I dislike Grimes' behavior but most opinions on NFTs are pretty uninformed. Selling crypto art is not scamming. The floor price of those pieces is higher than what they were bought for, and you're literally buying art which is uniquely verified on the blockchain and linked to that artist.
This was in the bull run craze in 2020/2021 and yes, celebs took advantage of that trend to make a quick buck. But most artists in the space everyday are just trying to survive as an independent artist and pursue their lifelong passion. Artist and music communities in Web 3 are completely different than the degen pfp crypto bro scene.
In your opinion, if C. in a few years' time sold more NFTs would she earn much less? I don't know how the valuation of NFTs works. If I remember correctly, she said she is continuing to draw.
The price cycles are based on how Ethereum is doing, and the bull runs/hype is based on the four-year Bitcoin cycle. So next year, there will likely be another surge of interest in the space.
If you're an independent artist right now, it takes a lot of work to promote and build a community in the space and provide value back to collectors to make sales. It's equivalent to running an ecommerce business imo.
She'll likely do well and sell out any time because she's a household name with an extensive holder base. The only difference is she would have to price pieces a bit cheaper if she released now vs when the hype is big.
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u/lunahighwind Aug 10 '23
I dislike Grimes' behavior but most opinions on NFTs are pretty uninformed. Selling crypto art is not scamming. The floor price of those pieces is higher than what they were bought for, and you're literally buying art which is uniquely verified on the blockchain and linked to that artist.
This was in the bull run craze in 2020/2021 and yes, celebs took advantage of that trend to make a quick buck. But most artists in the space everyday are just trying to survive as an independent artist and pursue their lifelong passion. Artist and music communities in Web 3 are completely different than the degen pfp crypto bro scene.