Screwed by an NFT... (Digital Art)

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bf hey everyone me kevin here i think

the world is literally going crazy

running around looking for

investment opportunities and i guess

they just don't realize that there are

such beautiful investment opportunities

like neo at 41 and tesla at

666. but anyway let's talk about

non-fungible tokens again because

non-fungible tokens or basically your

opportunity to

buy digital assets or buy rights to

something in a digital form are kind of

exploding

everyone's talking about them a lot of

people are interested in investing in

them

but the value of these creates a lot of

cause for concern for me

now originally i've been kind of casting

these aside

as uh not something i'm super interested

in

but recently banksy got into

non-fungible tokens

this means now not only have we had

video clips from the nba

turned into non-fungible tokens or

basically a digital asset that you can

now own the rights

to a clip from an nba game or

tweets are being turned into

non-fungible tokens to where you can own

the

rights to somebody's tweet we are

thinking that potentially songs will get

turned into non-fungible

tokens so that way people can own the

rights to

songs in a digital format

and allow the original artist to collect

commissions every time somebody in the

future

resells those rights kind of like shares

of a stock shares of a company

some commissions end up going back to

the original company every time

sounds really honestly profitable for

the original creators but anyway

there is no shortage of people trying to

tokenize stuff and sell it

people are trying to tokenize real

estate they're tokenizing art they're

tokenizing digital things that don't

even exist but then again neither does

bitcoin and after all the value of

bitcoin seems to be

whatever bitcoin holders think bitcoin

is worth

anyway banksy is now getting into the

non-fungible token space

yes banksy the guy who famously

made this painting girl with balloon

but not just famously came up with the

concept of uh or the stencil of

a girl with balloon but also the bizarre

twist that happened at this auction

where this

authentic girl with balloon painting was

auctioned off

for 1.4 million dollars at a sotheby's

auction

1.4 million is what this thing sold for

this guy goes to gavel down the 1.4

million dollar prize somebody wins this

piece of art

and banksy being banksy back in the old

days of banksy doing normal stuff and

not digital token stuff

hire some dude to basically build a

digital shredder or some kind of

shredder in the piece of art

go to the event push a button and

artwork somebody just bought

bye bye gets shredded in half

yeah that's banksy for you in case you

haven't seen that yet we'll leave it to

banksy because banksy is now getting

into

non-fungible tokens and so what he

decided to do was take

this painting from 2006 an original

painting there's a youtube video on this

you can look it up

but there's an original painting called

the

and if you zoom into what the says

this is what

the says from 2006. i can't

believe you

morons actually buy this shi

you get the picture here yes that is the

and so what banksy decides to do is say

hey well

if we want to get into the non-fungible

token space and we love

selling people experiences why don't we

take this actual piece of artwork

and just burn it because if we burn it

the value of the actual

physical art will go into the video or

the

digital survival of this art and then

let's

sell it as a non-fungible token and sell

it they did

after they burned it they sold this art

for 380 000

and now banksy is officially in the

non-fungible token space along with

logan paul basketball stars

people selling tweets like jack dorsey

and potentially square selling

non-fungible tokens for music it's a

very bizarre space

and i understand that people are

suggesting that okay well here's the

thing with non-fungible tokens

you can display the art sure we can

display the art

and the value isn't in that you can

display it because you can display this

video right you can put this in your

hallway on an ipad with a 25

3d printed ipad holder and display the

art

i could display the r2 we could all

display this youtube video that we just

watched

the street cred apparently from these

non-fungible tokens comes from the right

to be able to say

well i actually own the digital rights

to it in fact

i can scan a qr code with the address of

this

uh this product and i can always go ah

kevin owns that piece of art that's cool

i wonder where he displays it ah he

could display it anywhere he wants

because it's his digital token

he can take out his phone and go here's

my banksy that i own

here's my picasso that i own they could

just be digital

representations essentially but because

blockchain technology always tells the

world who owns it

somehow this bestows value on it

and the value comes from somebody being

willing to pay me more money

to be able to have the ownership of this

digital art and in this case this

experience

personally i find this kind of ludicrous

i have to say it i find it a little

ludicrous now don't get me wrong

i i know people are going to invest in

these and i don't want to sound like a

boomer but i've got two big problems

number one future liquidity if there's a

market crisis

and i gotta liquidate my banksy for even

what i paid for 350 000

and we're in the middle of a real deep

doo-doo market crisis

well how fast am i going to be able to

resell this see

usually value comes from how much hype

there is around something

the more hype there is around a certain

stock like sundial

the more valuable it is because more

people want it because more people are

thinking about it

well when somebody plays you know when

somebody sells a clip of a basketball

game from 2021

that might be exciting in 2021 but when

i sit down with friends

or family over beer or whatever and say

something like

hey let me tell you about this

experience i had in 2014 about how

germany scored

7-1 versus brazil in the semifinals of

the world cup which is like crazy and

unheard of

the experience kind of begins to fade

even though it's recorded and it's on

youtube

like somebody watching it now is not

going to share the same passion of me

at the event i don't think somebody

buying a sports clip from 2021 in 2031

is going to all of a sudden be so much

more enthused

than we are today i don't think this

banksy could potentially be worth

more in the future even if banksy

becomes more

popular it just seems like peak hype is

around the fact that

okay cool this was the first nft he did

it's the first nft that he burned or

his first real art that he burned and

turned into a digital token essentially

that's great but if somebody wants to

pay me more for this in the future i

feel like a they're going to have more

choice

b how do i know that they're going to be

there when i need them

a la market crash and c

what if nobody ends up wanting to buy

this what if banksy does

200 more of these sure i'll always have

this unique

dated experience i'll always have this

experience from whenever this was filmed

what was this march

5th or something like that when they

uploaded this march 3rd 2021

great but it seems to me

like the future value and the current

liquidity of non-fungible tokens

is a disaster waiting to happen for

a lot of folks and it wouldn't surprise

me if non-fungible tokens take out

95 of the value in non-fungible tokens

that are created

in other words i wouldn't be surprised

if 95 of nfts go to zero

and there'll be a few winners you know

the big really popular winners will be

there

now i also i get the idea of people

saying hey well

you know and this is different i get the

idea of people saying hey well

let's say you buy a meet kevin

non-fungible token and with that

non-fungible token you get to talk to

kevin for 30 minutes let's say on the

phone or whatever right

and somebody pays i don't know 500 bucks

for it let's say

okay great but the future buyer isn't

going to get the benefit of the phone

call unless i want to keep doing the

phone calls in which case i'm really

just selling the phone call potentially

if i don't do the phone call then the

underlying value

would probably be in hyper publicity

right oh it's the first one oh that's

great

but say i make 500 bucks and i don't

have to do a phone call and then i do

500 more of them

at some point who's gonna care about the

original one oh but it was the first one

i have

serious concerns about these i have

serious concerns about liquidity and

future valuation

and i get that it's cool to show off

collectibles but

look unless you play runescape you don't

care how many party hats i have

unless you play rust you don't care how

many aks i have

unless you play world of warcraft you

don't care

that my eye level is over 200 you don't

care

that's a concern to me now i know matt

maybe well fine kevin your market's just

smaller you should be selling your nfts

to in that

example runescape players fine fine

maybe runescape will be more popular in

the future

but wouldn't there be other people also

selling these

and during a market crash how do i know

people would actually want to fork over

real cash for them in the future

serious concerns for nfts i think it's

fascinating that banksy is getting into

this because i respect banksy whoever

the heck he is

but wow nfts crazy

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