Tuesday, November 30, 2021

"Exploiting" (aka Faking) Banksy? as an NFT

Here is an interesting article from The BBC about a bansky work "warning sign" being "re-created" as an NFT by its current owner. The story contain a link to the you tube below, which appears to be a spoof of the film, "exit via the gift shop". superficially its all noble sounding, a proportion of the purchase going to charity. etc...

Looking deeper it appears a lot like a not so subtle attempt to ramp up dark memories of a terrible tragedy and opportunity to get publicity and probablu a lot of money from an asset propped in a lounge room. 

At the heart of the issue is can you believe social media and the NFT market (if DAOs or truly anything organized like that truly exists). Is it actually people scamming and exploiting others? Are NFT a real long term investment. What does ownership of something that is public and anyone can "look" on line (and potentially make decent exact reproduction). We do also know Bansky doesn't really like the art investment “establishment” and has gamed them previously. Who can we believe?

Former Christie's auctioneer Charles Allsopp said the concept of buying one [NFT] made "no sense" and "people who invest in it are slight mugs".

 I'm inclined to see this as a story, parts of which (may all) might be just to ramp up sales of something virtual. I would suggest Charles Allsopp advice is worth considering. However please read the details and make up your own mind.

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