OpenSea collector "pulls the rug" on NFTs to highlight the arbitrary value

OpenSea collector “pulls the rug” on NFTs to highlight the arbitrary value

By Callie Jensen 4 years ago

Crypto artist known as “Neitherconfirm” recently Included 26 non-fungus tokens, or NFTs, for sale on the OpenSea digital marketplace. Things took an unexpected turn earlier on Tuesday, but after the artist change Images linked to each token from computer generated images to artisanal carpet images.

It’s a thoughtful comment on an exit scam from DeFi code known as a “ rugpull ” where a slightly unknown symbol suddenly collapses when liquidity disappears, causing the rug to be figuratively pulled out from under the victims’ feet.

The art pieces, which originally appeared on the faces of people and animals in a seemingly stained glass style, are now nothing more than an expensive metaphor for why you should not be confident in the Value Store display of any asset that maintains an aspect of centrality. control.

“All discussions about the value of NFTs are meaningless as long as the token is inseparable from the artwork itself,” She said Neitherconfirm. “What does it mean to create fraudulent code on a highly secure network if someone can change your ownership, reconnect it, or destroy it? As long as the value of your artwork can be relied upon in a centralized service, you have nothing.”

The discrepancy in the current price between the seemingly similar artist’s rugs seems to lend some validity to their claims. At time of publication, the top Tender On many NFTs it is less than $ 1.00, while the one (which currently has no offers) is Included For a staggering $ 139 quadrillion – or about 80,000 times the market value for the entire crypto space. Since Neitherconfirm implicit They received more offers on their rugs than they did on the original photos.

Although the identity of the artist is unknown, he is understood On Twitter Their full-time job is to “make sculpture” under the direction of a famous artist who regularly sells pieces for more than $ 10 million. It’s unclear if Neitherconfirm created unique computer-generated simplicity images to prove its point, or if it simply found images of carpets online and turned them into NFTs.

The crypto space is currently experiencing a massive boom in the quantity and value of non-perishable tokens. While the cryptographers were Their business is auctioned for up to $ 130,000 Late last year, 2021 saw NFT prices swell to previously unthinkable amounts. Back in February, the owner of the NFT created by Mike Winckelmann, aka Beeple, He resold the piece on Nifty Gateway Record-breaking $ 6.6 million.

Twitter CEO Jack Dorsey recently participated in the event as well, auction Off the symbolic property to the first tweet ever. He promised to convert any proceeds into Bitcoin (BTC) And donate it to the non-profit GiveDirectly’s Africa Response. At time of publication, the highest encoded tweet view was $ 2.5 million.

“Right now, the appeal of NFTs is a case of owning one,” said MyEtherWallet founder and CEO Kosala Hemachandra. “NFTs are hot in the same way lambo is hot for bitcoin holders. I believe this current version of non-exchangeable tokens will continue to evolve into larger and wider use cases.”

However, Neitherconfirm claimed That artifacts “are only a store of monetary value if they possess artistic value” in addition to an intrinsic beauty:

“Certainly, a token can be of great benefit to legitimate property transfers, especially for digital art. There is no doubt that there is revolutionary value in property distribution. Only a token is not a work of art – it certainly could be, but that’s a different story.”

the artist Mention In a verified tweet that they will donate 51% of all NFT chain profits to pull the rug to charity.

Cointelegraph reached out to Neitherconfirm for comment but did not receive a response in time for publication.