Art Lovers discussion

What is it?

What McCoy sold at the Sotheby’s auction was an Ethereum-based NFT (From the previous article)

Can anyone explain this?

I don't know what it is either.

All digital stuff, things from the Metaverse.
You can buy a digital artwork, in fact anything you can think of, even events, like a soccer player making a goal.
To prove that you are the owner you get an NFT.
All this is stored on big computer systems called blockchains.

NFT:

A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin.

Ethereum:

Ethereum is a platform powered by blockchain technology that is best known for its native cryptocurrency, called ether, or ETH, or simply ethereum. The distributed nature of blockchain technology is what makes the Ethereum platform secure, and that security enables ETH to accrue value.

Dirk wrote: "All digital stuff, things from the Metaverse.
You can buy a digital artwork, in fact anything you can think of, even events, like a soccer player making a goal.
To prove that you are the owner yo..."

That is 'cryptolanguage' to me! Thank you for 'attempting' to explain that, Dirk. I said Attempt because it still makes no sense at all. I'm still hazy about the bitcoin and all that, where is all this currency coming from? Pretty soon saving our pennies in the jar in the corner isn't going to be worth anything!

After Announcing NFT Limit, OpenSea Reverses Course Amid User Uproar


OpenSea logo displayed on a phone screen.
PHOTO BY JAKUB PORZYCKI/NURPHOTO VIA A

28 January 2022
ARTnews
Shanti Escalante-De Mattei

OpenSea, the major NFT marketplace, announced yesterday that it had decided to limit how many NFTs OpenSea users could create, attributing it to community feedback “about [its] creator tools,” the company’s announcement read. But following enormous pushback from creators, OpenSea reversed its decision within 24 hours.

Mega-successful projects like Bored Ape Yacht Club and similar PFP collections have totaled around 10,000 NFTs, but with this update, OpenSea decided to limit each user to five collections numbering no more than 50 NFTs (or 250 in total), effective immediately. OpenSea users soon began to complain, as they had been given no prior warning in order to plan around this change that impacted several projects that were already underway.

One OpenSea user going by the name HOLOHEADZ on Twitter had been steadily minting NFTs over the course of several months from a collection that is supposed to number 1,000 NFTs. At the time of OpenSea’s announcement, they had minted only 182 NFTs so far. “I’ve spent many months preparing the assets I then would have used for the collection,” HOLOHEADZ wrote in a DM to ARTnews. “This is a huge obstacle.”

Several other NFT creators were in the same boat—stuck with assets they had spent months working on that they could no longer deploy. And they didn’t know why. OpenSea’s did not provide an explanation for this update beyond addressing feedback from the community.

Some users, including HOLOHEADZ, speculated that maybe OpenSea wanted creators to create collections that emphasized rarity instead of quantity, while others wondered if it had to do with a technical issue. (Despite being valued at $13.3 billion, OpenSea’s site frequently crashes, so limiting the load could in theory ease the pressure on its technical infrastructure.)

More... https://www.artnews.com/art-news/news...

Picasso Family Says Reports of Major NFT Sale Are ‘Completely Wrong’


Marina Picasso, right, granddaughter of artist Pablo Picasso, and her son Florian Picasso pose with a ceramic art-work of Pablo Picasso.
AP Photo/Boris Heger

28 January 2022
ARTnews
Shanti Escalante-De Mattei

Earlier this week, Pablo Picasso’s granddaughter Marina and great-grandson Florian announced they were going to release a series of 1,010 NFTs of a ceramic work by Picasso himself. Accompanying the NFTs would be a track produced by Florian, who is a DJ. However, the other members of the Picasso have halted the project, reported the Associated Press.

Marina and Florian had invited AP to tour Marina’s house last week to learn about the NFTs, which they were planning on minting in a kind of exclusive sneak preview before the official launch. They had said there was going to be an auction in March at Sotheby’s. After AP’s initial report went up, the Picasso family and Sotheby’s told the press agency that that sale was not actually happening.

“The information given through the media by which the Picasso heirs would join into the market for ‘Pablo Picasso’ NFTs is completely wrong,” wrote Jean-Jacques Neuer, a lawyer for the Picasso Administration who oversees the use of the Picasso name. The ceramic artwork that the NFTs are based on is also not heading to sale, contrary to prior reporting, the family said.

The three children and two grandchildren of Pablo Picasso have joint ownership of the intellectual property of the Picasso name, but it is only Claude Ruiz Picasso, Picasso’s son and the administrator for the family, who could authorize an NFT project.

Marina and Florian Picasso have since backtracked on their claims. Florian’s lawyer, Cyril Noterman, told AP that the NFTs were Florian’s alone. “Maybe we should have been a bit more clear from the beginning,” Noterman said.

https://www.artnews.com/art-news/news...