Mark Cuban compares the crypto boom to the dot-com bubble, defends Robinhood, and calls for stablecoin regulation in a new interview. Here are the 10 best quotes.

mark cuban
Mark Cuban.

  • Mark Cuban praised cryptocurrencies and Robinhood for encouraging young people to invest.
  • The “Shark Tank” star compared bitcoin to gold, and called for stablecoins to be regulated.
  • The billionaire advised parents to join TikTok and YouTube to understand how children learn today.

Mark Cuban praised cryptocurrencies for enticing young people to invest, defended Robinhood, and compared bitcoin to gold on “The Prof G Pod with Scott Galloway” this week.

The “Shark Tank” investor and billionaire owner of the Dallas Mavericks also likened the crypto boom to the dot-com bubble, underscored the need to regulate stablecoins, and recommended parents join TikTok to better understand their children.

Here are Cuban’s 10 best quotes from the interview, lightly edited and condensed for clarity:

1. “Crypto reminds me of 1995. It’s not so much about all the tokens, and all the trading, and all the frenzy that’s going around – that reminds me more of the dot-com stock market. What’s interesting to me about crypto is the actual networking platforms themselves, and the ability to connect with smart contracts.”

2. “You’re seeing millions and millions of people investing in crypto, because it’s far cheaper and simpler than investing in stocks. I don’t think we fully understand the impact that crypto has had.”

3. “Robinhood’s gamification has done a lot of good, contrary to what a lot of people think. We’re not going to close the income gap by taking a hammer and smashing everybody’s income down, because there’s no efficient way to get that money to the people who need it most. Reducing income inequality is really about enabling people to access appreciable assets.”

4. “We should require digital accounts for everybody. It was hard to give millions of people their stimulus checks! That’s just crazy in every way, shape, and form. You can say a lot of bad things about Robinhood and its peers, but they enable anybody of a minimum age to own an appreciable asset at a very, very low cost.”

5. “AI, AI, AI. Crypto, crypto, crypto. That’s it.” – Cuban’s advice to people in their early 20s asking what they should learn about.”

6. “Bitcoin is a store of value, just like gold. The bitcoin maxis – the people who eat, sleep, and breathe bitcoin and think it’s gonna save the world – believe that it’s a reserve currency, and that when fiat crumbles for whatever reason, bitcoin will slide right in as the white knight. I don’t see that at all.”

7. “Gold is sold as a hedge against the apocalypse, a hedge against inflation. When there are things that look really bad, like a pandemic, it doesn’t really respond. Bitcoin is the same way, it’s purely a supply-and-demand play.”

8. “They’re gonna have to regulate stablecoins. There’s just so much money there. If one of these was a Ponzi scheme or a fraud, that would create significant instability.”

9. “We’re in this death war between blockchains. Not all of them are going to survive. It’s really going to be the applications and the innovation that drive their success, just like in the early days of the internet.”

10. “Parents need to understand how kids learn today because it’s different. You’ve gotta be on TikTok because you’ve gotta understand how they’re consuming information. Same with YouTube. – Cuban gave the example of his son learning about gross margin and other business concepts by watching “Shark Tank” clips on TikTok.

Read the original article on Business Insider

Crypto firm Meta4 gets backing from Andreessen Horowitz for new NFT investment fund

Meta4 NFT Fund I managing partner Brandon Buchanan
Meta4 NFT Fund I managing partner Brandon Buchanan

Cryptocurrency firm Meta4 Fund Management on Thursday announced the launch of a fund to invest in rare non-fungible tokens with Andreessen Horowitz as its lead investor.

The fund, Meta4 NFT Fund I, is looking to raise $100 million and is eyeing famous NFTs such CryptoPunk, CryptToadz, BoredApe Yacht Club, and Zed Run. It is managed by partners Brandon Buchanan and Nabyl Charania.

