Auction Houses + Digital Artwork are on π₯π₯π₯π₯ right now!
More on What We Know, The Dope Idea, and The Brand Execution.
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THIS WEEKβS DOPE NEW STARTUP IDEA CONCLUDES WITH:
* Auction Houses + NFT-based Artwork π₯
** Catch-up on Part One here:
Why Fractional Investing + Alternative Assets + Secondary Marketplaces are on π₯ right now!
WHAT WE KNOW, SINCE LAST WEEK:
* The Market Indicators & Behavioral Consumer Trends we've identified. (contβd)
-Β thanks taylor!Β https://twitter.com/itstaylorlocke
NFTs, or non-fungible tokens, are getting lots of buzz in the crypto community, with notable investors likeΒ Mark CubanΒ andΒ Chamath PalihapitiyaΒ bullish on their growth.
And now, the use of NFTs just got a bit more mainstream: Christieβs announced that it will become the first major auction house to sell a fully digital, NFT-based artwork.
Nyan Cat NFT Sells for 300 ETH, Opening Door to the βMeme Economyβ
-Β thanks daniel!Β https://twitter.com/DanielGKuhn
This afternoon, the storied internet sensation, Nyan Cat, sold for 300.00Β ETHΒ (about $590,000) in an online auction. It wasnβt the .gif file that was sold, which is still reproducible and found everywhere online, but a cryptographic hash of the psychedelic image on the Ethereum blockchain.
In recent weeks, a number of historical NFTs have sold for hundreds of ETH, like one Crypto Punk variant priced at over $1 million. The NFT-based art market, which has surged with the crypto markets, is now worth over $100 million, with success seen by crypto-native and traditional artists alike.
This Designer Just Sold a Bunch of Trippy βVirtual Furnitureβ for Nearly Half a Million Dollars
-Β thanks rachel!Β https://twitter.com/rachcormack
The βimpossible objectsβ, as Reisinger refers to them, were offered in an online auction titled The Shipping via online marketplaceΒ Nifty GatewayΒ late last week. All 10 were promptly snapped up, and the sale achieved more than $450,000 in total.
Each piece is verified via a non-fungible token (NFT) which is individually identified on a blockchain. These tokens enable the artists and collectors to sell items directly to a global audience without a third party taking a cut.
THE DOPE IDEA:
* Distilling observed market indicators & consumer tailwinds into considered theses.
Leverage the current momentum at this intersection of Fractional Investing + Alternative Assets + Secondary Marketplaces, and move quickly into launching a new Auction House that is focused solely on the sales of original NFT-based Artwork.
THE BRAND EXECUTION:
* Taking the idea & amplifying that into tactical action. Development of the Brand IP, securing a legit Domain Name, then making it Internet LIVE.
Etymology, Insights, and Cultural Inspo behind the naming ofΒ Veblenβs.
Why the nameΒ Veblenβs? What exactly is a Veblen Good?
Thorstein Veblen coined the phrase βconspicuous consumptionβ in 1899 when commenting on the human desire to publicly display wealth through the acquisition of consumer goods.
A Veblen Good does not adhere to the traditional laws of price and demand.Β BelowΒ a certain price, the price/demand dynamics are consistent with conventional products β higher prices result in a lower demand. However,Β aboveΒ a certain price, this relationship reverses, and demand rises along with price increases.
Veblen products are typically luxury goods, such as super-cars, which routinely sellout before production is begun, despite (or due toβ¦) prices in excess of $2 million.
Behavioral psychologists have repeatedly demonstrated the power of scarcity in driving human behavior. We are essentially primates with an evolutionary drive to want more of the things we cannot have, driven by a fear of loss. The appeal of a scarce product is further enhanced when it also publicly conveys social currency, in the form of wealth, status or power. (Ref. Forbes)
Check outΒ Veblenβs here!