A crypto artist known as ‘Neitherconfirm’ recently offered 26 nonfungible tokens, or NFTs, for sale on the OpenSea digital marketplace. Things took an unexpected turn earlier on Tuesday after the artist alter the images associated with each character from computer-generated portraits to photos of literal carpets.
This is a knowledgeable remark about a DeFi token exit scam, known as’ ‘back pull’, where a little known sign suddenly collapses as the liquidity disappears and the metaphorically pulls out from under the feet of the victims.
The artworks, which originally contained people and animal faces in a seemingly stained glass style, are now nothing more than an expensive metaphor for why you can not trust the value-added of any asset that maintains an aspect of centralized. control.
I just put on the rug at my NFT collection @opensea . No one was hurt.
It’s pretty easy to change the jpg, even if it does not belong to me or is up for auction. I’m the artist, my decision, right?
A thread from someone who earns his living with art tells the value of NFTs. pic.twitter.com/LNAZqPpDMZ– noneconfirm (@neitherconfirm) March 9, 2021
“All discussions about the value of NFTs are meaningless, as long as the sign is inseparable from the artwork itself,” said Not confirmed. ‘What does it mean to create a memorable sign on a very secure network if someone can change, reconnect or destroy your property? As long as the value of your artwork is reliable for a central service, you own nothing. ”
The current price difference between the artists’ seemingly similar rugs seems to give validity to their claims. At the time of publication, the highest bid on many of the NFTs is less than $ 1.00, while one (which currently has no bids) is listed for an astonishing $ 139 quadrillion – or about 80,000 times the market capitalization of the entire crypto -space. Neither has confirmed this since implied that they got more deals on their carpets than on the original portraits.
Although the artist’s identity is unknown, they are declared on Twitter that their full-time job “makes sculpture” under a top-selling artist who regularly sells pieces for more than $ 10 million. It is unclear whether Neitherconfirm made unique computer-generated carpet images to prove their point, or simply found photos of carpets online and made them into NFTs.
The crypto-space is currently experiencing a huge surge in the quantity and value of infallible tokens. While crypto artists auctioned off their works for up to $ 130,000 late last year, NFT prices rose to one-time unmeasurable amounts in 2021. In February, the owner of an NFT made by Mike Winkelmann, also known as Beeple, resold the piece on Nifty Gateway for a record $ 6.6 million.
Jack Dorsey, CEO of Twitter, also recently jumped on the action, auction deprived of ownership of the very first tweet. He promised to convert any proceeds into Bitcoin (BTC) and donate to the non-profit organization GiveDirectly’s Africa Response. At the time of publication, the highest bid on the tweets was $ 2.5 million.
“Right now, the appeal to NFTs is the status of its possession,” said Kosala Hemachandra, founder and CEO of MyEtherWallet. ‘NFTs are similarly hot lambs for Bitcoin purists. I think this current version of non-fungible signs will continue to evolve in larger and wider use cases. ”
Not confirmed assert that artwork “is only a store of monetary value if it possesses artistic value” as well as subjective beauty:
‘Surely a sign can bring a great benefit to the shift of rightful ownership, especially for digital art. There is undoubtedly revolutionary value in the distribution of ownership. Just the sign itself is not the artwork – it can certainly be, but it’s a different story. ‘
The artist noticed in an established tweet that they will donate 51% of all profits from the matte NFT series to charity.
Cointelegraph issued with Neitherconfirm for comment, but did not receive a timely response for publication.