subtitles can be enabled in the video player.
MUSIC PLAYING
The non-fungible token is called NFTs.
What is an NFT? Apparently, it'scryptocurrencies.
Non-English words are used.
What is an NFT? This is a good question.
There is a piece of content that has been created by an individual.
An NFT is a token that holds information.
Nanne Dekking said that this technology makes information unalterable.
Sales of non-fungible token have soared this year, shaking up the traditional art world, according to Robert Armstrong. Digital art has drawn attention to the sales of NFTs.
The artist known as Beeple is a relatively unknown American artist.
It was sold in an auction.
One of the three most valuable living artists is Robert Armstrong.
The pop sold for $12 million. Digital technology has created both artwork and the physical world.
MUSIC PLAYING
The most talented artists in my opinion of our generation are digital artists. I think that very few people ever collected digital art. It was like I can see it for free, so no one took it seriously. Why would I buy this?
The basis of the art world is a traditional notion of unique property, a unique thing that is exchanged for value. A painting is not a piece of paper. It's rare. It's hard to find. There is only one thing and that can be a carrier of value.
In order for photography to be considered art, you need to sell a limited number of them, make an edition, and they need to be printed. Digital art isn't meant to be printed. It's not that value didn't exist in digital art. It couldn't accumulate financial value.
Until now, there was a problem with these works of art because you couldn't actually trade in them because you didn't have a way of proving you owned it.
The ability to verify the provenance of art has always been important to the market. When the artwork isn't in the physical world, how can you confirm ownership? NFTs come in.
There are no red flags in the artworks that are valuable. It's not rocket science because if you've been a dealer like me, you know what the attributes are that create value. It's important that the title is clear. It's important that you're authentic, of course. That helps as well. You want to know how many paintings like this were painted by the same artist, and where they stand in the art historical field.
These digital artists, who I think are brilliant, had no real system of patronage and were not appreciated. We started looking at the possibility of having something that's not tangible, but it's limited, and we said if it can prove that, then we should use it.
The art world woke up, looked around, and thought what on earth are NFTs, after an NFT was sold by Christie's for $70 million.
MUSIC PLAYING
An NFT is a token that is notfungible. You get the deed when you buy a house. You get a certificate of provenance when you buy a Picasso.
In this new world, when you buy a work of art, you're actually buying the NFT, proof that it belongs to you. The proof is in the internet. It's a virtual ledger that can't be changed. Digital creators are selling their works for huge sums because of the change in the art market with the advent of NFTs.
Alex Atallah said that for the first time on the internet, you can own something and trade it on any market you want. We're seeing a lot of exciting activity around digital art, and it's forming a brand new market that never existed before. NFTs go far beyond that. Things like tickets, game items, and domain names could be turned into NFTs.
Anything you want, Gary Vaynerchuk. An artist can make an NFT and put in a contract that will allow you to have dinner with me if you buy it. You can come to my studio and I'll do a self-portrait. You can get the buckets that I used. If NFTs were around when Jackson Pollock was around, you could get the empty paint buckets that are now worth more than the paintings. The contract underneath the collectible is what is changing this technology.
It's not just digital assets. You can trade full or part ownership of physical assets, including paintings, sports highlight reels, and sports cars.
I'm on the second floor. I've been fortunate to have the space through the Pandemic.
I'm curious about NFTs. I like the idea of NFTs being a part of the Wild Wild West. I'm curious to see what artists do with it. It's still in its infancy.
Is it possible for a poet to read a few lines of their poem and have their voice in the NFT? Is it possible to incorporate parts of my process? Can I use some of my inspiration in a video form, like the graffiti work I've seen around my neighbourhood? Is there a way to show some of the people that don't get it when they see my painting? That's what I'm most excited about.
I had a discussion with my students. They are very curious. Many of them don't know much about it. If you're 15 you have a voice in art making. You can say what you want. Social media has given them a wider platform, just like an NFT.
