Tuesday, March 23, 2021

"Beeple, the third-most valuable artist alive, says investing in crypto art is risky as a lot of NFTs 'will absolutely go to zero'"

From Business Insider, March 22:

  • Investing in crypto art is about assuming ownership of a digital image in hopes it will gain value.
  • "This stuff will absolutely go to zero," Mike Winkelmann said on The New York Times' "Sway" podcast.
  • The NFT market has surged in the past few months, generating over $1 billion within 30 days.

After selling a crypto art piece for nearly $70 million, digital artist Mike Winkelmann — also known as Beeple — said the crypto art market is likely in a bubble.

"[Investing in crypto art] is for people who are looking to take some risks," Winkelmann said in an interview with The New York Times' "Sway" podcast. "This stuff will absolutely go to zero."

Beeple previously told Insider that he believed NFT prices could be in a precarious position.

"I think there's a very good chance it's in a bubble," Winkelmann told Insider....


Also at Business Insider: 

Billionaires, celebrities, and influencers from Mark Cuban to Lindsay Lohan are joining the NFT craze. Check out what they've auctioned.

  • Celebrities from Lindsay Lohan to the NFL's Rob Gronkowski are jumping in on the NFT craze.
  • More celebrities and influencers are expected to join the space as it grows in popularity.
  • Tesla CEO Elon Musk planned to sell an NFT but later decided against it. 

As the craze for crypto art continues, celebrities, billionaires, and influencers are getting in on the trend and selling some of their own. 

NFL player Rob Gronkowski, rapper Ja Rule, Lindsay Lohan, and Mark Cuban, among others, have jumped on board. And Alex Atallah, the cofounder of NFT marketplace OpenSea, told Insider he expects to see even more celebrities joining the space. 

NFTs, or non-fungible tokens, have allowed artists to sell their digital work for thousands and even millions of dollars. They're gaining popularity as NFTs — which are generally digital assets that operate as a type of collector's item and can't be duplicated — are now a more than $1 billion market....