Founder of BitMEX: the embodiment of modern technology and art

(Any views expressed below are the author’s personal views, and should not be used as the basis for investment decisions, nor should they be interpreted as suggestions or opinions on engaging in investment transactions.)

Art is a manifestation of the rich energy of human civilization. From the point of view of net energy, this is completely worthless. But when viewed as the purest expression of human beings beyond our basic functions of calorie consumption, reproduction and extinction, it is invaluable. We “work” to enjoy leisure, which is a personal pursuit, usually involving some art forms. This includes music, film, painting, sculpture, sports, etc. All these activities are energy consumption, but bring endless fun to the participants and the audience.

The emergence of super-intelligent network thinking machines will herald an era in which the vast majority of human labor is economically worthless. Freed from the physical limitations of work, humans will turn to their new digital world and the complete expression of the creativity and vitality of civilization. Yuan Festival is the future.

So, what is the concept of “art” in the pure digital structure? How can it be “wasted” in the pursuit of digital art that is just an energy abstraction of money? Similar to all other “traditional” art forms, are NFT-based art forms both worthless and priceless?

From an energy point of view, NFT-licensed art has no value at all, but it will represent the ultimate way of Flex’s social status in a purely digital world. Although it may seem silly to those who think Art Basel and the Venice Biennale are the epitome of like-minded cultural gatherings, the infinitely reproducible JPEGs traded on the blockchain are no better than the waves on the canvas. The line is more stupid.

You are worthless

Compared with self-learning smart machines, most human labor is not worth the energy investment needed to maintain it. No matter how “smart” or “creative” you think you are, machines will be better than you in the next few decades.

What are you going to do now? Once we are tired of the COVID lockdown, the elderly will play sports, hang out on the beach, go to physical nightclubs, etc. (I mean millennials and older people.) Young people will play video games and create new worlds in various digital meta-universes.

The COVID-19 shock has only accelerated these trends . Nowadays, a large part of the world’s people are locked in their homes; their only way of interacting is through networked machines. Whether you like it or not, your online profile picture will only become more and more important. The meta universe is in progress, and you are participating in its creation.

The meta-universe will be anything that the human mind can imagine, and it will not be hindered by the traditional laws of physics that we take for granted in the flesh space. The whole new economy and profession that we cannot imagine will appear in these worlds. It is hoped that these jobs can create the same self-satisfaction as traditional jobs and make people feel satisfied with their lives. Another option is for billions of restless souls to attack perceived and actual inequality, especially when capital is further concentrated in the hands of our technological hegemon.

The most powerful person in the world—defined by the number of users he influences—is Mark Zuckerberg. He bet that the community that truly supports Facebook in the future is Metaverse. AR and VR devices that allow humans to create communities in the digital space are what Facebook believes the next iteration of the digital community represents.

China is building a mobile-first network society. All data and interactions are networked, monitored and supervised by the state. Chinese Yuan Festival is a complete social credit score, covering your entire online and offline life. Taking into account the R&D expenditures on artificial intelligence and 5G, Beijing believes that the future is a digitally connected population.

Regardless of your politics, Western and Eastern capital believe in the meta universe.

Player unity

According to Statista, 2.55 billion people have played some kind of video game in 2020. On average, gamers spend 54 minutes a day or 6.33 hours a week playing their games.

With 2.55 billion gamers, it is the largest affiliated group. They cross traditional nationalities and religions. An interesting data point-I don’t have one-is whether gamers have a stronger sense of belonging to the community in the game or their country of birth/religion. I bet that as gamers spend more time in their virtual world, their affinity for a nation-state or religion will gradually weaken, which will benefit the community in the game.

The game is not just a shooting game. I think it is essentially some social activities in the virtual world. This structure will be transformed into any activity in the virtual world. If we consider the time humans now spend on Zoom and Microsoft Teams (which are just virtual workspaces), the time spent on socializing/working will be much higher.

People like these new worlds . The preference for working from home (WFH) and working in an office building draws a line between generations and income levels. Boomers of baby boomers want to see their younger, poorer movable properties sitting in their offices, where they can be supervised. The workforce, if it can be done online, would rather sit in the sports and leisure area in the comfort of their own home and benefit from the extra leisure time that no longer requires commuting. As our society develops in a completely virtual environment to form strong connections, the concept of reaching a deal through face-to-face meetings will become anachronistic.

How to bend

As a social person, the sole purpose of many activities and purchases is to publicly show how much energy you can waste. The nightclub economy is an excellent suggestion for this concept. The individual walks into a dark room, listens to loud music (art), dances (wasting energy, similar to courtship), and pays excessive money to drink liquids. Everyone wore very beautiful clothes, which were of no use except to show the other club members present that they had spent a lot of money to show their social status.

