A Beeple Artwork Just Sold for $69M

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Sound. You hear the sound of people's heads absolutely exploding a few times in previous episodes. I've mentioned the people auction going. On at christie's this is the first time the famous auction house has auctioned off a completely digital good. They had previously included an f. T. versions of some physical items that were up for auction but this was the first time it was just an nf tea while the final bids are in and the price paid for people's the first five thousand days was sixty nine million three hundred and forty six thousand two hundred fifty dollars first of all the folks over on wall street. Bets are in utter disbelief that the price wasn't sixty nine million. Four hundred twenty thousand and sixty nine dollars. Second of all crypto. Twitter is absolutely frigging losing their minds. This is a crescendo. Perhaps the first of many but definitely the first of the nfc mennea sweeping the world. I've given the background before but in short. Nfc's are non fungible tokens non fungible means that rather than every token being like every other token in other words each. Bitcoin is like each other bitcoin. They're mutually interchangeable. Each other is equivalent to each other. Tether these are cryptographic. Unique tokens that uniqueness lens them well to the actual owning quote unquote of the original quote unquote of creative work. Like a piece of art and of have been a part of the crypto space. For years i mean remember crypto kitties but over the last few months and especially the last few weeks they have had a major breakout. There have been two really important categories within that the first is actually in the sports collectible slash trading cards space last year. The team that brought you crypto katie's launched nba top shots in conjunction with the nba. These are effectively a new type of trading card featuring efficiently. Licensed video highlights. Now i was watching this and things started reasonably but they have really picked up over the last couple months last month. Nba top shot process. More than two hundred fifty million dollars in sales from one hundred thousand buyers more than that admitted a whole new group of wales a wall street journal article today was called the whales of nba. Top shot made a fortune buying lebron highlights. They were the early to the hottest. Nf market and their collections are now worth millions of dollars. They take a look at people. Like michael levy a thirty one year old financial analyst. Who spent one hundred seventy five thousand dollars over six months whose collection is now worth twenty million plus or andy chore. Leeann a twenty seven year. Old dev who back in his younger days traded pokemon bought sneakers but then more recently bought. Thirty eight hundred. Nba top shot moments. That are now worth a collective fifteen million. I think it's really important to point this side of the market out because in many ways it is a completely different. Demographic than the crypto punks art type people and frankly the people interested in people at least on an artistic level. But i also think it's worth noting that collectibles in general are going crazy. Golden auctions is a huge trading house for cards memorabilia. It sarah on march seventh. Golden tweeted prior to two thousand twenty. There only ten cards that ever sold for one million dollars plus in history last night we sold five cards for a million dollars. Plus clearly there is something going on in these sports card collectible market as well and on a smaller level i track a small index of magic the gathering card prices just to keep track of what older cars in that space are doing and it's up four hundred and fourteen percent in the last year. This is going to be relevant for discussion in a little bit about what's really underlying what's happening in an f. Teas but for now. Let's get back to the art. There has been a ton of focus. Here i people were gobsmacked by the price of crypto punks which are selling for thousand sometimes even tens of thousands hash masks or more of the same but all in all these things felt pretty well contained within the crypto space they were insider games insider speculation and insider collectors over the last few weeks that shifted we saw people sell on nifty gateway for more than six million. We had musicians jumping in just in blau who performs as three lau sold a set of thirty three. Nfc's for over eleven million dollars. Grimes may just under six million dollars. Kings of leon released an album last week with full. Ft's we've seen more sports stars jump in with gronk releasing a bunch of nf teas and then we've had brand seemingly determined to ruin the party for everyone like taco bell who released a set of tease last week as well. Of course alongside the hype. The backlash has increased as well. I mentioned on yesterday's show that there is a huge group. Were now fighting on environmental grounds. Just to give you a sample of some of those tweets per the biggest thing. The nfc sh tells us that we have an extremely short amount of time to destroy the capitalist system before it scorches all live from the earth in of a three percent rate of return. Here's another one the. Nfc thing has drawn a line in the sand between the artists who are annoying for evil minting enough tease and artists who are annoying for good cyber bullying people minting. Nfc's until dimensions mentions are so exhausting. They stop like we're all annoying but it's how we use our powers finally. Let's do one more tweeting things here and there but my stance on teases final. It's horrible for the environment and a very critical time in the climate crisis. Therefore if you participate in it. I will judge you freely in gladly and no longer support you so i tweeted this out yesterday and got a huge number of responses of people who have seen similar things and keep in mind. These aren't like random accounts or at least these tweets are getting hundreds of likes responses. And re tweet so. It seems clear that there is this counter lash happening even as we speak all in all the point. Is that even before today. Things in this space. We're getting pretty heated. But then the people auction closed

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