Mike Winkelmann, better known as Beeple, joined Coffee With Katherine to discuss how his past digital work has led him to auction off a non-fungible token for $69 million at Christie's.
But, first, let's back up.
What is a non-fungible token?
"Traditional Wall Street is looking at NFTs and wondering who would be willing to buy such a thing. Moreover, who's willing to pay hundreds of thousands, if not millions of dollars, for a digital asset. If we examine NFTs ("Moments") from NBA Top Shots, the cynic will proclaim that they can watch the same highlight on YouTube or ESPN, so why should they pay for it? It's a valid question. But some of these same people grew up collecting baseball cards or football cards. Some of those same people probably tell stories about their mom or dad giving away, or worse, throwing away their card collection now worth ump-teen million dollars," wrote Real Money's Tim Collins in an explainer column.
"Obviously, several factors drive demand, but scarcity is something we can measure. A lack of scarcity drove the baseball card market into the ground in the early 1990s," he continued.
Beeple explained why he thinks that NFTs are uniquely fitted to the sports world as well as the art world, how the art world is reacting to NFTs and whether or not these NFTs could actually gain value over time, like classical, physical art does.
But perhaps the moment that stood out the most throughout the interview was not just how digestible Beeple made NFTs, but the fact that he isn't fazed by the concerns that there is a bubble. In fact, Gary Vee compared NFTs to the 90's internet stocks that created the infamous bubble.
At first, Beeple noted, he was worried about the unsustainability and the bubble-like atmosphere but Vee's advice to "assume it is a bubble" helped Beeple realize that "there was a bubble with the internet and it didn't kill the internet."
Watch the full interview above for more.