that used to be perceived as risky are actually taking the role of less risky assets or even safe havens. In other words, bonds become useless, stocks become bonds, venture capital becomes stocks, art and it's become venture capital one. Welcome back to the breakdown with me and L. W. It's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by next addario and Casper and produced and distributed by coindesk. What's going on guys? It is Thursday March 11 and that sound you hear is the sound of people's heads absolutely exploding a few times in previous episodes, I've mentioned the people auction going on at Christie's. This is the first time the famous auction house has auctioned off a completely digital good. They had previously included N. F. T. Versions of some physical items that were up for auction. But this was the first time it was just an N. F. T. Well, the final bids are in and the price paid for people's the 1st 5000 days was 69 million 346,000 $250. First of all, the folks over on Wall Street bets are in utter disbelief that the price wasn't 69 million, 420,000 and $69. 2nd of all, crypto twitter is absolutely friggin losing their minds. This is
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03:59-08:03
tweeted prior to 2020 there were only 10 cards that ever sold for $1 million plus in history. Last night we sold five cards for a million dollars plus. Clearly there is something going on in the sports card collectible market as well. And on a smaller level I track a small index of magic, the gathering card prices just to keep track of what older cards in that space are doing and it's up 414% in the last year. This is going to be relevant for our discussion in a little bit about what's really underlying what's happening in N. F. T. S. But for now let's get back to the art. There has been a ton of focus here. First, people were gobsmacked by the price of crypto punks which are selling for thousands, sometimes even tens of thousands hash masks for more of the same. But all in all these things felt pretty well contained within the Crypto space. They were insider games, insider speculation and insider collectors. Over the last few weeks that shifted, we saw people sell on Nifty Gateway for more than six million. We had musicians jumping in Justin Blau who performs as three lau, sold a set of 33 N. F. T. S for over $11 million grimes made. Just under $6 million. Kings of Leon released an album last week with full N. F. T. S. We've seen more sports stars jump in with Gronk releasing a bunch of N. F. T. S and then we've had brands seemingly determined to ruin the party for everyone like Taco Bell who released a set of N. F. T. S last week as well. Of course, alongside the hype, the backlash is increased as well as I mentioned on yesterday's show that there is a huge group who are now fighting on environmental grounds just to give you a sample of some of those tweets. The biggest thing the N. F. T. Tells us is that we have an extremely short amount of time to destroy the capitalist system before it scorches all life from this earth in pursuit of a 3% rate of return. Here's another one. The N. F. T. Thing has drawn a line in the sand between the artists who are annoying for evil minting N. F. T. S. And artists who are annoying for good cyber bullying people minting LFTs until they're mentions are so exhausting, they stop like we're all annoying but it's how we use our powers. Finally let's do one more. I've been retweeting things here and there, but my stance on N. F. T. S is final. It's horrible for the environment at a very critical time in the climate crisis. Therefore if you participate in it, I will judge you freely and gladly and no longer support you. So I tweeted this out yesterday and got a huge number of responses of people who have seen similar things and keep in mind these aren't like random accounts or at least these tweets are getting hundreds and hundreds of likes and responses and retweets. So it seems clear that there is this counter lash happening even as we speak all in all. The point is that even before today things in this space we're getting pretty heated but then the people auction closed looking for the best way to unlock your Kryptos liquidity neck. So Dario is exactly what you need borrow against your digital assets at just 5.9% A. P. R. Earn passive income with yields of up to 12% and swap between more than 75 market pairs. With the instant Mexico exchange. Try the next wallet app to get the whole 360 degrees of crypto banking get started at nick's Ajaccio. Until now, Blockchain technology has been a series of compromises. No layer one protocol exists in the market that supports everything enterprises, developers and consumers need from decentralized applications. Meet KASPER. Casper provides the Blockchain ecosystem with a solution that makes no compromises around decentralization, security or performance. Learn more at Casper dot network. Yeah. So people whose real name is Mike Winkelmann was on the pump podcast the other day pump told him that he thought the auction was going to hit 50 million and people laughed in disbelief as well as it turns out pump wasn't bullish enough, as I mentioned before, the final tally was above 69 million. And so I've been tweeting about this all morning and just wanted to share the highlights of some of the community's response. First, there is still a big contingent of people who are the this is just a J. Peg set. This is the group who simply.
