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The Digital Art Craze: Everyone Is Jumping In

Big news in the world of digital avatars : Visa bought a CryptoPunk and paid with Ethereum.

September 2, 2021
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This week on “Opinionated,” the hosts dive deep into the non-fungible token (NFT) boom with guest Andrew Steinwold, managing partner at Sfermion, an NFT fund. Andrew works with wealthy clients from around the world who want a piece of the digital art boom.

Our biggest question for Andrew was about last week’s biggest news: Visa bought a CryptoPunk.

By Andrew’s telling, paying $150,000 for a pixelated head is a relative bargain, especially as an advertising tool. It’s good for CryptoPunks, too: Its narrative firepower only grows stronger with a name brand such as Visa buying in.

But what of the wacky NFT world beyond? Do other digital art pieces carry the same gravitas? Could Danny, who blew $150 on an NFT of a duck, ever recoup his cash? Andrew dredges up the ugly truth: Not all projects are going to make it.

He’s more bullish on the burgeoning internet economy that NFTs could support, things like digital land rights, digital clothing, digital games. His bets – and his clients’ bets – are that NFTs can create a new rail in online commerce and ownership.

Andrew provides the gang with some insight into the current NFT boom and debates what makes something valuable, even if it doesn’t physically exist.

Mentioned in this episode:

Andrew’s podcast: Zima Red

Andrew’s NFT fund: Sfermion