Thread by @mikeshinoda

#NFT update. Someone bid $10k USD on my piece (thanks!). And some folks are still confused about what this is. The short answer: an experiment. (more below)

It works like an auction; the value is determined by the bidders. At the end, one person gets the NFT. Think of it like like owning a 1 of a kind item in a game, or like “owning” an instagram post. It’s a weird thing to own, yes, but:
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Here’s the crazy thing. Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), i would never get even close to $10k, after fees by DSPs, label, marketing, etc.
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And reminder: the NFT isn’t the song—it’s an NFT containing the song. You can even rip the audio and video.

And if the contained song becomes more popular, then arguably the NFT becomes more valuable.
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Lastly, regarding the game item or IG post comparison: it doesn’t matter if you think a current bidding price is too high for a digital collectible. It matters that one person thinks the the price is worth it.
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This should be very interesting for people who make unconventional art, or people who have been told their art isn’t art at all. Maybe it is. The community will decide. See below.
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