An artist who is young today is going to get educated. They are 25 years old. They had no choice but to use the high market art world infrastructure. I think this gives them options.
When I was in the art market, I always felt like we were limiting people. It wasn't an inclusive market. These temples were built for art. Art fairs are created with only champagne and caviar. It wasn't very inclusive.
GG Emery, Hey.
Lisa Ledson, hey. How are you?
GG Emery is good. How are you?
Good to see you.
Good to see you in person.
I know, Lisa Ledson. Thanks for the meeting.
We showed up in Times Square.
We did. You were a part of it.
GG Emery: Yeah.
A art fair show. How crazy was that? It was amazing.
A number of my clients talk to me about how I need to put everything else on hold to focus on NFTs, and I was like I'm busy enough. That is not possible. I was like, oh, OK, actually, after I brought in this mentor, he started showing me what I could do with it.
GG Emery, are you my sensei? Is that?
I guess I could be your baby sensei. I would have to ask the person.
Do you think you'll be ready?
That is the plan. I haven't said anything yet.
Yes, Lisa Ledson. Let's do it.
That's the plan.
Excellent, Lisa Ledson.
A woman is speaking.
GG Emery, come on, come here for a second.
A woman is clearing some of this out.
The most confusing part wasn't the minting and listing part, but how to set these initial things up.
GG Emery is sure.
How to make your images fit the requirements for OpenSea. You'll be impressed when I show you.
GG Emery: OK.
Yes, Lisa Ledson. We have $400 in your account, and you're like I want to mint three NFTs tonight. Every platform has its own size requirements for the files or the NFTs that you're selling, so you need to keep in mind that. OpenSea is the platform that we're going to be using. Thank you.
A woman is speaking.
Here's a couple. I'll be dropping this piece in the coming weeks.
GG Emery had a random thought. I've heard a lot of people talking about where the NFTs might go, and even cryptocurrencies, too, and I have a lot of friends who think it's just a fad. This is dumb. It's not art.
The artist gallery relationship is one where the artist is on the fringes of a transaction. We talked about it. We don't know who the buyer is for a painting we sell through a gallery. We don't have access to that information as it's sold down the road. The ability to be at the center of the transaction and have control and oversight of their work is something we have never had before.
It isn't always easy for an artist to earn a steady income. If you earned money not just the first time you sold your artwork, but every time, a royalty payment triggered by each secondary sale built into the NFT, what would you do?
Every time there's a secondary sale, the standard goes back to the original artist, which is amazing because my art friends have been with me for 40 years. The other ones were either teachers or doing something else.
Every time that piece of art sells, the artist is going to make money, so they're winning on two new fronts, a bigger percentage of the upfront sale and the ability to make royalty on every concurrent sale in perpetuity.
I think we're going to find ways in which content creators can be paid for their skills and talents, and here's a way to do that. It's very intriguing.
NFTs are making the art world more accessible, that's a good thing. I'm not sure if I agree with the idea that you can spend millions of dollars on a work of art that you can't actually touch with your own hands, that can be reproduced indefinitely at the touch of a button, and that everyone else can see any time they like.
Someone buying a Gauguin and putting it above their couch and someone posting on social media that they own it is not different from someone buying a Beeple and posting on social media that they own it. It's the same. Ownership is a stronger claim than a like.
Social currency is why Mercedes and Nike matter. It's how you express yourself. How many people are you showing that you have a painting that is very expensive when you put it in a warehouse for tax reasons? You have the physical, I love that farce. The most valuable stuff is in warehouses. What are we talking about? Everybody knows when you do it digitally.
Ladies and gentlemen, now is the time to purchase.
So who is buying? Art lovers or speculators?
Kevin Coy is unsure what motivates buyers. There are lots of things that motivate buyers. The utility of the piece is what buyers are most concerned with in this market.
The majority of buyers are using cryptocurrencies. Christie's accepted cryptocurrencies when the Beeple sold. They accepted either of the two payment methods.
