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  • 28 Oct 24

Love and Hate: Beeple Shares Thoughts on the NFT Market and Its Future

Renowned digital artist Mike Winkelmann, known as Beeple, shared his views on the dynamics of the NFT market.

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Renowned digital artist Mike Winkelmann, known as Beeple, shared his views on the dynamics of the NFT market. He noted that this field has been "hated for much longer than it has been loved," referring to the brief period when NFTs were seen as the future before interest in them declined. In 2021, his work Everydays: The First 5,000 Days sold for a record $69.3 million, but trading volumes have since dropped by over 90%.

At a recent event in London, Beeple emphasized that during his successful launch, he understood that the market was in a bubble. According to him, many buyers at that time were interested only in speculation rather than art. However, he now sees a market filled with "passionate" enthusiasts for whom non-fungible tokens are more of a means of self-expression.

Despite the decline in interest, Beeple pointed out that recent sales, such as The Goose selling for $6.2 million, demonstrate that there is still significant interest in NFTs. However, he emphasizes that speculation has taken a back seat, with serious collectors now in focus.

Beeple shared his thoughts on the NFT market and its evolution. Source: Decrypt
Beeple shared his thoughts on the NFT market and its evolution. Source: Decrypt

Signals of Optimism

Beeple also predicted that in the future, every piece of art will have an NFT as a certificate of authenticity. The artist believes this would be far more efficient than traditional paper documents, although a unified standard is necessary for this to happen.

Ultimately, Beeple believes in the future of NFTs and that museums and collectors will embrace dynamic art and its new possibilities that differentiate it from static physical art.

NFT The Goose. Source: Sotheby's
NFT The Goose. Source: Sotheby's

This may be enticing, but investors should be cautious and understand that behind the bright numbers and success stories lie not only opportunities for profit but also potential losses. The world of NFTs still has room for creativity and innovation, but these should be evaluated wisely.

As for what modern artists should do in the overheated NFT market to achieve success, we reported on it here.

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