Art is analog. Painting is a skill. It can never be a digital commodity.... or can it?
This week I was having one of those analytical discussions with a rabbi who lives near me, who is interested in art and creativity.
Just a few weeks prior, he complained to me that his brothers and cousins are all a bastion of absolute success on Wall Street and that he regrets having spent so long studying only to find himself spending his weekends walking around our wonderful capital city on the British side of the Atlantic, attending galleries and art fairs which, whilst very much his passion, don't make money.
It is well known that many artists either never recoup in financial gain the huge amount of effort and talent that they expend in creating masterpieces which are enjoyed by enthusiasts for generations, or they become posthumously rich and famous, which is perhaps anathema to their hard work and enviable abilities.
This may be stretching things just a little bit, but something the learned rabbi told me struck a chord, which then led to a very in-depth debate between us on cryptocurrency investment and Blockchain distributed ledger technology.
What has cryptocurrency, a digital, non-physical concept which is purely about who can gain financially over others, got to do with art, which is the polar opposite? Art is subjective, analog and creative. Far removed from the cut-throat world of trading.
Or Is It?
My studious friend mentioned that he had heard of a man who had managed to encrypt art via graphic design into a cryptocurrency-orientated digital token and then sell it at a Christie's auction for over £50 million.
That's right. £50 million.
It has taken the Mona Lisa, one of the world's most famous art pieces by artist and scientist Leonardo Da Vinci an epoch to rise to its current insurance value of $850 million, yet this piece of crypto art is brand new and gets a huge price at a respected auction house.
Mike Winkelmann, known as Beeple, is the man behind the concept. The huge collage of images, called Everydays: The First 5000 Days, was sold as a computerised asset, to be downloaded into the digital 'wallet' of the successful bidder. It marked the first time Christie's had sold a completely digital piece of art in its 250-year history.
The auction house also accepted payment in Ethereum, the second most popular digital currency after bitcoin.
Thus, we are not only witnessing the tokenization of art but the method of buying it transforming into cryptocurrency too.
The art is on a digital wallet, and so is the means of purchasing it.
My learned friend was astonished by his findings when he was told this by an art collector last week. He said, "How can a respectable auction house such as Christie's engage in this? It is very risky, but hats off to Beeple, he is a genius and perhaps this is the future".
Maybe. We all know how risky it is to invest in cryptocurrency by using good old-fashioned fiat currency. There has been a history of chancers running dubious unbacked exchanges simply harvesting real money, exchanging it for virtual money, and running away. Another unfortunate example of this occurred today when the Turkish crypto exchange, Thodex went down the pan, taking $2 billion of customer funds with it.
There is no recourse for that.
But, cryptocurrency as an underlying asset is a different matter.
Maybe Beeple is leading the way into a new digital market for art via what is known as non-fungible tokens or NFTs.
Twitter Founder Jack Dorsey sold an NFT of the first-ever Tweet for £2.1million, while others have included the newest album by Kings of Leon and a host of artworks being sold on the online marketplace, Opensea.
In the past week alone, a single piece of pixelated work that is part of a series called Cryptopunks – one of the more popular NFTs – sold for more than $1million.
There are some dissenters, and rightly so. Robert Norton, CEO of digital art verification firm Verisart, has branded the NFTs craze 'a moment of collective hysteria' and after the Christie's auction, Beeple himself converted his haul of Ethereum into cold hard cash, saying in an interview later: 'I think it's a bubble'.
Perhaps so. However, one thing this has done is disrupt, and disruption and diversification are two factors that cause Volatility and interest in new markets.
Next time you see a sandal-wearing, easel-toting beanie hat-clad creative type, maybe you'll view him differently, as a market mover and innovator as well as a creator of beauty.
Andrew Saks is Head of Research and Analysis at ETX Capital.
This week I was having one of those analytical discussions with a rabbi who lives near me, who is interested in art and creativity.
Just a few weeks prior, he complained to me that his brothers and cousins are all a bastion of absolute success on Wall Street and that he regrets having spent so long studying only to find himself spending his weekends walking around our wonderful capital city on the British side of the Atlantic, attending galleries and art fairs which, whilst very much his passion, don't make money.
It is well known that many artists either never recoup in financial gain the huge amount of effort and talent that they expend in creating masterpieces which are enjoyed by enthusiasts for generations, or they become posthumously rich and famous, which is perhaps anathema to their hard work and enviable abilities.
This may be stretching things just a little bit, but something the learned rabbi told me struck a chord, which then led to a very in-depth debate between us on cryptocurrency investment and Blockchain distributed ledger technology.
What has cryptocurrency, a digital, non-physical concept which is purely about who can gain financially over others, got to do with art, which is the polar opposite? Art is subjective, analog and creative. Far removed from the cut-throat world of trading.
Or Is It?
My studious friend mentioned that he had heard of a man who had managed to encrypt art via graphic design into a cryptocurrency-orientated digital token and then sell it at a Christie's auction for over £50 million.
That's right. £50 million.
It has taken the Mona Lisa, one of the world's most famous art pieces by artist and scientist Leonardo Da Vinci an epoch to rise to its current insurance value of $850 million, yet this piece of crypto art is brand new and gets a huge price at a respected auction house.
Mike Winkelmann, known as Beeple, is the man behind the concept. The huge collage of images, called Everydays: The First 5000 Days, was sold as a computerised asset, to be downloaded into the digital 'wallet' of the successful bidder. It marked the first time Christie's had sold a completely digital piece of art in its 250-year history.
The auction house also accepted payment in Ethereum, the second most popular digital currency after bitcoin.
Thus, we are not only witnessing the tokenization of art but the method of buying it transforming into cryptocurrency too.
The art is on a digital wallet, and so is the means of purchasing it.
My learned friend was astonished by his findings when he was told this by an art collector last week. He said, "How can a respectable auction house such as Christie's engage in this? It is very risky, but hats off to Beeple, he is a genius and perhaps this is the future".
Maybe. We all know how risky it is to invest in cryptocurrency by using good old-fashioned fiat currency. There has been a history of chancers running dubious unbacked exchanges simply harvesting real money, exchanging it for virtual money, and running away. Another unfortunate example of this occurred today when the Turkish crypto exchange, Thodex went down the pan, taking $2 billion of customer funds with it.
There is no recourse for that.
But, cryptocurrency as an underlying asset is a different matter.
Maybe Beeple is leading the way into a new digital market for art via what is known as non-fungible tokens or NFTs.
Twitter Founder Jack Dorsey sold an NFT of the first-ever Tweet for £2.1million, while others have included the newest album by Kings of Leon and a host of artworks being sold on the online marketplace, Opensea.
In the past week alone, a single piece of pixelated work that is part of a series called Cryptopunks – one of the more popular NFTs – sold for more than $1million.
There are some dissenters, and rightly so. Robert Norton, CEO of digital art verification firm Verisart, has branded the NFTs craze 'a moment of collective hysteria' and after the Christie's auction, Beeple himself converted his haul of Ethereum into cold hard cash, saying in an interview later: 'I think it's a bubble'.
Perhaps so. However, one thing this has done is disrupt, and disruption and diversification are two factors that cause Volatility and interest in new markets.
Next time you see a sandal-wearing, easel-toting beanie hat-clad creative type, maybe you'll view him differently, as a market mover and innovator as well as a creator of beauty.
Andrew Saks is Head of Research and Analysis at ETX Capital.
Experienced and prominent industry professional with 30 years of experience within the High Technology Sector, with emphasis on financial technology.
Founder of FinanceFeeds, and renowned commentator with a global understanding of the electronic trading industry.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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