The funny thing about many of the absolutely insane things happening in the world today is that from a certain perspective, they actually make perfect sense. Take the famous brands buying metaverse real estate, for example. At first glance, it makes no sense at all. At second glance, assuming the user base of the respective projects grows over time, it’s like buying an ad banner on a website, just at a higher markup. Considering how many headlines you get on the purchase, the purchase becomes quite sensible even if you do nothing with your plot of virtual land.
It’s quite possible to make the same case for nonfungible token (NFT) art, another major trend in the blockchain space, at least in how much buzz it has generated. Just a few months ago, Paris Hilton and Jimmy Fallon checked how deep the cringe abyss goes on live TV as they showcased their Bored Apes. And that’s just a few of the mainstream celebs who have joined the NFT art hype train recently, with quite a few of them managed by the same entity, United Talent Agency. And would you believe it, UTA also represents Yuga Labs Bored Ape Yacht Club’s makers.
Welcome to the club, @guyoseary ! ☠️⛵️ https://t.co/PcUtD67zIF
— Bored Ape Yacht Club (@BoredApeYC) October 12, 2021
This may hint at an interesting nexus between the entertainment elites and the poster kids of the NFT scene. BAYC at least has more than pictures to offer, though, which is not always the case for NFTs we see popping up at leading auction houses Christie’s and Sotheby’s. As these two worlds move closer to each other, their similarities come into the spotlight — and reveal some pretty funky truths along the way in how we perceive both art and value.
Related: Planet of the Bored Apes: BAYC’s success morphs into ecosystem
Value is in the eye of the appraiser
Traditional art is quite effective as a store of value; it can generate some returns over time and is pretty convenient in the sense that a $100-million painting takes less space than the same amount in cash. But if the value of fiat comes from the financial strength of the issuing nation, with art, things are 100 times murkier.
What is art? Pretty much anything, one would think after a walk through a random modern art gallery. In fact, some of the most famous and modern artists, from Andy Warhol to Jeff Koons, work to deconstruct our understanding of what art is and what can be art. If anything, we live in an age when a banana taped to a wall can be on…
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