Beeple Christie's effect, the artist's big FOMO era

Comment: 0x13, beat BlockBeats

How hot is NFT? Now even the NFT platform is starting to compete.

From & have spentSuperRare,KnownOrigin,MakersPlace  The three major crypto art platforms are divided into three parts, to  Nifty Gateway  Recently, the Foundation has caught the attention of artists.

According to Cryptoart.io, since its inception in February, Foundation's monthly turnover has soared from $1,942,100 to $12,109,800 in March (as of March 24), a nearly six-fold increase in just one month. Currently, Foundation's monthly turnover is surpassed only by the Nifty Gateway and SuperRare.

  Data source: Cryptoart.io

The premise of platform competition is that there are more users, and the users of crypto art platform are those artists.

The total market value of the crypto art created by Beeple has reached 111 million US dollars, and the highest transaction price of his works is as high as 69.34 million US dollars. Beeple, which has been listed on Christie's auction house, is the ceiling of the crypto art world today. It is a "idol" that countless new crypto artists admire but also understand that it is beyond reach. But the crypto artists behind Beeple are the target of countless newcomers.

Image credit: Christie's & NBSP;

The highest price paid was $550,000 for Fewocious, $485,000 for Trevor Jones, $785,000 for Pak, $388,800 for Mad Dog Jones... The new artists looked at these high but seemingly "attainable" numbers and looked at their empty wallets.

These so-called crypto forefathers opened the door to a wide range of artists, who began flocking to publish their work on various NFT platforms.

In Opensea, Rarible crop failures of artists wants to save his art career, in the face of the turnover of surging Foundation, countless "unsuccessful" artists have a new goal, they racked his brain, his works to the Foundation, hope in the haven't breed encryption art "superstar" new platforms to gain a foothold, afraid I missed the NFT this valuable opportunity to free fame and wealth.

You wouldn't think the word "FOMO" would be associated with artists who "Fear Of Missing Out"; You can't imagine how many "artists" there are today.

Why can a new platform trigger a massive FOMO among artists?

Invitation mechanism of Foundation

First, let's have a brief understanding of why Foundation is more popular with new artists.

First of all, the Foundation audit the encryption of art is a free platform, and we are in the aforementioned SuperRare, KnownOrigin, MakersPlace are strong "review" platform, artists do not easily to join and publish their work, they need in application platform is very strict review, it is not friendly for new encryption artists.

Now that we've chosen to create art in the crypto space, the platform needs to understand multiculturalism and decentralize the process. Therefore, Foundation came into being at this time. It removed the platform to be responsible for the process of reviewing artists and turned it into the system of invited artists.

In short, Foundation is an audit-free platform for crypto art.

In theory, anyone can post their crypto art on the Foundation, but only if they get an invitation code from an artist who is already on the platform, and invitation codes are scarce.

Just because of the invitation code, like Clubhouse a few months ago, the Foundation has sparked an artist's FOMO.

Each artist gets two invitation codes when they sell their first work, and two invitation codes when the artist they invite sells their first work. Otherwise, they have to wait for the official release at random.

Therefore, in order to harvest at the next level, the artists who have already entered will automatically strictly examine the artists who ask for the invitation codes, making the invitation codes, which are scarce compared with the number of artists, even more "difficult to find". Just like Clubhouse users invite friends from the same field or level as them to join them, it keeps everyone's thoughts on the same level even if the room is full of advanced topics.

In this sense, Foundation is a platform with extremely strict standards for community self-audit.

The extreme scarcity of invitation codes further promotes the FOMO mood among artists. Every time an artist tweets that he or she has an invitation code, or just posts a newly uploaded work, countless "artists" will swarm into the comment section and private messages, promoting their works while asking for an invitation code.

There is no denying that these artists are creating a lot of trouble for other artists while making opportunities for themselves. Cryptographic artist Daniel Savage has created an NFT specifically for this purpose, hoping that artists who haven't received an invitation code will not bother him again.

  Image credit: Foundation

Others have taken advantage of the situation by selling invitation codes, which can fetch up to $800 a pop, a large sum for most artists who earn nothing.

This kind of selling of invitation codes can have a serious impact on a new crypto art platform. Inviting bad artists or artists who spread illegal or pirated content is not good for the platform. As a result, the Foundation quickly implemented strict controls, and artists who illegally bought and sold invitation codes were permanently disqualified from the Foundation, which gradually calmed down the farce.

Sales mechanism

Foundation is not only popular because of its audit/invite mechanism, its sales mechanism is also interesting.

Artists have to set a Reserve Price before uploading their work, and the work is automatically put up for auction for 24 hours after the first bid.

Such sales auction mechanism can avoid works, at present, many artists such as Opensea and Mintable NFT trading platform for work auction ended in auction, and in the Foundation, artists do not exist the possibility of the auction, which seems to be Foundation in to the artist about a beautiful fairy tale: "your work is not no one want to buy, just no one has yet found the treasure."

