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Why digital artwork and sports activities collectibles are abruptly so fashionable

Russell Westbrook # 0 of the Houston Rockets plays the ball against the Los Angeles Lakers during the first game of the Western Conference SemiFinals of the NBA Playoffs on September 4, 2020 at AdventHealth Arena in Orlando, Florida.

Jesse D. Garrabrant | National Basketball Association | Getty Images

The world of cryptocurrency is full of conversations about digital collectibles, unique virtual tokens that can represent anything from art to sports memorabilia.

People paid hundreds of thousands of dollars for these NFTs or non-fungible tokens. An investor, Sheldon Corey of Montreal, Canada, told CNBC that he paid $ 20,000 for one of thousands of computer-generated avatars called CryptoPunks.

CryptoPunks is not a new phenomenon – it was released in 2017 by developers Larva Labs. However, recently it has been gaining popularity. According to the website NonFungible, the company had sales of $ 45.2 million in the last seven days alone and inspired a broader “crypto-art” movement.

CryptoKitties, one of the original NFTs, had sales of $ 433,454 for the past week, according to NonFungible. The digital cats, developed by a start-up called Dapper Labs, were once so popular that they clogged the digital currency ether network.

NBA Top Shot, a platform developed by Dapper Labs in partnership with the basketball league, had sales of $ 147.8 million in the past seven days, according to NFT data tracker CryptoSlam. This service allows users to buy and sell short clips that show game highlights from top basketball players.

The increasing momentum for these tokens is due to the fact that Bitcoin and other cryptocurrencies have grown significantly in recent months and at a time when people are spending more time indoors due to coronavirus restrictions.

What are NFTs?

NFTs are non-fungible tokens – that is, you can’t swap an NFT for another – that run on a blockchain network, a digital ledger that records all transactions in cryptocurrencies like bitcoin.

However, it differs from Bitcoin and other tokens in that each NFT is unique and cannot be replicated. Everyone collects value independently. Crypto investors say NFTs derive their value from how rare they are. They are kept in digital wallets as collectibles. In addition to arts and sports, people have found uses for NFTs in virtual real estate and games.

Nadya Ivanova, chief operating officer at BNP Paribas-affiliated research company L’Atelier, says digital collectibles can be considered a better version of an MP3 file. Musicians are struggling to benefit from their work in the digital age, and Ivanova says some are turning to NFTs to prove ownership of their work and find an additional source of income.

“It allows content creators to actually own the ownership of what they create, which allows them to benefit in different ways from what they cannot do with physical art,” she told CNBC, adding that crypto art the fastest growing subsection is the digital collectibles market.

According to a study by NonFungible and L’Atelier, the total value of NFT deals tripled to $ 250 million last year. The number of digital wallets they were traded on nearly doubled to over 222,179 while some traders were able to make profits in excess of $ 100,000.

“We are seeing a new generation of traders in the NFT market. People who are digitally native and looking for digitally native asset classes outside of the established asset markets,” said Ivanova. “These are people who have amassed reputation and wealth and want to invest it in purely virtual assets like NFTs.”

According to Ivanova, the NFT market has matured. Famed auction house Christie’s auctioned an NFT-based artwork from Beeple, a well-known digital artist who created videos and graphics for celebrities like Ariana Grande and Justin Bieber.

Crypto mania

An NBA top shot video highlight starring LeBron James recently sold for a record $ 208,000. Sales can be volatile, however – NBA Top Shot and CryptoPunk trades have declined in the past 24 hours, according to NFT data tracker CryptoSlam.

The rise in the price of these virtual items has led to fears of a repeat of speculative crypto mania. It reminds some investors of the first coin offering (ICO) in 2017 when several startups issued new digital tokens to raise funds. Hardly any of the ICO projects exist today, and some have even scammed investors out of millions of dollars.

There are some parallels to the ICO frenzy – for example, celebrities like Lindsay Lohan and Mark Cuban recently sold NFTs.

“We had a very similar moment in 2017,” Billy Rennekamp, ​​grant manager of the blockchain research firm Interchain Foundation, told CNBC. “Every gallery thought about an NFT. Every blue chip artist thought about it. But there was just too much risk when the market fell and it was embarrassing to be involved in NFTs when prices fell.”