If you think nightclubs are too tacky, what about global art exhibitions? Rich and famous art lovers, creators and curators waste their energy to go to one place. They gathered together to “collect” useless paintings, sculptures and other installations. Depending on the gallery you represent and/or how many useless things you stock up, there is a clear social pecking order. Provide food and drinks to socialize with other like-minded and enlightened art lovers. After completion, everyone packs up and wastes more energy to return home.

Socialization and communication are what makes human beings different from others. This is how we build monuments for our gods and rulers. This is how we sent people to the moon. This is how we create the Internet and integrated circuits. Bending is not only a kind of 100% energy waste, but also a necessary condition for building social bonds to promote the progress of civilization.

When we imagine what the meta-universe will become, how will its inhabitants change their social status? Going back to the game, the already booming economy surrounding the skin worn by your online avatar points to a digital future of worthless artistic digital objects that represent a lot of value.

DMarket estimates that the skin market is about $40B.

Newzoo also reported on the attitudes of American gamers to skin trading, and provided some insights.

Highlights of the report

  • “Among the core American gamers who understand skins, 81% want real-world money for their skins and are therefore interested in skin trading. More than two-thirds do not know that there are any major skin trading platforms in the United States (Including Steam’s Community Market, DMarket, OpenSea and Bitskins).”

     

  • “It is crucial that 75% of players who are interested in skin trading say that if they have monetary value outside of the game, they will spend more on skins.”

     

  • From a demographic point of view, young men are most likely to be exposed to gaming cosmetics, but large-scale whales are older.

     

Our online avatars need to be handled flexibly. The value of digital items combined with our unique online identity will explode. Ask yourself whether die-hard gamers would be willing to spend $1,000 for rare skins or $1,000 for Louis Vuitton bags (you might ask, “What LV bag only costs $1,000”)? The purpose of these two projects is the same. They show the extent to which you can afford to waste resources due to wealth, and they are also scarce.

Flex Good

Your curved product should have the following characteristics:

1. A  good thing must be essentially worthless, or if it is as useful as a piece of clothing, then there are cheaper alternatives that can achieve the same function.

2. If in doubt, please check if the item is mentioned in the lyrics by the pop star. If it is true, then it may be Flex Good and is essentially bankrupt.

3. Owning items shall grant membership in the exclusive community.

4. The goods should be limited in quantity, in other words, scarce.

Founder of BitMEX: the embodiment of modern technology and art

Have you ever wondered what it’s like to wear socks and sneakers? Well, Balenciaga will sell you a pair for nearly $1,000.

Is this Flex? Let’s take a look at the list.

Property 1:

You can spend less money to buy a pair of sports shoes to protect your feet while performing a biomechanical activity that humans call walking. Yes, a rapper named Cardi B has the following opinions about the above sneakers:

“I like those Balenciagas, those that look like socks.”

Property 2:

If you buy these shoes, you are part of a small community that appreciates high fashion and can afford the Balenciaga brand.

Property 3:

This pair of shoes is semi-scarce. Balenciaga has produced enough pairs that anyone can buy a pair with only $1,000. However, they are scarce in terms of currency because most people cannot afford to waste $1,000 on socks and sneakers.

Crypto Flexing-the art of supporting NFT

NFTs, or non-fungible tokens, are currently just ownership records. NFT tells us which public encryption key is the true owner of a particular data. As far as the current market is concerned, the reference art itself is easy to copy, but the original ownership is unique in cryptography.

Since most of today’s NFT art takes the form of digital images and videos, opponents are dumbfounded as to why some people pay money (energy) for data that can be copied for free. No need to buy anything to enjoy connected art. It can also be transferred for free. However, what these people don’t understand is that art itself is tangent to Flex. This is about having a unique encryption certificate…NFT.

The physical artwork is valuable because the artwork itself cannot appear in two places at the same time. There is only one “Mona Lisa” in the Louvre. The jpeg of the pixelated rock can appear everywhere at the same time. So why are the values ​​of both greater than zero?

In Metaverse, it is not enough to “wear” or “show” your digital project. You must also be able to prove its scarcity. This can be done encrypted by having NFT.

There are two aspects to your encryption Flex. First of all, you have a pair of bad-looking virtual sneakers, cute penguins, pixelated faces or jpeg rock that you can display on various social platforms or as your avatar. Take a look at how many cryptographers use images that associate their avatars with NFTs to show their value and membership in the elite community. Finally, and most importantly, because it is in your Twitter avatar and have a value of +1,000 ETH encryption punk After that, you can actually prove that you have it in encrypted form in the etheric Square block chain. Now everyone knows how much you paid for it-you don’t have to shout, “Hey, world, I am fucking rich.” We humans like to abstract the display of our wealth in commodities, rather than through direct display Our bank balances or wealth held on the chain are too trendy.