It isn’t the first foray into the space for Meta4. The Miami-based firm earlier this year launched its pilot vehicle, Meta4 Capital, with a mandate to buy digital art and collectibles, purchase virtual land, and trade NFT-related cryptocurrencies.

It has acquired dozens of NFTs, including CryptoPunks, Bored Ape Yacht Club, Meebits, Gutter Cat Gang, Zed Run, and Sandbox.

The two funds come as NFTs explode in popularity, capturing the attention of major institutions such as Visa. Major crypto exchanges like FTX and Coinbase have launched their own NFT marketplaces.

NFTs are digital representations of artwork, sports cards, or other collectibles tied to a blockchain and usually purchased with cryptocurrencies. When people buy NFTs, they gain the rights to the unique token on the blockchain, not the artworks themselves. But the fact that the information on a blockchain makes them next to impossible to alter, increasing their appeal to artists and collectors.

“NFTs are more than just pixels. It’s the intersection of culture, technology, and finance,” Buchanan said in a statement. “It represents a new way of thinking about the ways in which ‘value’ is accrued, harnessed, and distributed.”

Andreessen Horowitz, for its part, launched its first crypto fund in 2018. Since then, the tech-focused firm launched two more funds and has invested directly in NFTs.

“NFTs are the driving force behind a new generation of internet products and services that are sharing value directly between the millions of developers, artists, collectors, and even gamers that participate,” Arianna Simpson, general partner, a16z Crypto, said in a statement.

While NFTs have not received the same scrutiny as cryptocurrencies, the market has not been free of controversy and accusations of shady dealings. Mark Cuban-backed OpenSea, the largest NFT marketplace, found evidence of insider trading on its platform in September, the company confirmed in a statement.

Read the original article on Business Insider

The one-of-a-kind Wu Tang Clan album made infamous by Martin Shkreli was sold by the government to a crypto collective

wu-tang
Wu-Tang Clan perform during their 25th Anniversary Tour at Michigan Lottery Amphitheatre on May 31, 2019.

  • The US government sold Wu-Tang Clan’s one-of-a-kind album to a crypto collective called PleasrDAO.
  • The album was sold as part of “pharma bro” Martin Shkreli’s monetary judgment.
  • PleasrDAO came into the spotlight previously after purchasing an NFT of the “doge” meme.

Wu-Tang Clan’s one-of-a-kind album – once owned by Martin Shkreli – was bought by a crypto collective known as PleasrDAO for $4 million worth of a cryptocurrency, The New York Times first reported Wednesday.

The US government, which obtained the album as part of Shkreli’s monetary judgment, sold it over the summer but didn’t disclose its buyer, Insider previously reported. PleasrDAO has now come forward about the purchase.

“We bought the unreleased Wu-Tang album with crypto,” the company said in a video on its blog.

The two-disk album, titled “Once Upon a Time in Shaolin,” was sold in 2015 to Shkreli – the “Pharma Bro” who has since been convicted of securities fraud – for $2 million. There is only one copy in existence after it was recorded over a six-year period.

“This is like the OG NFT,” Jamis Johnson, chief pleasing officer at PleasrDaO, said in the company’s video. “The original fight against the middlemen who are rent-seeking. Crypto is the same ethos. Wu-Tang Clan was prescient in understanding that conflict.”

PleasrDAO received the album on Sept. 10, according to The Times, and it now sits in a vault in New York City. The Times reported that the company paid $4 million in cryptocurrency to an intermediary, who then paid the government about $2 million US dollars.

An NFT of the album was made to represent ownership of the physical copy, The Times said, citing a lawyer who was involved in the transaction. Now, the 74 members of PleasrDAO have collective ownership of that NFT and the album.

PleasrDAO describes itself as a “collective of DeFi leaders, early NFT collectors, and digital artists who have built a formidable yet benevolent reputation for acquiring culturally significant pieces with a charitable twist.”

