Bitcoin Forum

Well, it seems that this is the new norm for art collectors, as items are being sold via crypto now.

I know that this is just a small percentage and it's not even closer to adoption, but I think many years from now, we will see big auction houses accepting crypto as payments.

https://i.imgur.com/w0keJAC.png

https://twitter.com/makersplaceco/status/1317317988463251457

is this really worth that money, i am not sure what is bought, but if that is this on the video, i am not sure that this is worth this amount of money

picture like this could be done by any street portrait artist for $10, or even less, in five minutes, and could be better, not sure that this is a way to adoption, it is just people that have too much crypto, spending it un-productive, or even worse, just "wash trading" between friends to make news channels

I don't know who bought this painting but it seems to be overvalued and of little artistic value.
I see it as representing a new collectible trend for NFTs. Maybe in the future, we will see more worthy things in this market. NFTs are starting the trend, hopefully not being overblown like the ICO trend of 2017.

Glad that you mentioned NFT, yes it seems that it is the next big hype after the Defi thingy is over.

Not sure if this is overvalued or not, collectors do really know the value of the piece so it's hard to comment on it unless you are really into art. Anyway, it could be the next trend, but I'm not sure if big auction houses like Christie or something will adopt crypto. They are old school, and most of their big time client are into fiat transactions. It will be good if they shift, but I wouldn't be surprise if they won't. Unless the whole landscape really change for art auctions, and maybe those will readjust as well.

I didn't see much on the picture. Maybe they have something hidden there other people don't know about? I remember staring at an image some years ago, only to start seeing  "hidden" features normal eyes wouldn't have seen...That is one of the things I suspect is going on with some of those expensive arts with price tags that make no sense.


And another possible reason, is secret codes, puzzles etc, that people are trying to solve, or that have known codes or secrets only the owners/buyers know about(or will know about) . The code/secret could have keys to something of great value.

That is really a big milestone for crypto space but what I am thinking is that painting is really that valuable! That looks pretty ordinary to me. Some people have so much money that they don't know how to spend it! But the transaction is made by crypto so that is one important thing. If peoples are ready to accept crypto payments for daily life then crypto will be adopted very soon.

for collectors, they really spent a lot of money on something especially the collectors, I think it brings them joy when they have bought something they really want. like everybody else.
I won't judge the buyer of the item, you also said that it is rare, so I think it's worth it, besides he got money to spend on the art.

Thank you guys for your reply, but it seems that we may have missed one important thing here, others suggested in Twitter that this is a copyright infringement, with the Batman logo. Oh well, there could be legal woes coming here. In any case, I consider this a big success for crypto though.

You are right it indeed falls under copyright infringement. Batman logo is a trademark of DC comics. But does copyright infringement falls under cryptocurrency trade as the painting was purchased using ETH and not fiat

On the topic of NFTs, I have to say feel a bit sick of seeing of these influencers also now just pushing out all kinds of silly NFTs they probably didn't even make (paid some guy on Fiverrr to make most likely and paid another guy to create the NFT).

Thing is people just buy them anyway. World's not making any sense.

I think it is more about the context than anything else, there are now painters who are actually doing realistic drawing that you could can't see the difference from a photograph, like literally looks like a photo when you look at it with each and ever detail into it, you could google "hyper realistic drawing" and you will see the results. Do you think those people can't draw stuff like this? They can draw whatever they want if they can draw reality like a photo.

However there are context involved as well, and art is all about context, usually even the artist itself can't make it change neither. Banksy got one of his pictures sold and the moment it was sold it got shredded and now it worths even more, even banksy couldn't stop it becoming nothing in the end.

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The value maybe depend on the artist maybe the artist is so pupolar that he can able to  sell his art in that price it also depend on the buyer since he is the one who will spent money and bid for the art.

If you are not an artist then you will think is too much I am also in the same situation. why I should buy a simple art that you know that other artist can make and you can buy the same art in much cheaper price.

+1 for you.

If a non-popular who paint the art of course would be cheap but when some popular artist no matter the art is shit the valuable always be high. Could be same as a brand, nothing special at all but still can get more value.

very high value for a single transaction if it were me i wouldn't buy the item for 200k $ lol.
I better use it for something else.
but seen from here, I think those who buy it are art connoisseurs, yes whatever it is, hopefully he likes the items he bought.

I don't know much about art but I am still trying to understand the how such painting will worth that amount of money, I mean its costs a lot; well I will leave that to the experts.
But focusing on the method of payment is what makes me happy, because it is now certain and clear to a huge number of people who still doubts the crypto space that crypto is indeed an effective means of payment and that crypto as well has come to stay with us. Also, I am glad this happened with one of the best altcoin out there, thus showing that Ethereum is a good coin which is serving a good purpose. I believe this is a good start and there is more to happen.

I still do not understand how the value of these art works, collectibles etc are derived because this price for a simple painting looks way too expensive to me but maybe i do not see what the buyer sees out of these so can anyone explain how the value is calculated for these?

People need to beware of these NFT because it won't end well, why do I need to pay money for something I can just copy and safe, people that thing Digital scarcity is a thing must be living in Dreamland, not everything that is physical and be digitalized and monetise an I believe Art is part of it, when all these stupidity is over people will wake up and ask themselves how could I be this stupid to pay this much for this thing

This is crazy, $200k for Batman Art. I didn't found anything good in this art or maybe because i'm not an artist. So, i don't know about art.
Why not ? Last year i heard any people sell property and accept payment with crypto. Hope, next year we can see house seller accept crypto payment  :D

I think it should... as long as it has been copyrighted, and people that copied it are making money from it for themselves. Perhaps,  artists who wish to make money from this should used something different and unique  that is clearly not batman nor has been copyrighted.
This^ doesn't mean I support copyrighting things or  making them difficult for others to use right, for the benefit of others and themselves. It's just that some laws are made for sensible reasons (which people end up abusing).

There are people who would copy free things, modify them, make them look like their unique/original work, copyright them and make them hard for others to copy for their own benefit. This is totally immoral.

This arent a small percent if you ask me and it will also help crypto adoption within art collectors, artists etc.

Art is a piece of expressing oneself through drawings but there are sine certains which determine the price of an art.
1) Art draw on canvas are expected to be expensive than paper.
2) Artist representing his drawing on a wellknown/legendary gallery. An example Wirth, David Zwirner etc.