As a licensed auctioneer, I have never auctioned off any art pieces. I have been the auctioneer for properties, car plate numbers and even bank notes. For all these items, it’s always about scarcity because scarcity decides the relationship between demand and supply. The reason why a certain property could fetch higher price is because there were no other choices of the same type within the same neighbourhood.
Car plate numbers? Well, there’s just ONE. As for bank notes, it does not repeat as well but the serial number needs to be that auspicious number favoured by the collector. For example, “88888888” would definitely be loved forever versus just any random number. What about art pieces? Specifically painting? In order for it to be scarce… you know the answer. However, the following news may be just the start of something new yeah.
Article in cnet.com NFTs are essentially cryptological certificates of authenticity. Christie’s, the 255-year-old British auction house, closed the sale of its first-ever digital-only art piece, a composite of 5,000 pieces created by the artist Beeple. The final price is an eye-popping $69.3 million (RM285 million).
NFTs bring to digital art a one-of-a-kind or limited-edition quality that’s been lost in the copy-paste, post-repost world of the internet. Each work of art is associated with a proof of ownership that’s recorded on a blockchain, the distributed ledgers most commonly associated with Bitcoin and other cryptocurrencies. The authentications, which can be applied to images, videos, music and other digital files, designate the original. Copies and copies of copies might abound on the web. But only one person can lay claim to the NFT behind it. Please do read the full article here: Article in cnet.com
We need to know CRYPTO is a technology, it is beyond just Bitcoin
We start to see the effect it has on even collectibles today. Where everyone could copy and copy and copy but the original copy can only be attributed to one person. What this meant is also that the copyright is now REALLY protected. Perhaps the only issue would be to ensure the safekeeping of the password because if we read, there has been so many Bitoin owners who have lost the password to access their own Bitcoins and thus have not been able to cash in on the super climb of the Bitcoin price.
Last but not least, if we really want to think about earning millions and we happened to be extremely good with art, the world is now our oyster. Do something about it to pry open that pearl inside the oyster yeah. Just remember to also market those capabilities too because we could only sell when people know us and thus could recognise the work with a value which is definitely beyond what one would have thought was possible then.
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