Remember NFTs? For about five minutes the art world was losing its mind over them. Galleries, celebrities, and tech bros all declared them the future. Artists were told if they didn’t mint their work on the blockchain, they’d be left behind. The hype was relentless with auctions selling pixelated clip-art for millions. Yet to most of us, it just seemed like a massive scam.
The first major NFT sale should have been a sign of the scam. Everydays: the First 5000 Days by Mike Winkelmann, AKA Beeple, was sold at Christie’s in 2021 for $69.3 million. The buyer, who paid in Ether (digital currency) was a founder of the Metapurse Project and along with the artist, was accused of driving up the price for publicity. Surely someone at Christie’s could see this was a scam?