The organization, whose abbreviation stands for “decentralized autonomous organization,” came into the spotlight after purchasing a nonfungible token, or NFT, of the legendary “doge” meme, CNBC reported in September.

When first selling the album, Wu-Tang Clan stipulated it could be played for people at public events, but it couldn’t be widely distributed until 2103, which is 88 years after it was sold, Stereogum reported.

PleasrDAO told the Times it has plans for the album to “be shared and ideally owned in part by fans and anyone in the world,” though it didn’t specify how it would do that while following the group’s original conditions.

Read the original article on Business Insider

Martha Stewart is reportedly planning to sell her viral ‘thirst trap’ selfie as an NFT

Martha Stewart attends the 2020 Vanity Fair Oscar Party at Wallis Annenberg Center for the Performing Arts on February 09, 2020 in Beverly Hills, California.
  • Martha Stewart is releasing her very first NFT collection, The Wall Street Journal first reported.
  • She is planning to release regular collections tied to various holidays and seasons.
  • Her first line is Halloween-themed, featuring photos of pumpkin carvings and a picture of her in a bloody nurse costume.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Martha Stewart is getting in on NFT craze.

The 80-year-old lifestyle guru is releasing her very first non-fungible token collection on her website Tuesday amid a digital asset boom, The Wall Street Journal first reported.

The mogul will be launching the collectibles as a series, she told WSJ, and she is planning to release regular collections tied to various holidays and seasons.

Stewart did extensive research before making her foray into the digital collectibles space by consulting her banker, Galaxy Digital Holdings founder Mike Novogratz, and rapper Snoop Dog, according to The Journal.

Her first line is a Halloween-themed NFT named “Carved Collection” that features photos of various pumpkin carvings, her favorite jack-o-lanterns, and even a picture of her dressed as a bloody Halloween nurse.

Down the line, she plans to release her viral summer pool selfie taken at her home in the Hamptons.

“That portrait will become an NFT,” she told The Journal. “Who would have guessed? I have been cool for a long time but I’m even more cool now.”

NFTs – digital representations of artwork, sports cards, or other collectibles tied to a blockchain and usually purchased with cryptocurrencies – have surged in popularity this year with some selling for millions of dollars.

When people buy NFTs, they gain the rights to the unique token on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to collectors and artists.

Stewart partnered with Tokns Commerce, which provides end-to-end NFT solutions, and Fresh Mint, which will adapt her physical artifacts into tokens.

“These kids love to talk about cryptocurrency,” she told the Journal, referring to her grandchildren. “They’re the Reddit crowd. These are real go-getters. They want to be first, they want to be cool, they want to be hip.”

Read the original article on Business Insider

Billionaire Mike Novogratz wants to turn tattoos into NFTs – and he’s asking Twitter for ideas about his own tattoo

GettyImages 1281542990
Mike Novogratz is one of the most high-profile bitcoin investors.

Cryptocurrency billionaire Mike Novogratz on Wednesday had a late-night thought that he shared with his 376,000 Twitter followers: If he were to get a tattoo, what should he get?

The CEO of Galaxy Digital took to the social media platform to tease an upcoming meeting he has about non-fungible tokens.

“I’m feeling a tattoo urge coming,” Novogratz tweeted. “Meeting a bad ass artist on Friday to talk about turning her craft into NFTs. She said she would ink me. What should I get?”

Among the suggestions were tatoos of the bitcoin logo and a shogun samurai. MicroStrategy CEO Michael Saylor also chimed in though not with a design idea. The bitcoin bull simply commented: “#Bitcoin is forever…”

NFTs are digital representations of artwork, sports cards, or other collectibles tied to a blockchain. They have surged in popularity this year, with major players such as FTX and Coinbase launching their own marketplaces.

Novogratz has been consistent with his bullish views on NFTs. In April this year, the billionaire said NFTs could be worn like jewelry thanks to augmented reality. Passersby, he added, would be able to see it through their AR glasses.

