Digital Disruptors

Why NFTs are ‘ten times better’ than traditional art | Interview with $69 million NFT buyers

In this video Metakovan and Twobadour talks about why NFTs are 10x better than traditional art. Both of them are NFT buyers.

Before summarizing the video, Let’s talk about what are NFTs?

What are NFTs?

NFTs are part of the Ethereum blockchain, they are individual tokens with extra information stored in them. That extra information is the essential part, which allows them to take the form of art, music, video and so on in the form of JPGS, MP3s, videos and GIFs and more.

It is designed to give people something that can be copied.

Video Summary

On March 11 an NFT by digital artist Beeple, was sold for a record price of 69 million dollars at a Christie’s auction. The buyer was a crypto entrepreneur known under the pseudonym of Metakovan and his partner’s name is Twoabadour. In the very first part of this video the motives behind the most expensive NFT sale is explained.

According to them the specific idea of being able to contribute to art and patronizing art is essential. They are decentralizing the culture and markets for the upcoming next generation. ‘Everydays: The First 5000 Days’ is a collage of digital pictures which were taken by Beeple everyday from May 1, 2007 to January 7, 2021.

Beeple started its journey in 2007. Beeple has been working on this without break for long 5000 days. The digital picture worth so much because of their creativity and consistency. Matekovan believes that NFTs has been 10x better than the physical counterpart when it comes to art. Although, there is a criticism about this. NFTs are great improvement to the physical arts.

There are some people in the traditional art world that say NFTs, at the end of the day, are just a
certificate of ownership on the blockchain, which they cannot touch, they cannot experience with their senses, while in the physical world they have a piece of art which they can touch, they can watch, they can look at and they can derive aesthetical pleasure from it.

Beeple has made these physical pieces which people could enjoy, because of the flexibility that these NFTs offer and the composability into the DeFi platforms natively. And without having to securitize these pieces of NFT, people can still share ownership.

Matekovan thinks that at some point, the prices of NFTs might crash and they might not have any activity for some time. But that’s just speculation. After that, NFTs are going to still stay and they’ll be stronger and it will evolve, these NFTs are going to evolve in different forms, they are going to see more collaboration between artists.

Last year they purchased a number of artworks by Beeple and divided their ownership into Blockchain-based tokens called the B.20. They kept the majority and sole the rest to public. The rational behind fractionalizing ownership of a work of art is that in future the price might get higher so it is investment for future. They did this as an experiment and they were quite successful in it.

Video Timeline

0:00​ – Intro
1:15​ – What is the social cause you are pursuing as art patrons
2:40​ – Why did you buy Beeple’s “Everydays: The First 5000 Days” for $69 million?
3:55​ – What makes Beeple more valuable than Leonardo da Vinci?
5:58​ – What makes NFTs better than physical artwork?
8:18​ – What if a single artist creates multiple NFTs of a single piece of art?
10:18 -​ Is there a bubble growing in the NFT market?
12:30​ – To what extent is the success of NFTs tied to Bitcoin?
14:20​ – What is the rationale behind fractionalizing ownership of a piece of art?
15:18​ – How do you respond to criticisms around the auction sale?

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