Inside spoiler alert: 91 million dollars for an "artwork by an anonymous artist". Yeah, that's nothing new, it's called illegal money laundering and they did it the same way in ancient Rome, the Renaissance, etc.
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I think this guy should make his app into a website that doesn't need apple approval to run. If he added the feature to buy and sell it could be the amazon of artwork.
I like Magnus's enthusiasm and love for art, and he's obviously very knowledgeable about the art world, but I'm afraid of young artists listening to and hearing his advice! According to him, for an artist to achieve success you have to do A, B, C, and D!! But that isn't the case for every artist! Everybody's story and situation are different! I didn't go about my career pursuing A, B, C, and D, but I've still been able to achieve significant success despite that, despite the odds! People, young artists need to know, if you want it just go after it regardless of any so called rules to the game!
NFT's no. Fine art investing is for the very rich only. Transaction costs are very high, the art itself can be delicate and prices can fluctuate greatly.
lol. Nothing in this interview (excellent on David’s part) reveals anything new about the Art market. Shitcoiners always gonna shitcoin. Artists keep creating real value, please.
The problem is the formula can be replicated. I would go so far as to propose a theory which states an arbitrary value network can be created ad hoc, based on ordinary network theory, which will result in a value ecosystem outside any established structure. It just takes an initial capital structure, that feeds on itself. Remember the current networks did not exist until they were created. I suggest two birth places: Sri Lanka and Costa Rica
Physical art at the high end of the market in addition to NFT as digital certificate of authenticity can also provide access to more smaller buyers by incorporating fractional ownership on the blockchain and therefore liquidity too. Congrats to Magnus & David for an informative discussion about the opaque art market.
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