Tattoos are also not new to Novogratz. On December 20, the entrepreneur-investor shared a photo of himself with a fresh tattoo, which commemorated bitcoin going “to the moon” when the digital asset, back then, broke record prices.

Read the original article on Business Insider

Meet the millennial and Gen Z founders dressing Jill Biden, opening NFT art galleries, and raising millions in funding

"Star, Rising" with the world map behind it on a blue background with faint glowing stars scattered around.
“Star, Rising” is a series highlighting early entrepreneurs and businesses.

  • Insider’s series Star, Rising highlights early-stage entrepreneurs and companies who are gaining popularity.
  • So far, Insider has profiled founders all over the world who are innovating their respective industries.
  • Here are the 15 burgeoning business owners in Insider’s Star, Rising series.

The pandemic spurred a new wave of entrepreneurship, prompting people to start their own companies, and that doesn’t seem to be slowing down.

The US saw 4.3 million new business applications in 2020-a 24.3% increase from 2019-and 3.8 million so far this year, according to the US Census Bureau. That’s in addition to the rise in hustle culture, as the gig economy grows and social media paves way for more virtual shops and accessible marketplaces. In particular, many millennials and Gen Zers are disrupting the industries they work in as they find their place in the protean landscape of entrepreneurship.

With so much change, it can often be hard to track the new innovators seeking to redefine the world around them. That’s why Insider has started profiling them in its series Star, Rising, which explores how these entrepreneurs built their businesses, who they call mentors, and what advice they would give others looking to follow in their footsteps.

So far, the series has introduced Oladosu Teyibo, who is sourcing African talent for his software company to increase representation in tech, and. Sharmadean Reid, who launched a female-centric financial news publication to educate the rising crop of entrepreneurs. Here are the 13 other burgeoning founders in Insider’s Star, Rising series.

Sharmadean Reid’s new business aims to empower entrepreneurial women.

Sharmadean Reid
Sharmadean Reid

Reid is the founder of The Stack World, a female-centric financial publication that aims to be the stepping stone between Cosmopolitan and The Financial Times. Based in London, the outlet is on track to hit 10,000 subscribers by next year and has more than 420,000 followers on Instagram.

In 2019, Reid raised nearly £4 million ($5.5 million) in a funding round led by Index Ventures for BeautyStack and has since rebranded and expanded the platform into The Stack World’s marketplace. That milestone made her one of 10 Black female entrepreneurs in the UK who’s raised venture capital between 2009 and 2019.

Two Gen Zers turned a $2,000 investment into an art gallery that sells $600K pieces. They want to usher in a new generation of art collectors.

Alexis de Bernede (L) and Marius Jacob (R)
Alexis de Bernede (R) and Marius Jacob (L))

Based in France, Alexis de Bernede and Marius Jacob are the founders of Darmo Art gallery. This summer, their two shows netted six figures each, and they are now planning future exhibitions in Paris, the French Riviera, and at the Grand Hotel Heiligendamm, an exclusive report in Germany.

The millennial founder of a software company on track to net seven figures this year is fostering Africa’s rising tech stars.

Oladosu Teyibo stands wearing a black shirt in the middle of the street smiling
Oladosu Teyibo

Oladosu Teyibo is the founder of Analog Teams, a software development company focused on hiring talent from underrepresented communities. The company is on track to net seven figures in revenue this year and has already expanded into six African countries, including Kenya, Ghana, and Nigeria.

Hogoè Kpessou worked as an Uber Eats driver before she launched her handbag brand last year. Now she’s on track to net seven figures.

photo of Hogoè Kpessou
Hogoè Kpessou

Luxury designer Hogoè Kpessou is best known for her backpacks emblazoned with a gold bumblebee. Before starting her eponymous company, she held weekend shifts at a local restaurant and delivered food for Uber Eats. Now she expects to hit seven figures in revenue by the beginning of next year.

The 24-year-old cofounder of an NFT art gallery raised $7.6 million in funds on his quest to create the ‘Instagram for NFTs’.

