Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective. Turn
Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective.
Turning concert merchandise and memories digital
Snoop Dogg’s recent announcement of the Snoop Passport — an evolving concert tour collectible — is a trend I believe we’ll see get more and more traction among musicians and entertainers.
They tap into those fan moments we’ve all had: whether it’s dusting off an old concert T-shirt, rustling through a shoe box full of ticket stubs from sporting events and concerts you’ve attended or putting your favorite musician/band poster on your bedroom walls as a kid.
All these examples create feelings of nostalgia; they take you back to a moment in time and act like the timestamps of your life. But they are fragile at best over time, and at least half of my cherished ticket stubs are dog-eared with fading ink.
So storing nostalgia on the blockchain in durable digital goods is just the base case for why we’re likely to see more artists after Snoop follow suit. But there are plenty of other reasons for artists and fans to get on board
What’s in it for the musician?
— Ability to token gate exclusive and dynamic content to fans.
— Open up a new line of digital merch (alongside physical merch).
— Deeper engagement between artists and fans with new experiences and access.
— Collaboration with Web3 and digital artists (hip hop is well known for its collaborations over many decades, so this natural extension into a Web3 context makes sense).
— Reward fan loyalty and the ability to add additional utility to the holder.
— New revenue stream from minting. Snoop opted for $42 (approx) or 0.025 ETH, which re you can pay via credit card or via crypto.
— Royalties on secondary sales.
What’s in it for the fan?
— Creates nostalgia through collectibles on the blockchain.
— Dynamic content and exclusive behind-the-scenes access.
— Exposure to artists and collaborations (i.e., Terrell Jones and Coldie).
— Access to drops, events and experiences.
— The new era of displaying fandom (many collect vinyl when they don’t even have a record player)
— Integration with social media, a continuation of social signaling in our digital lives.
— Ability to trade it on secondary NFT markets.
What’s hot in NFT art markets
It’s hard to go past “The Goose” from artist Dmitri Cherniak’s Ringers generative art collection. This iconic piece sold as part of Sotheby’s recent Grails II event (an auction of NFT art seized from bankrupt crypto hedge fund Three Arrows Capital) for a whopping $6,215,1000 to Punk6529. Going into the auction, the sale price was estimated between $2 million to $3 million.
Originally minted in February 2021 for 0.1 ETH (the equivalent to $131 on the date of sale), The Goose’s price appreciation continues to ascend into the stratosphere.
The history of the piece includes a sale from TheCryptonite to Pixelpete for 1.26 WETH ($2,220) on 4 February 2021; a transfer from Pixelpete to 3AC for 1,800 ETH ($5,896,566) on 27 August 2021; and a new owner in Punk6529 via Sotheby’s auction after 3AC’s demise for 3,237 ETH ($5.4 million), plus a buyers premium in excess of $800,000.
Other notable Sotheby’s Grails II sales
Sotheby’s moves from museum pieces to the metaverse
Following the successful Grails II auction with 37 lots going under the hammer, Cointelegraph sat down with Michael Bouhanna, a Sotheby’s vice president and head of digital and NFTs, to discuss the pivotal auction and why the brand continues to lean in heavily to art on the blockchain.
“Grails II exceeded our expectations in every respect. The total of $11 million from the 37 lots is more than double the high estimate, which was $4.8 million. Every single lot sold in excess of the high estimate, and that data is very impressive,” says Bouhanna.
“There was tremendous excitement in the lead-up to the auction. We ended up having over 1,000 bids across the entire sale and had artists like Beeple and other members of the community take to Twitter to voice their excitement about the sale of The Goose. It was a very important movement, and I think that speaks to not only the importance of the work of The Goose but also to the collection and its significance to the market.”
Sotheby’s dates back to 1744 but only started its foray into NFTs in early 2021. Bouhanna believes the…
cointelegraph.com