Most of my clients are between the ages of 28 and 42. Most of the wealth is concentrated with baby boomers and older individuals, so we're talking pretty young. People are looking for new asset classes and new ways to invest with the emergence of cryptocurrencies like NFTs.
The First 5,000 days was sold at Christie's for $69.3 million. That's a lot of money for an artist.
The money is crazy and awesome, and I think it's going to do a lot of good.
Huge sales generate a lot of publicity, but are NFTs really here to stay or a bubble ready to burst?
The NFTs in their design are ripe for speculation because now that the art is not physical, that you don't even have to deal with storing it, that it's just a JPEG and all of that.
People are going to try to take advantage of it. That's our genetic makeup, or that of many people's. Will people come up with things and throw them in the NFT space, and will there be a cleaning of the house? Probably yes. I think so. I don't think anything that is NFT is gold.
People who own cryptocurrencies don't have a lot of things they can spend their money on. You can't use it as easily as you can use the currency of your choice. I think this has had an influence on the market for NFTs.
I think 1999 is a internet moment. Let me explain. I'm going to give you a prediction because I see patterns.
The next six to 12 months will see greed taking over. Everyone will put out NFTs. People will try to trick you and steal from you. There will be so much happening. Some people will make a lot of money.
It will fall. There is absolutely no chance of a NFT winter. What will happen? I'm going to be building NFTs during that time because I know what happened with the internet. This happened with personal computers. Apple had some moments in the early '80s. This is what happens when the biggest technologies are used.
In the third quarter, overall sales of NFTs increased to $10.7 billion. Art, videos, collectibles, and even assets in virtual worlds are included. It's easy to be a believer when you're making money, but remember that this technology is still young and there are bound to be challenges.
When the big Beeple sale came in, people were like, "Wait a minute, this stuff is really hard to use." I thought it was supposed to be democratised, but I can't figure it out. The big things today are not very fast. You have to get some currency by hooking up your bank to a website.
There are no copyrights associated with an NFT, so a lot of people compare it to buying an asset or a right to a copyright. It is a contract between you and the artist at the moment.
You have to get your head around the fact that there is a gas fee when you want to send currency, and you're not sure why.
You have to be careful. This is a speculative market. It's going to be volatile because it's linked to cryptocurrencies.
If you're going to collect these NFTs, you need a metamask wallet. This is a lot for most people. You have to memorise and make sure you don't lose your code because there's no help line. You own these things and if you lose the code, you're in trouble.
Good morning, Lisa.
GG Emery, hello there.
Excellent, Lisa Ledson. How are you?
GG Emery is good. I have some news.
What is that? Lisa Ledson.
I sold my first NFT.
What! Lisa Ledson. Thank you!
GG Emery, thank you. Three days.
Excellent, Lisa Ledson. You're like whoa as it clicks in, isn't it?
My mind is completely blank. Maybe I'd go beg someone, I figured this one would be like that. Come on, get a wallet.
I had a bunch of other people reach out to me that I've never met, because this guy who bought a couple of paintings a couple of years ago is interested in other paintings. It's been good.
The NFT movement is like empowering artists economically. We're at the beginning of NFTs, and then we're also at the beginning of a wave of artists from the traditional art role coming in.
GG Emery is correct. Yeah. I like seeing what you're doing. You also have more dropping.
Thank you, Lisa. Yeah. I'm going to do a big drop at Art Basel on December 1st and I'm thinking of just doing some small drops.
I'll see you in Miami.
We will have to celebrate in Miami.
We'll celebrate in Miami.
A lot of people are in the market to make money. New markets are popular with speculators. That is nothing new. There's money to be made and money to be lost. This new technology is opening doors for the artists. It's not clear where those doors will lead.
There's a huge update for me. Ourobouros was re- listed for a lot more money by the person who bought it. At the time it was sold, it was worth about $3,900, but now it's worth over a thousand dollars. So, yes. It blew my mind again.