Alex Masmej headshot
Alex Masmej

Alex Masmej made headlines last year after turning himself into a token on crypto-platform Ethereum. Now, he’s working on his next venture, called Showtime, which is an art gallery that focuses on highlighting non-fungible tokens. In April, he raised $7.6 million in venture capital and hopes to make Showtime one of the biggest NFT art galleries in the world.

Three millennial cofounders created a job platform that looks like TikTok and works with Panda Express, H&M, and Everlane.

Three men sit in a grocery store looking at the camera smiling
(L-R) Tristan Petit, Adrien Dewulf and Cyriac Lefort

Tristan Petit, Adrien Dewulf, and Cyriac Lefort are the cofounders of the job platform Heroes, which allows individuals to submit video job applications and lets employers share day-in-the-life videos of workers. The platform seeks to help Gen Z workers get jobs at retailers such as Panda Express and H&M. What’s more, last year it closed a $6 million seed round, led by Greg McAdoo of venture capital firm Bolt.

Entrepreneur Anne Onyeneho turned a cookbook into a meal-prepping business and soon a restaurant.

Anne Onyeneho standing in her kitchen posing
Anne Onyeneho

Last November, Anne Onyeneho authored a cookbook full of plant-based recipes called PlantBaed to help people prepare their own healthy dishes at home. Four months later, she launched a meal prepping service, named after the cookbook, so customers could buy healthy dishes directly from her. She’s on track to net six figures in revenue by the end of this year and looking to open a restaurant.

Millennial fashion designer Alexandra O’Neill is seeing cocktail dress sales skyrocket as customers prepare for the new Roaring 20s

Markarian designer Alexandra O'Neill sits in front of clothes

Alexandra O’Neill is the founder of luxury brand Markarian and made headlines this year after First Lady Jill Biden wore a custom Markarian piece for Inauguration. Since then, the company has seen sales skyrocket. What’s more, O’Neill held her first New York Fashion Week presentation in September, showing off a collection inspired by Lauren Bacall in the movie “How to Marry a Millionaire.”

3 Gen Zers created a competition to connect young creatives with cash and careers amid the pandemic.

(L-R) Harry Beard, Alexandre Daillance, Adam Flanagan
(L-R) Harry Beard, Alexandre Daillance, Adam Flanagan

Harry Beard, Alexandre Daillance, Adam Flanagan launched the competition Prospect 100 last year to help young creatives showcase their work as the pandemic shuttered the arts industry. Since last May, it’s held six competitions with more than 15,000 participants from 82 countries. Additionally, past judges include Apple cofounder Steve Wozniak and Yeezy design director Steven Smith.

Brittni Popp’s 6-figure side hustle is making custom cakes for celebrities like Paris Hilton and Khloe Kardashian.

Brittni Popp

Brittni Popp likes to help people commemorate their important life moments, whether that’s a bridal party, divorce, or even an expunged DUI. Her business, Betchin Cakes, sells customized baked goods that come adorned with decorations like Barbie dolls or empty nips. In the two years since she launched her side hustle, she’s landed high-profile customers like Paris Hilton and Khloe Kardashian, and is on track to make six figures in revenue this year.

Read the original article on Business Insider

SpongeBob, Star Trek, and South Park digital tokens may soon be available as ViacomCBS enters the NFT market

spongebob squarepants imagination
Spongebob Squarepants.

  • ViacomCBS is teaming up with NFT startup RECUR to sell digital tokens based on its shows.
  • The media company owns franchises such as SpongeBob SquarePants and South Park, among others.
  • Its NFT platform will be “chain-agnostic,” meaning royalties can continue to be collected on resales.

ViacomCBS – the owner of Nickelodeon, Comedy Central, and MTV – is getting into the NFT space.

The media company is teaming up with NFT startup RECUR to build a platform where fans can buy, collect and resell digital assets centered on “cherished” franchises.

