Beeple is out and who can blame him?
Well, perhaps those who paid millions in ETH for his artwork, or maybe those who promoted him as a figurehead for the NFT industry.
Beeple made his money off the NFT boom, but his art has been around much longer. He started his "everydays" in May 2007, and has not missed a day since.
After selling the proceeds of his work "5000 days" ($59 million of ETH into USD), it’s highly likely that it was Beeple who caused the price to dump, but is what he did unfair?
For a non-investor, especially one who is new to crypto, the price swings on a portfolio of $59 million must have been concerning. Beeple could be right in his belief that the NFT industry is “in a bubble”, so how could people think that he has done something wrong?
If Beeple buyers were in it for the art, then why would they care what he does with the proceeds? It wasn’t Beeple who set the high prices on his work, and he doesn’t shill or over-promote.
The community was short-sighted to believe that Beeple was “in it for the tech”, especially as he publicly stated;
“I’m not remotely a crypto-purist. I was making digital art long before any of this shit, and if all this fucking NFT stuff went away tomorrow I would still be making digital art,”
Surely that is the attitude we need from digital artists? Not cheap rip offs of Cryptopunks from anons who are just looking to make profit, but genuine contributions from passionate artists. Of course it’s a shame that Beeple didn’t decide to stay in crypto, both for market participants, and for his own personal wealth, as he could easily have used that 59 million to provide liquidity in stablecoins and use his earnings much more efficiently.
He could at least have converted some to USD stables...
The Ethereum community supported Beeple, and without ETH he would not have made his millions, so it would have been nice to see him interact more with the community after making his millions, but his actions are nothing compared to what we do to each other; with the rug pulling, hacking and scamming.
Will this mark the end of the NFT craze?
Probably not; as although the echo chamber might suggest that the craze began to die down two weeks ago, the mainstream media is just getting started.
Art is only one subset of what NFTs can be, and the potential profit will not be ignored.
Several Bitcoin market cycles and over a year of intense innovation in decentralised finance, but it is non fungible tokens that caught the eye of the public, as they relate to a much more widespread set of interests.
Most people are not interested in financial investing, trading, or decentralisation, but nearly everyone can find something they enjoy in the world of NFTs.
What will happen to the valuations of Beeples work now he has shown where his interests lie?
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