“I wouldn’t be surprised if we went through another whole bull and bear market,” added Rennekamp.

Still, the companies behind these tokens don’t believe it’s a fad.

“NFTs are here to stay,” Caty Tedman, director of partnerships at Dapper Labs, who led the NBA Top Shot project, told CNBC. “Flow will be the blockchain that enables mass consumer adoption. The future is now.”

NBA Top Shot now has over 100,000 active collectors and has had sales of $ 215 million to date, Tedman said. It is working on a digital collectible game based on the UFC Mixed Martial Arts League and has also been sponsored by Warner Music to develop NFTs for music fans.

“The billions spent on Fortnite skins show how important our online lives and personas are and how valuable they are to people,” Matt Hall, co-founder of Larva Labs, told CNBC.

“What NFTs offer is a formalization of digital ownership and a way for that ownership to last beyond the life of a business, game or platform.”

Hall said Larva Labs does not take any fees from users of its marketplace – although it does pay blockchain processing fees. “We are CryptoPunk owners like everyone else,” he added. “As the overall market grows, those we own become more valuable.”

The cheapest “punk” available on CryptoPunks is currently worth $ 36,000, Hall said. Larva is working on a successor to CryptoPunk, Hall added, without going into the company’s plans.

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In Myanmar Coup, Paint, Poems and Protest Artwork Equals Defiance

For most of the nights since a coup returned Myanmar to military rule on February 1, a spectral symbol of protest has shone on a moldy side of a building.

Where the next lighting will appear in Yangon, the country’s largest city, is a mystery. But suddenly a projected image appears in the dark. Three fingers raised in rebellion. A dove of peace. The smiling face of Daw Aung San Suu Kyi, whose government was overthrown in the military coup.

The projections are from a filmmaker who wishes to remain anonymous while the military hunt down those who dare to oppose it.

Armed with brushes, poems and protest anthems, the creative classes give Myanmar’s mass uprising an imaginative oomph and rebellious spirit that surprised the military generals.

During the daily street rallies in the country’s big cities, the atmosphere often feels like a cultural carnival. Graffiti artists have sprayed messages about Major General Min Aung Hlaing, the army chief who orchestrated the coup. Poets have declaimed in angry verses. A cartoonists’ union marched with hand-drawn characters. Street dancers whirled around with devotion.

On Wednesday, hundreds of thousands of people gathered in a central district at the largest single rally since the street protests began in Yangon, holding up posters and signs designed for the Instagram generation.

“When we look at the history of the resistance in Myanmar, we have been quite aggressive and confrontational with that history of bloodshed,” said Ko Kyaw Nanda, a graphic designer whose protest art contrasts green pig heads (the army) with ruby ​​heels (Ms. Aung San Suu Kyi). “With this new approach, it can be less risky for people and more people can join.”

Myanmar’s military, which has ruled the nation for the most part for the past six decades, has detained more than 450 people since the coup, according to a group that persecutes political prisoners. The new regime has drastically curtailed civil liberties and its long history of forcible suppression of disagreements continues. Security forces have shot and beaten anti-coup protesters, but the weapons of dictatorship have not stopped peaceful protesters from relying on humorous memes and protest art to get them through.

“If the young people are on the street, why can’t I be?” said Daw Nu Nu Win, a retired official, who carried a laminated sign with Ms. Aung San Suu Kyi’s face at the rally on Wednesday. “I want the whole nation not to be under the dictatorship.”

Online art collectives made their designs for free so protesters could print them out for signs, stickers or t-shirts. One of the most popular pieces shows a collection of hands arranged in a three-finger salute from “The Hunger Games” films. Each hand was drawn by a different artist, a mosaic of defiance.

As she watched the protests grow, a freelance graphic designer known by the stage name Kuecool decided that she wanted to make a contribution. Even though she had illustrated a book on feminism, she hadn’t viewed herself as overtly political during her years at a PR agency.

She was shocked by the overthrow of the elected government by the military, which she did not like to see. She began to draw into the night.