That could include SpongeBob SquarePants, South Park, and Star Trek, for example, although the company did not specify what characters or shows it would put on the platform.

The new platform, to be available in the spring of 2022, will be “chain-agnostic,” according to the Wednesday press release. That means royalties granted to the original owners can be minted on any cryptocurrency, allowing the creators to continue receiving their share of sales and resales, wrote TechCrunch, which first reported the news.

“Fueled by beloved characters and iconic properties with multi-generational appeal, we are thrilled to accelerate our consumer products presence even further into the growing metaverse,” ViacomCBS President Pam Kaufman said.

ViacomCBS’ partner RECUR launched six months ago and is dedicated to creating branded experiences for fans to exchange NFTs, aka non-fungible tokens.

The startup recently completed a $50 million funding round, valuing the company at $333 million. In a statement about the funding, the co-chiefs said, “The Metaverse is the next frontier, and community and culture will be the driving force.”

The market for digital collectibles has boomed in 2021 with more than $10 billion in sales in the third quarter alone, Insider previously reported. Celebrities and even professional sports leagues and athletes have jumped into the space, with more marketplaces, from companies such as Coinbase and FTX, becoming available.

Read the original article on Business Insider

Coinbase plans to launch its own NFT marketplace by the end of the year as it rides digital asset boom

Monitors display Coinbase signage during the company's initial public offering at the Nasdaq market site April 14, 2021 in New York City.

Coinbase Global is joining the NFT bandwagon by launching its own marketplace by the end of the year.

The largest cryptocurrency exchange in the US on Tuesday said Coinbase NFT, its peer-to-peer marketplace, will allow users to mint, purchase, showcase, and discover NFTs.

The initial launch will support ethereum-based ERC-721 and ERC-1155 standards with plans to roll out multichain support later.

The company said it wants creating an NFT, or a non-fungible token, to be as simple as tapping a few buttons. “Anything more complicated is a barrier to creativity,” it said in its statement.

To personalize the experience, Coinbase said users can create their personal feeds to help them connect with like-minded artists. The exchange is opening up the waitlist for early access to Coinbase NFT on Tuesday.

Coinbase NFT marketplace
Coinbase NFT

The announcement of Coinbase comes as other cryptocurrency exchanges have thrown their hats in the NFT ring.

Sam Bankman-Fried’s FTX on Monday announced the launch of FTX NFTs, its NFT marketplace that will allow users to mint, hold, authenticate, and trade digital collectibles on the solana blockchain. FTX said it also has plans to roll out support for ethereum-based tokens.

NFTs – digital representations of artwork, sports cards, or other collectibles tied to a blockchain – have surged in popularity this year.

For the third quarter, NFT trading volume exploded, fueled by popular blockchain-based games, according to a report by industry analyst firm DappRadar. NFTs registered $10.7 billion in trading volume, a 704% increase from the previous quarter when the tally was under $2 billion.

When people buy NFTs, they gain the rights to the unique token on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to collectors and artists.

While NFTs have not received intense scrutiny as cryptocurrency trading has, US regulators may clamp down on the space soon. The industry’s rapid growth has already attracted some nefarious acts.

Mark Cuban-backed OpenSea, the largest NFT marketplace, for instance, has found evidence of insider trading on its platform in September, the company confirmed in a statement.

Read the original article on Business Insider

FTX launches US marketplace for solana NFTs with plans to expand to ethereum-based tokens

Visitors are pictured in front of an immersive art installation titled "Machine Hallucinations - Space: Metaverse" by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby's, at the Digital Art Fair, in Hong Kong, China September 30, 2021.
An immersive art installation, which will be converted into NFTs in Hong Kong, September 30, 2021.

