Richest NFT Artist Admits Hype “Will Absolutely Go To Zero”

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Last Updated on 28 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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One of my favorite podcasts to listen to as I’m cooking evening dinner is Sway from the New York Times. Long, spun out and focusing on a subject that is in the world news.

The interviewer Kara Swisher is no stranger to learning about new things. A few weeks ago it featured Sacha Baron-Cohen talking about the Silicon Six, this week it had Mike Winkelmann, better known as Beeple.

He became the world’s third most living artists after he sold his work as an NFT for $69 million. He is now just behind Jeff Koons and David Hockney.

Advertentie.

Irrational exuberance bubble

Just as this site has repeatedly claimed that the NFT market could be a copy of the trendy DeFi hype which we experienced last summer, even Beeple now admits that it could all blow up in people’s faces if they take this stuff too seriously. We have to admit that by now DeFi has gotten rid of all the crime-crazed messes it features last year and is more trustworthy.

Online bidding for his digital collage entitled Everydays started at $100. Auction house Christie’s didn’t expect the bidding war that would ensue but it did. In the end, he sold it for $69.3 million.

Asked by the presenter whether it could all become a pyramid scheme as so many media outlets are warning for, Beeple responded:

This is for people who are looking to take some risks, because a lot of this stuff will absolutely go to zero.

Swisher pushed on at this point, wanting to find out whether or not he believed that he would ever sell a piece for $69 million again. Beeple stated:

If you just look at art historically, blue chip stuff does pretty well over time. But most of it goes to zero. That’s just how it is. And I believe NFTs will be no different. And I believe it’s absolutely in an irrational exuberance bubble that is – we’re there.