{"id":198124,"date":"2021-03-10T01:05:19","date_gmt":"2021-03-09T22:05:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/opensea-collector-pulls-the-rug-on-nfts-to-highlight-arbitrary-value\/"},"modified":"2021-03-10T01:05:19","modified_gmt":"2021-03-09T22:05:19","slug":"opensea-collector-pulls-the-rug-on-nfts-to-highlight-arbitrary-value","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/opensea-collector-pulls-the-rug-on-nfts-to-highlight-arbitrary-value\/","title":{"rendered":"# OpenSea collector &#8216;pulls the rug&#8217; on NFTs to highlight arbitrary value"},"content":{"rendered":"<p>&#8220;<strong># OpenSea collector &#8216;pulls the rug&#8217; on NFTs to highlight arbitrary value  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvNjVmMzI4Y2QtMjc5Ni00ZjY0LWJiMmMtZmRlODFiYTA1OTFlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>A crypto artist known as <em>neitherconfirm<\/em> recently\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/opensea.io\/accounts\/theCollectorsGallery\">listed<\/a>\u00a026 non-fungible tokens, or NFTs, for sale on OpenSea&#8217;s digital marketplace. Things took an unexpected turn earlier today, however, after the artist\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369285946198396928\">changed<\/a>\u00a0the images associated with each token from computer generated portraits into photos of literal carpets.<\/p>\n<p>The pieces, which originally featured people and animal faces in a seemingly stained glass style, are now nothing more than an expensive metaphor for why you can\u2019t trust the store-of-value proposition of any asset that maintains an aspect of centralized control.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I just pulled the rug at my NFT collection on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/opensea?ref_src=twsrc%5Etfw\">@opensea<\/a> . Nobody got hurt.<br \/>It is pretty easy to change the jpg, even if it does not belong to me or it is on auction. I am the artist, my decision, right?<br \/>A thread from somebody making his living with art irl about the value of NFTs. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LNAZqPpDMZ\">pic.twitter.com\/LNAZqPpDMZ<\/a><\/p>\n<p>\u2014 neitherconfirm (@neitherconfirm) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369285946198396928?ref_src=twsrc%5Etfw\">March 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\u201cAll discussions about the value of NFTs are meaningless as long as the token is not inseparable from the artwork itself,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369285952083025925\">said<\/a> neitherconfirm. \u201cWhat is the meaning of creating an unforgeable token on a highly secured network if somebody can alter, relink or destroy your possession? As long as the value of your artwork is reliable on a central service you do not own anything.\u201d<\/p>\n<p>The current price disparity between the artist&#8217;s seemingly similar rugs seems to lend some validity to their claims. At time of publication, the top <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/opensea.io\/assets\/0x495f947276749ce646f68ac8c248420045cb7b5e\/68129065245279591559365216177547308478373465643209571173881685599845141708801\">bid<\/a>\u00a0on many of the NFTs is for under $1.00, while one (which currently has no offers) is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/opensea.io\/assets\/0x495f947276749ce646f68ac8c248420045cb7b5e\/68129065245279591559365216177547308478373465643209571173881685593248071942145\">listed<\/a> for an astonishing $139 quadrillion \u2014 or around 80,000x the market cap of the entire crypto space. Neitherconfirm has since\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369360367483301891\">implied<\/a>\u00a0that they have received more offers on their rugs than they did on the original portraits.<\/p>\n<p>Though the artist&#8217;s identity is unknown, they\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369285954150805509\">stated on twitter<\/a>\u00a0that their full-time job is \u201cmaking sculptural art\u201d under a top-selling artist that regularly sells pieces for more than $10 million.\u00a0It is unclear if neitherconfirm created unique computer generated rug images to prove their point, or simply found pictures of carpets online and turned them into NFTs.<\/p>\n<p>The crypto space is currently experiencing a massive boom in the quantity and value of non fungible tokens. While crypto artists were auctioning their works for up to $130,000 late last year, 2021 has seen NFT prices inflate to once-unfathomable amounts. Back in February, the owner of an NFT created by Mike Winkelmann, also known as Beeple,\u00a0resold the piece on Nifty Gateway for a record-breaking $6.6 million.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> CEO Jack Dorsey recently jumped in on the action as well, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jack\/status\/1367990471759306752\">auctioning<\/a> off tokenized ownership of the first ever tweet. He has promised to convert any proceeds into Bitcoin (BTC), and donate them to nonprofit organization GiveDirectly&#8217;s Africa Response. At time of publication, the highest offer on the tokenized tweet is $2.5 million.<\/p>\n<p>\u201cRight now the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eal of NFT\u2019s is the status of owning one,\u201d said MyEtherWallet founder and CEO Kosala Hemachandra. \u201cNFTs are hot in the same way lambo\u2019s are hot to Bitcoin purists. I think this current version of non-fungible tokens will continue to evolve into bigger and broader use cases.\u201d <\/p>\n<p>However, neitherconfirm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1369285985574531078\">claimed<\/a> that pieces of art are \u201conly a store of monetary value if they possess artistic value\u201d as well as subjective beauty:<\/p>\n<blockquote><p>\u201cCertainly a token can bring a huge benefit for moving rightful ownership, especially for digital art. Without any doubt there is revolutionary value in distributing ownership. Just the token itself is not the artwork \u2014 it certainly can be, but this is a different story.\u201d<\/p><\/blockquote>\n<p>The artist <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neitherconfirm\/status\/1368483085126414337\">noted in a pinned tweet<\/a> that they will donate 51% of all profits from the rug-pull NFT <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> to charity.<\/p>\n<p><em>Cointelegraph reached out to neitherconfirm for comment, but did not receive a response in time for publication.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/opensea-collector-pulls-the-rug-on-nfts-to-highlight-arbitrary-value\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# OpenSea collector &#8216;pulls the rug&#8217; on NFTs to highlight arbitrary value &#8221; A crypto artist known as neitherconfirm recently\u00a0listed\u00a026 non-fungible tokens, or NFTs, for sale on OpenSea&#8217;s digital marketplace. Things took an unexpected turn earlier today, however, after the artist\u00a0changed\u00a0the images associated with each token from computer generated portraits into photos of literal carpets&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":198125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvNjVmMzI4Y2QtMjc5Ni00ZjY0LWJiMmMtZmRlODFiYTA1OTFlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[95118,74935,80225,116,55649,73711,4965],"class_list":["post-198124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-nft","tag-nonfungible-tokens","tag-value","tag-art","tag-artists","tag-investments","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=198124"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/198125"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=198124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=198124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=198124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}