  • FTX.US is launching a marketplace that will allow users to mint, authenticate, and trade NFTs on the solana blockchain.
  • The 29-year-old billionaire founder of FTX, Sam Bankman-Fried, has been a big supporter of the solana blockchain.
  • FTX also has plans to roll out support for ethereum-based tokens, which account for the majority of NFTs that are trading.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

FTX.US, an affiliate of cryptocurrency exchange FTX, is launching an NFT marketplace that will allow users to mint, hold, authenticate, and trade digital collectibles on the solana blockchain, the company announced Monday.

This is a step up from FTX’s prior offering of only allowing users to trade NFTs, or non-fungible tokens, minted on its website.

FTX also has plans to roll out support for ethereum-based tokens, which account for the majority of NFTs that are trading.

The marketplace, which is available to US customers, supports all solana NFTs that conform to the Metaplex standard, a solana-powered protocol. It also allows users to transfer existing NFTs and will provide project creators with full control over the NFT’s life cycle.

In addition, the new marketplace, dubbed FTX NFTs, will support bank transfers, wire transfers, or credit cards to purchase NFTs. Newly minted NFTs can be listed in either US dollar, solana, or ether.

Unlike OpenSea, the most prominent and biggest ethereum-based NFT marketplace, users who wish to trade in the FTX marketplace are required to open accounts that verify their identities, immediately disqualifying those who may want to transact anonymously.

While it is unclear why the firm prioritized solana for this marketplace, it is no secret that the 29-year-old billionaire founder of FTX, Sam Bankman-Fried, has been a big supporter of the blockchain. Solana is cheaper and faster than ethereum and is often dubbed as its rival.

“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem,” Brett Harrison, president of FTX.US, said in a statement. “The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”

NFTs – digital representations of artwork, sports cards, or other collectibles tied to a blockchain – have surged in popularity this year.

When people buy NFTs, they gain the rights to the unique token on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to collectors and artists.

Read the original article on Business Insider

Infamous German art forger Wolfgang Beltracchi is selling recreations of the world’s most valuable painting as a collection of NFTs

Salvator Mundi
The “Salvator Mundi” paining.

  • Infamous German art forger Wolfgang Beltracchi is selling thousands of NFTs based on “Salvator Mundi.”
  • “Salvator Mundi,” which sold for a record $450.3 million in 2017, has been attributed to Leonardo da Vinci.
  • Beltracchi was sentenced to six years in prison after being convicted in 2011 of forging 14 famous works of art.

Wolfgang Beltracchi – the infamous German art forger – is selling thousands of NFTs of the world’s most valuable painting.

Beltracchi, who is best known for his decades-long scheme of forging famous works of art, is joining the world of nonfungible tokens, where digital assets operate as a type of collector’s item and can’t be duplicated.

He’s selling 4,608 original digital artworks of the 500-year-old “Salvator Mundi” painting, according to his website. The collection, called “The Greats,” is a “a digital journey through the history of art,” as each version of the “Salvator Mundi” recreation incorporates the style of seven art eras, including painters such as Picasso, Van Gogh, and Da Vinci.

The original “Salvator Mundi” painting, which is Latin for “Savior of the World,” sold for a whopping $450.3 million at a Christie’s auction in 2017 to Saudi Arabian Crown Prince, Mohammed bin Salman. Experts, however, have struggled with wether Da Vinci truly painted the piece.

Beltracchi’s recreations of the piece will be on display when the sale starts in eight to 10 days, a spokesperson told the Block, adding that the artist chose to do the collection because he’s “the only person with the necessary skills to implement it. He has managed to fool the ‘art experts’ hundreds of times with his re-creations of famous painters’ work.”

Beltracchi was sentenced to six years in prison after being convicted in 2011 of forging 14 famous works of art and selling them for millions of dollars. His scheme began in the 1970s and shook the art world when it was discovered.

In a statement to the Block, Beltracchi said, “The NFT market offers artists a platform to market themselves independently and makes them independent from traditional art market mechanisms.” The artist did not immediately respond to Insider’s request for comment.

Read the original article on Business Insider