MUSIC PLAYING
Page 2
subtitles can be enabled in the video player.
MUSIC PLAYING
The non-fungible token is called NFTs.
What is an NFT? Apparently, it'scryptocurrencies.
Non-English words are used.
What is an NFT? This is a good question.
There is a piece of content that has been created by an individual.
An NFT is a token that holds information.
Nanne Dekking said that this technology makes information unalterable.
Sales of non-fungible token have soared this year, shaking up the traditional art world, according to Robert Armstrong. Digital art has drawn attention to the sales of NFTs.
The artist known as Beeple is a relatively unknown American artist.
It was sold in an auction.
One of the three most valuable living artists is Robert Armstrong.
The pop sold for $12 million. Digital technology has created both artwork and the physical world.
MUSIC PLAYING
The most talented artists in my opinion of our generation are digital artists. I think that very few people ever collected digital art. It was like I can see it for free, so no one took it seriously. Why would I buy this?
The basis of the art world is a traditional notion of unique property, a unique thing that is exchanged for value. A painting is not a piece of paper. It's rare. It's hard to find. There is only one thing and that can be a carrier of value.
In order for photography to be considered art, you need to sell a limited number of them, make an edition, and they need to be printed. Digital art isn't meant to be printed. It's not that value didn't exist in digital art. It couldn't accumulate financial value.
Until now, there was a problem with these works of art because you couldn't actually trade in them because you didn't have a way of proving you owned it.
The ability to verify the provenance of art has always been important to the market. When the artwork isn't in the physical world, how can you confirm ownership? NFTs come in.
There are no red flags in the artworks that are valuable. It's not rocket science because if you've been a dealer like me, you know what the attributes are that create value. It's important that the title is clear. It's important that you're authentic, of course. That helps as well. You want to know how many paintings like this were painted by the same artist, and where they stand in the art historical field.
These digital artists, who I think are brilliant, had no real system of patronage and were not appreciated. We started looking at the possibility of having something that's not tangible, but it's limited, and we said if it can prove that, then we should use it.
The art world woke up, looked around, and thought what on earth are NFTs, after an NFT was sold by Christie's for $70 million.
MUSIC PLAYING
An NFT is a token that is notfungible. You get the deed when you buy a house. You get a certificate of provenance when you buy a Picasso.
In this new world, when you buy a work of art, you're actually buying the NFT, proof that it belongs to you. The proof is in the internet. It's a virtual ledger that can't be changed. Digital creators are selling their works for huge sums because of the change in the art market with the advent of NFTs.
Alex Atallah said that for the first time on the internet, you can own something and trade it on any market you want. We're seeing a lot of exciting activity around digital art, and it's forming a brand new market that never existed before. NFTs go far beyond that. Things like tickets, game items, and domain names could be turned into NFTs.
Anything you want, Gary Vaynerchuk. An artist can make an NFT and put in a contract that will allow you to have dinner with me if you buy it. You can come to my studio and I'll do a self-portrait. You can get the buckets that I used. If NFTs were around when Jackson Pollock was around, you could get the empty paint buckets that are now worth more than the paintings. The contract underneath the collectible is what is changing this technology.
It's not just digital assets. You can trade full or part ownership of physical assets, including paintings, sports highlight reels, and sports cars.
I'm on the second floor. I've been fortunate to have the space through the Pandemic.
I'm curious about NFTs. I like the idea of NFTs being a part of the Wild Wild West. I'm curious to see what artists do with it. It's still in its infancy.
Is it possible for a poet to read a few lines of their poem and have their voice in the NFT? Is it possible to incorporate parts of my process? Can I use some of my inspiration in a video form, like the graffiti work I've seen around my neighbourhood? Is there a way to show some of the people that don't get it when they see my painting? That's what I'm most excited about.
I had a discussion with my students. They are very curious. Many of them don't know much about it. If you're 15 you have a voice in art making. You can say what you want. Social media has given them a wider platform, just like an NFT.
