Particle LSUGS
new particle slug
new particle slug body
new particle slug 2
new particle slug2
new particle slug3
new particle slug3
Particle LSUGS
new particle slug body
new particle slug2
new particle slug3
Would you like to exhibit an artwork worth $69 million in your own home? It's easier than you might think.
How it works: What you have just downloaded is the genuine artwork that was auctioned this week at Christie's. It is not a fake; it is identical in every respect to the file that is now owned by the buyer of the work.
Between the lines: While many NFTs come with resale royalties that give the artist a cut of future sales, this particular one doesn't. As a result, there's every reason to expect the value of this particular NFT to go down rather than up.
The big picture: This is an artwork quite unlike anything that has ever been sold at Christie's before. The art object — the exhibitable digital file — has no financial value at all, even though it's where all the aesthetic and art-historical value lies. Meanwhile, the token conferring ownership of the object is worth millions, even though it can't be seen or experienced with any of the five senses.
The bottom line: The art world is placing a lot of hope in NFTs. In theory, they could provide a whole new revenue stream for struggling artists and galleries. But it is still unclear which art collectors will value them, or why.