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How can a JPEG cost money? Subscribe to see the next episode: https://www.youtube.com/cleoabram?sub_confirmation=1 The biggest question I hear about NFTs is: âWhy canât I just screenshot that?â Or, put another way, why does a digital image that can be copied have any value? The answer, it turns out, isnât in an explainer about blockchain technology (youâre welcome). The answer to why NFTs have any value is hiding in the art market that came before them. Because NFTs are weird, but it turns out art is already even weirder. To really understand NFTs, we have to zoom out a bit, and talk about the incredibly strange way we value art to begin with. And that story starts not with crypto, but with a fight at an art auction in 1973⊠This video explains why a JPEG can cost money, and how expensive art led to NFTs. Along the way, I get help from two incredible experts: David Galperin, head of contemporary art for the Americas at Sothebyâs, and Alexis Ohanian, founder of Reddit and investor. David tells me about how the Scull Sale in 1973 exploded the art market forever, how Andy Warhol gave his silk screens to appropriation artist Elaine Sturtevant so she could copy his prints, and how Sol LeWittâs wall drawings go for millions but the value is in âthe certificate, not the drawing.â Alexis gives me a tour of his NFT collection (!), shows me the Cryptopunk (Serenapunk!) he gave to his wife Serena Williams, and explains how this technology has become a new medium for artists looking to the future. Together, we explore the big questions people are asking about NFTs and how the art world has grappled with those same questions for decades: What is value? Where does it come from? What is too much, for too little? 00:00 Why do people buy NFTs? 01:04 How are NFTs like contemporary art? 03:41 Why is art so expensive? 05:10 Is art just money laundering? 06:07 Why do people buy NFTs? 07:41 Are NFTs just a link to an image? 08:47 Why do NFTs matter? 10:24 How do I do sponsorships? Be featured in an episode - upload questions for me to answer! https://www.dropbox.com/request/Edocsb2kErpueQ7F9T1Q I tell different stories in different places: You can find me on TikTok here for short, fun explainers: https://www.tiktok.com/@cleoabram You can find me on Instagram here for more personal stories: https://www.instagram.com/cleoabram You can find me on Twitter here for thoughts and curated news: https://twitter.com/cleoabram Bio: Cleo Abram is an Emmy-nominated video producer and journalist. Cleo produces detailed explainer stories about technology and economics. She wrote the Coding and Diamonds episodes of Voxâs Netflix show, Explained, was the host and a senior producer of Voxâs first ever daily show, Answered, as well as a host and producer of Voxâs YouTube Originals show, Glad You Asked. She now makes her own independent show, Huge If True. Each episode takes on one big technology innovation or idea, explains what it is, and helps people imagine the ways it could improve the world we live in by answering one simple question: If this works, what could go right? Sources and additional reading: - âThe $12 Million Stuffed Shark: The Curious Economics of Contemporary Art,â Don Thompson https://us.macmillan.com/books/9780230620599/the12millionstuffedshark - âThe Price of Everythingâ https://www.youtube.com/watch?v=iejpS_PpPJk&ab_channel=HBO - âMuseum of Forgeries,â MSCHF ââhttps://moforgeries.org/ - âScull's U.S. Art Brings Record $2 Million,â New York Times, 1973 https://timesmachine.nytimes.com/timesmachine/1973/10/19/93293442.html?pageNumber=57 - âScreenshotting NFTSâ Know Your Meme https://knowyourmeme.com/memes/screenshotting-nfts - âThe Story of Contemporary Art,â Tony Godfrey https://mitpress.mit.edu/books/story-contemporary-art - âlook what i made for youâ GB âDocâ Burford https://docseuss.medium.com/look-what-i-made-for-you-apparently-while-i-am-not-a-dumbass-many-cryptobros-are-and-i-am-going-f6468c877acc - âLine Goes Up - The Problem With NFTsâ Folding Ideas https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=1s&ab_channel=FoldingIdeas - âWhy people are buying cartoon cats on the blockchainâ (my first ever Vox video, 2018!) https://www.youtube.com/watch?v=jGfvkjzLrNw&t=304s&ab_channel=Vox - âNFTs, Explained,â Johnny Harris https://www.youtube.com/watch?v=Oz9zw7-_vhM&t=541s&ab_channel=JohnnyHarris Vox: https://www.vox.com/authors/cleo-abram IMDb: https://www.imdb.com/name/nm10108242/ Gear I use: Camera: Sony A7SIII Lens: Sony 16â35 mm F2.8 GM Audio: Sennheiser SK AVX and Zoom H4N Pro Music: Musicbed Follow along for more episodes of Huge If True: https://www.youtube.com/cleoabram?sub_confirmation=1
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