An artist who is young today is going to get educated. They are 25 years old. They had no choice but to use the high market art world infrastructure. I think this gives them options.
When I was in the art market, I always felt like we were limiting people. It wasn't an inclusive market. These temples were built for art. Art fairs are created with only champagne and caviar. It wasn't very inclusive.
GG Emery, Hey.
Lisa Ledson, hey. How are you?
GG Emery is good. How are you?
Good to see you.
Good to see you in person.
I know, Lisa Ledson. Thanks for the meeting.
We showed up in Times Square.
We did. You were a part of it.
GG Emery: Yeah.
A art fair show. How crazy was that? It was amazing.
A number of my clients talk to me about how I need to put everything else on hold to focus on NFTs, and I was like I'm busy enough. That is not possible. I was like, oh, OK, actually, after I brought in this mentor, he started showing me what I could do with it.
GG Emery, are you my sensei? Is that?
I guess I could be your baby sensei. I would have to ask the person.
Do you think you'll be ready?
That is the plan. I haven't said anything yet.
Yes, Lisa Ledson. Let's do it.
That's the plan.
Excellent, Lisa Ledson.
A woman is speaking.
GG Emery, come on, come here for a second.
A woman is clearing some of this out.
The most confusing part wasn't the minting and listing part, but how to set these initial things up.
GG Emery is sure.
How to make your images fit the requirements for OpenSea. You'll be impressed when I show you.
GG Emery: OK.
Yes, Lisa Ledson. We have $400 in your account, and you're like I want to mint three NFTs tonight. Every platform has its own size requirements for the files or the NFTs that you're selling, so you need to keep in mind that. OpenSea is the platform that we're going to be using. Thank you.
A woman is speaking.
Here's a couple. I'll be dropping this piece in the coming weeks.
GG Emery had a random thought. I've heard a lot of people talking about where the NFTs might go, and even cryptocurrencies, too, and I have a lot of friends who think it's just a fad. This is dumb. It's not art.
The artist gallery relationship is one where the artist is on the fringes of a transaction. We talked about it. We don't know who the buyer is for a painting we sell through a gallery. We don't have access to that information as it's sold down the road. The ability to be at the center of the transaction and have control and oversight of their work is something we have never had before.
It isn't always easy for an artist to earn a steady income. If you earned money not just the first time you sold your artwork, but every time, a royalty payment triggered by each secondary sale built into the NFT, what would you do?
Every time there's a secondary sale, the standard goes back to the original artist, which is amazing because my art friends have been with me for 40 years. The other ones were either teachers or doing something else.
Every time that piece of art sells, the artist is going to make money, so they're winning on two new fronts, a bigger percentage of the upfront sale and the ability to make royalty on every concurrent sale in perpetuity.
I think we're going to find ways in which content creators can be paid for their skills and talents, and here's a way to do that. It's very intriguing.
NFTs are making the art world more accessible, that's a good thing. I'm not sure if I agree with the idea that you can spend millions of dollars on a work of art that you can't actually touch with your own hands, that can be reproduced indefinitely at the touch of a button, and that everyone else can see any time they like.
Someone buying a Gauguin and putting it above their couch and someone posting on social media that they own it is not different from someone buying a Beeple and posting on social media that they own it. It's the same. Ownership is a stronger claim than a like.
Social currency is why Mercedes and Nike matter. It's how you express yourself. How many people are you showing that you have a painting that is very expensive when you put it in a warehouse for tax reasons? You have the physical, I love that farce. The most valuable stuff is in warehouses. What are we talking about? Everybody knows when you do it digitally.
Ladies and gentlemen, now is the time to purchase.
So who is buying? Art lovers or speculators?
Kevin Coy is unsure what motivates buyers. There are lots of things that motivate buyers. The utility of the piece is what buyers are most concerned with in this market.
The majority of buyers are using cryptocurrencies. Christie's accepted cryptocurrencies when the Beeple sold. They accepted either of the two payment methods.
