NFT is just money laundering done fancy
If you cut through all the singularitard technobabble about some digital artist making a ludicrous amount of digital money in an auction, you find that the real story should really be about the buyer - a shady, faceless entity calling himself Metakovan, who conveniently also runs the mayor NFT handler, Metapurse. Turns out Metakovan has been cornering the market of NFT art creations for some time, thereby successively increasing the nominal value of mr beeple_crap´s digital NFT creations long before he made it into Christies.
I think it’s fair to say that Metakovan and beeple_crap have been very beneficial for one another, and yet they’ve never been spotted in the same place for some reason. And of course, until beeple_crap actually cashes some of his checks, all that money he’s been given by Metacovian and Metapurse remains hypothetical, since NFT operates on the same fiat currency market as bitcoin. Funny how that all works out.
For all of you art nerds who are as bored of Bitcoin as I am: this is essentially Damien Hirst’s diamond encrusted skull all over again, but without even having to first put the down payment on the actual raw materials to create the “art”.
Essentially Metakovan & beeple_crap has found a way to increase the monetary value of a digital file just by declaring themselves experts and then declaring a random object to be valuable. And as a synergy effect, it also serves a publicity stunt to draw in more suckers to Metapurse.
But it’s all actually an old racket, only the digital framing is new here:
