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It’s been just a few months since the non-fungible token (NFTs) market truly exploded, but some are already questioning its staying power. Prices for the blockchain-backed digital assets, Bloomberg reports, have fallen almost 70% from their February peak.
The drop was tracked by the website NonFungible.com, which monitors market trends and valuations across different NFT platforms. On February 22, the average price of an NFT collectible was around $4,300; by April 4, it had dropped to about $1,400.
But other data, Bloomberg notes, suggests NFTs may still be a smart investment. The market value of 38 NFTs tracked by CoinMarketCap grew more than eightfold to $22.5 billion over the first quarter of 2021, for example.
NFT market confidence has been likely boosted by headline-grabbing sales, led by a collection of 5,000 JPEGs by Beeple that fetched an astronomical $69 million at a Christie’s auction on March 11.
Meanwhile, David Hockney, the world’s most expensive living artist, recently spurned NFTs as “silly little things.”
“Things can get lost in the computer, can’t they?” said the 83-year-old painter on an episode of the art podcast Waldy and Bendy’s Adventures in Art. “And they will be, in the future, lost in the computer, even when the cloud gets going. There’s going to be so much on it, how will you find it?”
Great questions, David.
Archeologists can now prove the Vikings made landfall in the Americas hundreds of years before Columbus reached the Bahamas.
This week, the National Gallery of Art finally acquired a major work by Faith Ringgold, the director of The Velvet Underground talks film, North America’s Hindu Nationalist problem, canceling legacy admissions, and more.
No Vacancy, curated by Jody Graf, will be on view from October 26 through November 8 at the school’s Kellen Gallery in New York City.
Sculptures of Oaxacan alebrijes, envisioned as guardians of the nation’s immigrant community, and catrinas, Day of the Dead skeletons, are now at Rockefeller Center.
“I am trying to keep the immediacy of my emotional experience while I’m painting.”
Art by Athena LaTocha, Wendy Red Star, Marianne Nicolson, Anita Fields, Jaune Quick-to-See Smith & Neal Ambrose-Smith, and more is on view through January 2022.
The intention behind the seemingly bizarre combination was, according to Attie, “to give visual form to the shared American and Brazilian reality of nationalistic divisions that defines our political present.”
Nowhere in the museums’ advertising blitzkrieg for the performance were we told to bring our wildfire-season masks as well as our covid masks, and covid masks don’t prevent smoke inhalation.