Crypto crash
May 13 2022
Picture: via Twitter
There's a cryptocurrency crash going on, and who knows where it will end. Ethereum, which is used in the art world to buy NFTs, is down more than 50% from its peak in November. As it happens, the British Museum auctioned one of its 'Super Rare'* Hokusai Great Wave NFTs then. So if you were the lucky bidder, you're now down about 50% just on the currency side alone. That's before we worry about NFT values themselves.
*So rare it's one of ten. That is, if you can create any degree of scarcity around a jpeg which is infinitely reproduceable, which is in turn an image of a widely reproduced print which is itself not exclusive to the British Museum.
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