Most of my clients are between the ages of 28 and 42. Most of the wealth is concentrated with baby boomers and older individuals, so we're talking pretty young. People are looking for new asset classes and new ways to invest with the emergence of cryptocurrencies like NFTs.
The First 5,000 days was sold at Christie's for $69.3 million. That's a lot of money for an artist.
The money is crazy and awesome, and I think it's going to do a lot of good.
Huge sales generate a lot of publicity, but are NFTs really here to stay or a bubble ready to burst?
The NFTs in their design are ripe for speculation because now that the art is not physical, that you don't even have to deal with storing it, that it's just a JPEG and all of that.
People are going to try to take advantage of it. That's our genetic makeup, or that of many people's. Will people come up with things and throw them in the NFT space, and will there be a cleaning of the house? Probably yes. I think so. I don't think anything that is NFT is gold.
People who own cryptocurrencies don't have a lot of things they can spend their money on. You can't use it as easily as you can use the currency of your choice. I think this has had an influence on the market for NFTs.
I think 1999 is a internet moment. Let me explain. I'm going to give you a prediction because I see patterns.
The next six to 12 months will see greed taking over. Everyone will put out NFTs. People will try to trick you and steal from you. There will be so much happening. Some people will make a lot of money.
It will fall. There is absolutely no chance of a NFT winter. What will happen? I'm going to be building NFTs during that time because I know what happened with the internet. This happened with personal computers. Apple had some moments in the early '80s. This is what happens when the biggest technologies are used.
In the third quarter, overall sales of NFTs increased to $10.7 billion. Art, videos, collectibles, and even assets in virtual worlds are included. It's easy to be a believer when you're making money, but remember that this technology is still young and there are bound to be challenges.
When the big Beeple sale came in, people were like, "Wait a minute, this stuff is really hard to use." I thought it was supposed to be democratised, but I can't figure it out. The big things today are not very fast. You have to get some currency by hooking up your bank to a website.
There are no copyrights associated with an NFT, so a lot of people compare it to buying an asset or a right to a copyright. It is a contract between you and the artist at the moment.
You have to get your head around the fact that there is a gas fee when you want to send currency, and you're not sure why.
You have to be careful. This is a speculative market. It's going to be volatile because it's linked to cryptocurrencies.
If you're going to collect these NFTs, you need a metamask wallet. This is a lot for most people. You have to memorise and make sure you don't lose your code because there's no help line. You own these things and if you lose the code, you're in trouble.
Good morning, Lisa.
GG Emery, hello there.
Excellent, Lisa Ledson. How are you?
GG Emery is good. I have some news.
What is that? Lisa Ledson.
I sold my first NFT.
What! Lisa Ledson. Thank you!
GG Emery, thank you. Three days.
Excellent, Lisa Ledson. You're like whoa as it clicks in, isn't it?
My mind is completely blank. Maybe I'd go beg someone, I figured this one would be like that. Come on, get a wallet.
I had a bunch of other people reach out to me that I've never met, because this guy who bought a couple of paintings a couple of years ago is interested in other paintings. It's been good.
The NFT movement is like empowering artists economically. We're at the beginning of NFTs, and then we're also at the beginning of a wave of artists from the traditional art role coming in.
GG Emery is correct. Yeah. I like seeing what you're doing. You also have more dropping.
Thank you, Lisa. Yeah. I'm going to do a big drop at Art Basel on December 1st and I'm thinking of just doing some small drops.
I'll see you in Miami.
We will have to celebrate in Miami.
We'll celebrate in Miami.
A lot of people are in the market to make money. New markets are popular with speculators. That is nothing new. There's money to be made and money to be lost. This new technology is opening doors for the artists. It's not clear where those doors will lead.
There's a huge update for me. Ourobouros was re- listed for a lot more money by the person who bought it. At the time it was sold, it was worth about $3,900, but now it's worth over a thousand dollars. So, yes. It blew my mind again.
MUSIC PLAYING