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04:38-10:46
focus here. First, people were gobsmacked by the price of crypto punks which are selling for thousands, sometimes even tens of thousands hash masks for more of the same. But all in all these things felt pretty well contained within the crypto space. They were insider games, insider speculation and insider collectors. Over the last few weeks that shifted, we saw people sell on Nifty Gateway for more than six million. We had musicians jumping in Justin Blau who performs as three lau, sold a set of 33 N. F. T s for over $11 million grimes made just under $6 million. Kings of Leon released an album last week with full N. F. T s. We've seen more sports stars jump in with Gronk releasing a bunch of n. F T s and then we've had brands seemingly determined to ruin the party for everyone like Taco Bell who released a set of n. F T s last week as well. Of course, alongside the hype, the backlash has increased as well as I mentioned on yesterday's show that there is a huge group who are now fighting on environmental grounds just to give you a sample of some of those tweets. The biggest thing the N. F. T. Tells us is that we have an extremely short amount of time to destroy the capitalist system before it scorches all life from this earth in pursuit of a 3% rate of return. Here's another one. The N. F. T. Thing has drawn a line in the sand between the artists who are annoying for evil minting LFTs and artists who are annoying for good cyber bullying people minting LFTs until they're mentions are so exhausting, they stop like we're all annoying, but it's how we use our powers. Finally, let's do one more. I've been retweeting things here and there, but my stance on N. F. T. S is final. It's horrible for the environment at a very critical time in the climate crisis. Therefore if you participate in it I will judge you freely and gladly and no longer support you. So I tweeted this out yesterday and got a huge number of responses of people who have seen similar things. And keep in mind these aren't like random accounts or at least these tweets are getting hundreds and hundreds of likes and responses and retweets. So it seems clear that there is this counter lash happening even as we speak all in all. The point is that even before today things in this space we're getting pretty heated. But then the people auction closed looking for the best way to unlock your Kryptos liquidity neck. So Dario is exactly what you need borrow against your digital assets at just 5.9% A. P. R. Earn passive income with yields of up to 12% and swap between more than 75 market pairs with the instant Mexico exchange. Try the next wallet app to get the whole 360 degrees of crypto banking get started at neck. So Dario until now Blockchain technology has been a series of compromises. No layer one protocol exists in the market that supports everything enterprises developers and consumers need from decentralized applications. Meet KASPER, Casper provides the Blockchain ecosystem with a solution that makes no compromises around decentralization, security or performance, learn more at Casper dot network. So people whose real name is Mike Winkelmann was on the palm podcast the other day pomp told him that he thought the auction was going to hit 50 million and people laughed and disbelief. Well as it turns out, pump wasn't bullish enough as I mentioned before, the final tally was above 69 million. And so I've been tweeting about this all morning and just wanted to share the highlights of some of the community's response. First, there is still a big contingent of people who are the, this is just a J. Peg set. This is the group who simply cannot fathom why someone would want to own quote, unquote something that is infinitely replicable and what's more where the owner has no practical ability to control that replica ability for them. The very idea of unique digital art is an oxymoron. Digital is a medium that doesn't allow for uniqueness in the important sense of the word because it can be so easily replicated, even if a Blockchain creates an approximation of a certificate of authenticity for that supposed uniqueness frankly, I think it's an understandable position and I don't fault anyone for having it. Digital uniqueness in the context of N. F. T. S. Does not come with scarcity in the traditional offline sense, nor in many ways writes in the traditional offline sense, it is not then a 1 to 1 approximation of uniqueness and providence for meatspace, but something that is sort of new and on its own terms, that means it has to be engaged with on its own terms and for some it simply won't make sense. I think, however, when we're looking at N. F. T. S right now, the position of those folks that this is just a jpeg clearly does not matter to the market, as in it seems pretty clear from the early evidence that there are enough people who do buy into this version of uniqueness that N. F. T. S. Are offering, that there is an explosive market forming here. Now I'm going to explore some other explanations for how that market is coming together and in particular why prices are as high as they are. But I do think especially given the top shot stuff happening at the same time, it's pretty hard to write this off as entirely speculators, even if speculation or some other motivation is clearly part of the particular intensity right now, I will note as well that this is the line that the new york times went with titling their piece about people. Jpeg file sells for 69 million as N. F. T mania gathers pace. This feels to me to be on the part of editors basically willfully obtuse and as such, pretty dismissible. And I guess just one more