The works will enter the auction state after someone bids. With the passage of time, the crypto art works near the end will be displayed on the homepage of the website. This function will help artists to get higher exposure, and only more exposure will have the chance to get higher quotation.

Countless artists think they just don't have the opportunity to get exposure, and Foundation will make their career brighter by putting them on the front page, but about two-thirds of their works are stuck in the last step.

Countless artists were immersed in the fairy tales told by Foundation, thinking that their works would definitely sell well after joining Foundation. However, they waited and waited for dozens of days, but those who could not sell still could not sell.

According to the Foundation Data Terminal, 4,049 NFTs have been cast in the past seven days, but only 1,449 NFTs, or about a third, have been successfully sold. Seen this way, the fairy tale does not seem pretty.

  Data source: https://fnd.info/

Are artists getting FOMO?

Will a new Beeple emerge from the Foundation's new art family?

Adobe Photoshop recently tweeted: "There's been a lot of talk about cryptographic art and NFT lately. Write down your favorite artists in the comments section." , seems to have given all the designers and artists in the world an invitation to enter the NFT world.

The outbreak of NFT far beyond people's expectations, Beeple at Christie's sold nearly $70 million is to let countless encryption artists began to spy on encryption art field, that it is hard to set up their own in the field of traditional "a mu 3 distribute land" of artists, designers choose to join in encryption art, hoping to change my life, at that time they still full of confidence.

Their confidence makes sense, admission NFT hot attracted a large number of capital investment, it is not hard to see from the data statistics charts, encryption art started in the outbreak in 2021, the total turnover from January of 1 million, to nearly $10 million in February, march to more than $15 million on March 24, (as), countless artists agree that there will be more willing to buy his own work.

    Data source: Cryptoart.io

But is it?

However, in the total market value of Cryptoart of US $400 million, the top 10 artists' works have a total market value of US $217 million, accounting for 54%, while the number of artists in Cryptoart.io statistics is as high as 4104. In addition, there are also a large number of artists who did not receive the Foundation invitation code and were not approved by SuperRare, Knownorigin, MakersPlace, Asyncart and Nifty Gateway.

Obviously, with the outbreak of NFT and the influx of large funds did not "favor" those waist or even tail crypto artists, the development of the entire crypto art field is very uneven.

If the number of crypto artists you follow on Twitter is high in the waist and tail, then you're bound to get a similar tweet refresh these days.

A simple "I will buy NFT" is attracting the attention of numerous artists encryption, message, thumb up, don't too easy encryption artists have come to realize that will be uploaded to the Foundation work and can't let them work it is easy to sell, not to mention a large number of artists haven't got the invitation code, they are afraid to miss collectors bought their work opportunity, after all, they had confidently hope to rely on encryption art to change his life.

The reality, however, was much darker than expected. Some people have caught on to the FOMO mood of these crypto artists who have yet to be established, and have begun to take them into their own hands. They declared that they will take some to buy the ETH encryption art NFT, but artists have to pay attention to, leave a message, thumb up, turn to be eligible for selected, in the past to "aloofness" lofty personality, the artists were FOMO mood pushing down the body, are concerned, message, thumb up, push, beg for being selected.

Even darker is the fact that the amount of ETH in the waists and tails of these artists' wallets has remained flat, while the number of followers they follow, comment on, thumb up, and retweet has increased exponentially.

Beneath prosperity lurks crisis

Yes, some new artists get some attention and start to make their way up the hill, but many more are still struggling. As the gap between head artists and tail artists becomes larger and larger, crypto art hides a fault crisis under the appearance of prosperity.

From Rhythm Blockbeats' point of view, this imbalance is not good for the ecology as a whole. NFT would like to make every content creator a revenue stream, but pouring money into the head artist segment and leaving the tail artist segment untouched will do great harm to the entire NFT ecosystem.

Wealthy men competed for Beeple, Pak, Fewocious, and so on, but so and so couldn't sell at 0.01ETH. It sounded like the traditional art world.

In the traditional art circle, the works of famous artists can fetch hundreds of millions of dollars at auction houses, while some art graduates set up painting stalls on the roadside, but no one is willing to pay for a painting that sells for only 10 yuan.

When artists have found it difficult to traditional art world rushes out tricks and choose "more tolerant", "have a better chance of encryption art, only to find that the situation they face and the traditional art, how much they have confidence, how helpless and desperate, he would have rich after what the actual drive, however is a traditional art much-maligned disputed point encryption in the art world is carved out.

The artists' FOMO is understandable, and they see it as a life-changing lifesaver, just like what many people think of as "crypto art." But when they come to the crypto art world, they find that their shimmer is still tiny, hard to compete with those spotlights, and they are still the one who cannot be seen.

We hope that as the entire NFT ecosystem evolves, every crypto artist, whether from the head, waist or tail, can be seen and the talents of the artists can be recognized. Hopefully, in the future, crypto art can be either Beeple, Pak, FEWOCiOUS "luxuries" or so-and-so "crafts" that are neither "famous" nor expensive, but are brilliant.

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