Ether Rocks is an interesting NFT project for evaluation and checklists .

Property 1:

EtherRock is actually a set of rock PNG images. I won’t say that they spend too much on the way to achieve human creativity. They are essentially worthless.

Property 2:

If you own EtherRock, you are part of an exclusive community of no more than 100 people. If you want, you can buy multiple EtherRocks, but there will always be only 100.

Property 3:

EtherRocks are very scarce because there are only 100 mints.

This is an interesting project because PNG files are obviously worthless and lack creativity, so that many people question why someone would waste a lot of Ether to buy them. In fact, nearly 2,000 ETH worth of rocks were traded in August alone. But the more obvious the NFT, the less valuable and expensive it is, the greater the Flex. As with everything, value can fluctuate. Imagine owning a rock that was once worth a lot of ETH, but now it’s worthless. The volatility in value also adds to Flex, because it means that owners are very happy that their Rock will be worth 0 in the next Ethereum block spread.

Trading NFT

Just like traditional art, a healthy ecosystem of speculators will and has been attracted by NFTs. In the art world, they call them dealers or collectors, but they are betting that worthless things will be “cherished” by humans in the future. Over time, it is very difficult to do well and make a profit. How do people choose which contemporary artists to support so that their portfolio will continue to appreciate over time?

It is equally difficult in the NFT field. How do you know which project’s artwork will be popular? Should the number of minted items be very scarce? It should be an old project, where “age” is the closeness to the Bitcoin genesis block? Should it be aesthetically pleasing to a particular wealthy person? Should it be directly related to popular video games? There are many questions and there is no right or wrong answer. But there will be a group of traders who are proficient in narrative construction and meme propagation. They will be able to collect the most sought-after NFTs and obtain substantial returns in the process.

Transaction data

I don’t have a complete picture of the daily transaction volume of NFT art, but I will use CryptoPunks and OpenSea projects as useful illustrations.

The following data comes from Dune Analytics .

Founder of BitMEX: the embodiment of modern technology and art

Founder of BitMEX: the embodiment of modern technology and art

Obviously, 2021 is a breakthrough year for the project. I think punk represents the energy and activities that exist in the entire space. People are trying to buy pixelated faces that are essentially worthless.

OpenSea is one of the most popular NFT markets. It is basically the encrypted version of Christie’s and Sotheby’s.

The following data comes from Dune Analytics.

Founder of BitMEX: the embodiment of modern technology and art

This market is exploding. Imagine if there is a transparent market for all artworks in the meat space. The volume will be huge. This is the opportunity for NFT to set up now. If you still think of them as piles of cow dung, it doesn’t matter, because the most sought-after projects are attracting actual liquidity.

The art world employs thousands of people whose purpose is to verify and verify the source and authenticity of works for sale. Considering that it is done by people who are prone to mistakes and sometimes conflicts, fakes abound in the art world. This is impossible for NFTs traded on public blockchains. When you buy something on OpenSea, you are 100% sure that you are buying anything for a specific item of Number Every.

Using blockchain to verify Flex Goods is superior because it cannot be forged. Imagine a project that creates a symbol, which means that if you display a digital project on your avatar, you actually own the original file. This will be similar to the “blue check” on Twitter.

A boy of mine who sold emerging market foreign exchange and bonds for a large hedge fund during the day and secretly wanted to become a K-pop star/NBA player. He has gone deep into the NFT. Among the staff, he always wears some fashionable and expensive clothes from brands that we have never heard of. He commented in one of our chats on the topic of NFT:

” It’s like wearable art offline but online “

” You can adapt to more people “

Scalable bending is a technician’s dream. The ability to appear rich and cool is not limited to physical proximity, but also includes the entire addressable market of your avatar.

It’s dangerous to fire them

Distortion is an integral part of human experience. We do not question the value of physical human space objects used to demonstrate social status. We understand and value fashion, painting, jewelry, etc. At work, we all wear clothes that show which professional community we belong to. What is an investment banker without a Hermès tie or red-soled shoes? Clothing is part of self-worth.

Just because robots have taken over our human work does not mean that humans are no longer humans in the meta-universe. Social signals will take a new form, supported by NFT “worthless” objects that support blockchain. Those who recognize these similarities and create new markets for digital Flex Goods as early as possible will reap astronomical returns. Those who express dissatisfaction with this new worthless social signal can continue to walk down the street, walk into a store, and buy $500 worth of white T-shirts from some well-marketed fashion stores. Choose your Flex Good appropriately.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/founder-of-bitmex-the-embodiment-of-modern-technology-and-art/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-08-23 12:14
Next 2021-08-23 12:16

Related articles