point on this. Before we go to the second line of conversation, I've seen a lot on twitter, There's just a lot of folks out there who have qualms with the specific art as in they don't like the people peace itself. I don't think in the context of this show I need to go that deep into that phenomenon. But it is something that N. F. T. S. Are clearly inheriting from the traditional art world. I mean think about Warhol, he painted tomato soup cans and people are still debating whether it's art. The second line, I've seen a lot on twitter has to do with money laundering which is another inheritance from the traditional art world. There has long been a sense that fine art is a great way to launder money auction houses tend to be very accommodative to anonymous buyers in large cast deals. So some simple money laundering might follow a pattern such as buyer buys a painting for X. Million dollars in a place like Geneva Immediately has it moved to a
test snippet
05:01-09:07
Justin Blau, who performs as three lau, sold a set of 33 N. F. T. S for over $11 million grimes made just under $6 million. Kings of Leon released an album last week with full N. F. T. S. We've seen more sports stars jump in with Gronk releasing a bunch of N. F. T. S and then we've had brands seemingly determined to ruin the party for everyone like Taco Bell who released a set of N. F. T. S last week as well. Of course, alongside the hype, the backlash has increased as well as I mentioned on yesterday's show that there is a huge group who are now fighting on environmental grounds just to give you a sample of some of those tweets. The biggest thing the N. F. T. Tells us is that we have an extremely short amount of time to destroy the capitalist system before it scorches all life from this earth in pursuit of a 3% rate of return. Here's another one. The N. F. T. Thing has drawn a line in the sand between the artists who are annoying for evil, minting N. F. T. S. And artists who are annoying for good cyber bullying people. Minting LFTs until they're mentions are so exhausting. They stop like we're all annoying but it's how we use our powers. Finally let's do one more. I've been retweeting things here and there, but my stance on N. F. T. S is final. It's horrible for the environment at a very critical time in the climate crisis. Therefore if you participate in it, I will judge you freely and gladly and no longer support you. So I tweeted this out yesterday and got a huge number of responses of people who have seen similar things and keep in mind these aren't like random accounts or at least these tweets are getting hundreds and hundreds of likes and responses and retweets. So it seems clear that there is this counter lash happening even as we speak all in all. The point is that even before today things in this space we're getting pretty heated. But then the people auction closed looking for the best way to unlock your Kryptos liquidity neck. So Dario is exactly what you need borrow against your digital assets at just 5.9% A P R earn passive income with yields of up to 12% and swap between more than 75 market pairs with the instant Mexico exchange. Try the next wallet app to get the whole 360 degrees of crypto banking get started at nick's Ajaccio. Until now, Blockchain technology has been a series of compromises. No layer one protocol exists in the market that supports everything enterprises developers and consumers need from decentralized applications. Meet KASPER, Casper provides the Blockchain ecosystem with a solution that makes no compromises around decentralization, security or performance, learn more at Casper dot network. Yeah. So people whose real name is Mike Winkelmann was on the Palm podcast the other day, pump told him that he thought the auction was going to hit 50 million and people laughed in disbelief as well. As it turns out, pump wasn't bullish enough. As I mentioned before, the final tally was above 69 million. And so I've been tweeting about this all morning and just wanted to share the highlights of some of the community's response. First, there is still a big contingent of people who are the, this is just a J peg set. This is the group who simply cannot fathom why someone would want to own quote unquote something that is infinitely replicable and what's more where the owner has no practical ability to control that replica ability for them. The very idea of unique digital art is an oxymoron. Digital is a medium that doesn't allow for uniqueness in the important sense of the word, because it can be so easily replicated. Even if a Blockchain creates an approximation of a certificate of authenticity for that supposed uniqueness, frankly, I think it's an understandable position and I don't fault anyone for having it. Digital uniqueness in the context of N F T. S does not come with scarcity in the traditional offline sense, nor in many ways, writes in the traditional offline sense, it is not then a 1 to 1 approximation of uniqueness and providence for Meatspace, but something that is sort of new and on its own terms, that means it has to be engaged with on its own terms. And for some, it simply won't make sense. I think, however, when we're looking at n f t s right now, the position of those folks that this is just a j peg clearly does not matter to the market, as in
