Background and Context
The value of an image is something that is always speculated on. There's so many images and artworks that have sold for large sums of currency, be it due to the noteriety of the artist, or the quality of the work itself. The collection of art and images is something that is changing rapidly in the artand finance world with the introduction of NFTs.
All the way back to the initial proliferation of photography, the concept of reproduction and how this may diminish the value of art or the image is something that's been discussed, and no one did it better than Walter Benjamin in his text The Work of Art in the Age of Mechanical Reproduction.
Benjamin argued that the original will always have the essence and hallmarks of its creator upon it. That every other copy produced from the original would be diminished, and not have as much value. We've seen that in the art world. We've seen that in the automotive word where lost prototypes of even the most obscure vehicles can be traded for handsome sums of money.
Even here on $HIVE, we've seen it with @splinterlands cards and the premium that alpha cards command.
So, as a scholar of art, (I have a Masters Degree in Visual Art and Design) - what better way than to experiment with some NFTs and the economics of mechanically produced work?
Buy my work?
I want to sell my lensy.io NFTs. Here is how I want to do it. Every Friday, Australian time - I will make a post detailing the remaining editions of my NFTs. This is an experiment in art economics and something I want to do to increase the volume of sales on lensy.io to benefit all photographers
- Each week, 1 edition in my ownership will be burnt, whether any editions sell, or not
- The price of remaining NFTs will increase using the following formula:
Current Price DIVIDED by Editions remaining for sale PLUS Current Price
I reserve the right to round up / down to the nearest whole SWAP.HIVE
- This will continue until all NFTs are burnt or 1 edition remains in my ownership
- The final edition in my ownership will remain on sale
- Each week the final edition in my ownership is on sale, it will be reduced in price by the following formula
Current Price less ten percent, until it reaches 10 SWAP.HIVE
This final edition will remain on sale until it is no longer in my ownership
I have no control over what collectors do with the editions they purchase. They may try to undercut my rates in order to make a sale, or owners of an existing edition may purchase and burn their own editions to prevent other collectors from getting their hands on it.
I'm interested in seeing what happens.
Here are the NFTs
The Sword is Mightier
| The Sword is Mightier | |
|---|---|
| Minted | 8 |
| Sold | 0/8 |
| Burnt | 1/8 |
| Editions for Sale | 7/8 |
| Initial Price | 25 SWAP.HIVE |
| Current Price | 28.57 SWAP.HIVE |
| BUY NOW |
Price Projection
Current Owners: @holoz0r
The Matt Clarke
| Buy it here | |
|---|---|
| Minted | 8 |
| Sold | 2/8 |
| Burnt | 1/8 |
| Editions for Sale | 4/8 |
| Initial Price | 8 SWAP.HIVE |
| Current Price | 10 SWAP.HIVE |
| BUY NOW |
Price Projection
Current Owners: @holoz0r, @mattclarke @bullauge
Gravity
| Buy it here | |
|---|---|
| Minted | 25 |
| Sold | 0/25 |
| Burnt | 1/25 |
| Editions for Sale | 24/25 |
| Initial Price | 18 SWAP.HIVE |
| Current Price | 19 SWAP.HIVE |
| BUY NOW |
Price Projection
Current Owners: @holoz0r
In conclusion...
I look forward to seeing the outcome of this experiment. I'll make an update post each friday, documenting my further thoughts on how NFTs and the art world continue to intersect, and how it makes me, a content creator, and artist feel.
It will likely dictate how heavilly I will lean into actively producing more work that will be bespoke to lensy.io and the NFT Showroom.