Auction Houses + Digital Artwork are on 🔥🔥🔥🔥 right now!
More on What We Know, The Dope Idea, and The Brand Execution.
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THIS WEEK’S DOPE NEW STARTUP IDEA CONCLUDES WITH:
* Auction Houses + NFT-based Artwork 🔥
** Catch-up on Part One here:
Why Fractional Investing + Alternative Assets + Secondary Marketplaces are on 🔥 right now!
WHAT WE KNOW, SINCE LAST WEEK:
* The Market Indicators & Behavioral Consumer Trends we've identified. (cont’d)
Mark Cuban is bullish on NFTs, and they’re about to go more mainstream with an auction at Christie’s
- thanks taylor! https://twitter.com/itstaylorlocke
NFTs, or non-fungible tokens, are getting lots of buzz in the crypto community, with notable investors like Mark Cuban and Chamath Palihapitiya bullish on their growth.
And now, the use of NFTs just got a bit more mainstream: Christie’s 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 ‘Meme Economy’
- thanks daniel! https://twitter.com/DanielGKuhn
This afternoon, the storied internet sensation, Nyan Cat, sold for 300.00 ETH (about $590,000) in an online auction. It wasn’t 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 ‘Virtual Furniture’ for Nearly Half a Million Dollars
- thanks rachel! https://twitter.com/rachcormack
The “impossible objects”, as Reisinger refers to them, were offered in an online auction titled The Shipping via online marketplace Nifty Gateway 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 of Veblen’s.
Why the name Veblen’s? What exactly is a Veblen Good?
Thorstein Veblen coined the phrase “conspicuous consumption” 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. Below a certain price, the price/demand dynamics are consistent with conventional products – higher prices result in a lower demand. However, above 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 to…) 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 out Veblen’s here!