the underlying what's happening in N. F. T. S. But for now, let's get back to the art. There has been a ton of focus here. First. People were gobsmacked by the price of crypto punks which are selling for thousands, sometimes even tens of thousands hash masks for more of the same. But all in all these things felt pretty well contained within the crypto space. They were insider games, insider speculation and insider collectors. Over the last few weeks that shifted, we saw people sell on nifty gateway for more than six million. We had musicians jumping in Justin Blau who performs as three lau, sold a set of 33 N. F. T. S for over $11 million grimes made just under $6 million. Kings of Leon released an album last week with full N. F. T. S. We've seen more sports stars jump in with Gronk releasing a bunch of N. F. T. S and then we've had brands seemingly determined to ruin the party for everyone like Taco Bell who released a set of N. F. T. S last week as well, of course, alongside the hype, the backlash is increased as well as I mentioned on yesterday's show that there is a huge group who are now fighting on environmental grounds just to give you a sample of some of those tweets. The biggest thing, the N. F. T, she tells us is that we have an extremely short amount of time to destroy the capitalist system before it scorches all life from this earth in pursuit of a 3% rate of return. Here's another one. The N. F. T. Thing has drawn a line in the sand between the artists who are annoying for evil minting LFTs and artists who are annoying for good cyber bullying people, minting LFTs until they're mentions are so exhausting, they stop like we're all annoying, but it's how we use our powers. Finally let's do one more. I've been retweeting things here and there but my stance on N. F. T. S is final. It's horrible for the environment at a very critical time in the climate crisis. Therefore if you participate in it, I will judge you freely and gladly and no longer support you. So I tweeted this out yesterday and got a huge number of responses of people who have seen similar things and keep in mind these aren't like random accounts or at least these tweets are getting hundreds and hundreds of likes and responses and retweets. So it seems clear that there is this counter lash happening even as we speak all in all the point is that even before today things in this space we're getting pretty heated but then the people auction closed looking for the best way to unlock your Kryptos liquidity neck. So Dario is exactly what you need borrow against your digital assets at just 5.9% A. P. R earn passive income with yields of up to 12% and swap between more than 75 market pairs with the instant Mexico exchange, try the next wallet app to get the whole 360 degrees of crypto banking get started at neck. So Dario until now Blockchain technology has been a series of compromises. No layer one protocol exists in the market that supports everything enterprises, developers and consumers need from decentralized applications meet KASPER, Casper provides the Blockchain ecosystem with a solution that makes no compromises around decentralization, security or performance, learn more at Casper dot network. Mhm So people whose real name is Mike Winkelmann was on the Palm podcast the other day, pomp told him that he thought the auction was going to hit 50 million and people laughed and disbelief. Well, as it turns out, pump wasn't bullish enough, as I mentioned before, the final tally was above 69 million. And so I've been tweeting about this all morning and just wanted to share the highlights of some of the community's response. First, there is still a big contingent of people who are the, this is just a J peg set. This is the group who simply cannot fathom why someone would want to own quote, unquote something that is infinitely replicable and what's more where the owner has no practical ability to control that replica ability for them. The very idea of unique digital art is an oxymoron. Digital is a medium that doesn't allow for uniqueness in the important sense of the word because it can be so easily replicated, even if a Blockchain creates an approximation of a certificate of authenticity for that supposed uniqueness, frankly, I think it's an understandable position and I don't fault anyone for having it. Digital uniqueness in the context of N F. T. S does not come with scarcity and the traditional offline sense, nor in many ways writes in the traditional offline sense. It is not then a 1 to 1 approximation of uniqueness and providence for Meatspace, but something that is sort of new and on its own terms, that means it has to be engaged with on its own terms. And for some, it simply won't make sense. I think, however, when we're looking at N F. T. S right now, the position of those folks that this is just a jpeg clearly does not matter to the market, as in it seems pretty clear from the early evidence that there are enough people who do buy into this version of uniqueness that N. F. T. S. Are offering, that there is an explosive market forming here. Now I'm going to explore some other explanations for how that market is coming together and in particular why prices are as high as they are. But I do think especially given the top shot stuff happening at the same time, it's pretty hard to write this off as entirely speculators, even if speculation or some other motivation is clearly part of the particular intensity right now, I will note as well that this is the line that the new york times went with titling their piece about people. Jpeg file sells for 69 million as N. F. T mania gathers pace. This feels to me to be on the part of editors basically willfully obtuse and as such, pretty dismissible. And I guess just one more point on this, before we go to the second line of conversation, I've seen a lot on twitter. There's just a lot of folks out there who have qualms with the specific art, as in they don't like the people peace itself. I don't think in the context of this show I need to go that deep into.
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