A fascinating look at the intersection of art, commerce, and digital ownership through the rise and crash of the NFT mar | dG1fSlNqMTRoWG1RQ0E
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00:00We're watching that closing of the auction which closes in an hour. It's already at absolutely ridiculous amount
00:09NFT NFT people are paying tens of millions of dollars
00:1869 million dollars. I think it's completely insane. I didn't think that could be sold for any amount of money
00:24People what is an NFT? It's not just for digital art. It's like this could be for anything
00:33Up until NFTs, I was barely able to pay in rent or buy food
00:39$900,000 I'm not to cry
00:43My first piece sold for $30,000 which was a lot for a 15 year old
00:47In Nigeria, being told growing up, you can't be an artist. But I've sold NFTs to over 20 collectors
01:06I think traditional art is still quite skeptical about NFTs. This is not respectable art
01:13I just bought a people. It's like
01:16$65,000. It could certainly be a bubble
01:23FTX collapsed this week after a chain reaction. This started as a digital art movement
01:28But it transformed into one of the largest financial collapses in American history
01:36The NFT market had become the greater fool theory. Everyone just got annihilated
01:42It's someone's life you're playing with and someone's emotions and expressions
01:49You have to be kind of crazy to trade NFTs. $500,000, one click, all gone. This was old-school fraud
02:00What gives Van Gogh value? What gives the Jackson Pollock value?
02:03It's got to be a new idea that changes the way people think about art
02:09and
02:10I'm trying to do that. We'll see a hundred years from now if I've done it