One of her images is often used in the protest movement today: a young woman in a traditional sarong swinging a wok and a spatula. The background is purple, the characteristic color of the National League for Democracy, which was excluded from the government despite two landslide election victories.

Every evening at 8 p.m., cities across Myanmar have teamed up with the noise of people beating pots, pans, woks and anything else that causes a stir. The goal is to fend off the devil, and it is also during this period that the art of projection appears, adding visual elements to the noise of discontent.

Myanmar’s military rulers have long seen the arts as a threat, imprisoning poets, actors, painters and rappers. Among the dozen of people caught alongside Ms. Aung San Suu Kyi in the first raids of the coup before dawn included a filmmaker, two writers and a reggae singer. A graffiti artist whose protest tags have enlivened Yangon for the past two weeks said he was on the run from the police. Two poets were like that. Arrest warrants were issued for actors, directors and a singer on Wednesday.

Ko Zayar Thaw was a member of Generation Wave, a hip-hop collective that challenged the former ruling junta with clever text. After spending five years in prison for activism, he joined the National League for Democracy when it ran a by-election in 2012. Mr. Zayar Thaw won a parliamentary seat in what was once considered a military stronghold and settled down with tons of parliamentary paperwork thinking he had left his days of artistic protest behind.

“Hip-hop artists already have a culture of revolution, so our generation protested with songs,” he said. “Now all kinds of artists are involved because they don’t want to lose the value of democracy.”

The artistic ferment in Myanmar today has relied on other regional protest movements. During their month-long disagreement in Hong Kong, young protesters enlivened their rallies with cute cartoons and brightly colored walls of sticky notes reminiscent of the so-called Lennon Wall in Prague, where art and messages of dissent against communism proliferated. Motivated by a previous incarnation of the opposition, the demonstrators in Hong Kong popularized the use of the yellow umbrella against water cannons and turned it into a powerful meme.

In return, the Hong Kong democracy movement has spurred pro-democracy protesters in Thailand who held mass rallies for months over the past year. Encouraged by the capricious power in Hong Kong, Thai protesters who defended a prime minister who led a military coup in 2014 used inflatable rubber duck rafts to repel water cannons. They popularized the use of the greeting “The Hunger Games,” which Thailand’s former junta initially tried to ban with their states of emergency. (Nobody really listened.)

A few days after the coup in Myanmar, doctors who started a civil disobedience movement that has now forced around 750,000 people to stop going to work flashed their three fingers in protest. The greeting is now the leitmotif of rallies in Myanmar, along with characters in English – even better to attract international attention – denouncing the military takeover.

“I was inspired by the way protesters in Hong Kong and Thailand used creativity and humor in their protests,” said Kyaw Nanda, the graphic designer.

The counter-currents of protest flow in both directions. Last week a Thai youth group accepted the Myanmar saucepan campaign for a protest in Bangkok.

“There is a struggle for democracy, human rights and justice in the region,” said U Aye Ko, a painter in Myanmar whose art has long expressed political aspirations. “The movement goes beyond the problem of a nation. We have all come together to resist oppression. “

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San Francisco’s Prime Artwork Faculty Says Future Hinges on a Diego Rivera Mural

The San Francisco Art Institute was on the verge of losing its campus and art collection to a public sale last fall when the University of California’s Board of Regents bought its $ 19.7 million debt from a private bank, to save the 150-year old institution from collapse.

The deal provides a lifeline, but the future of a beloved work of art – a $ 50 million mural by Diego Rivera that official figures could help balance the budget – is still in the air, and faculty and alumni are outraged.

The work from 1931 entitled “Making a Fresco Showing the Building of a City” is a fresco within a fresco. The tableau shows the creation of a city and a mural – with architects, engineers, craftsmen, sculptors and painters who work hard. Rivera himself can be seen from behind, holding a palette and a paintbrush with his assistants. It is one of three frescoes by the Mexican muralist in San Francisco that had a tremendous impact on other artists in the city.

Years of costly expansions and declining enrollments at the institute put it at risk, a situation that worsened during the pandemic.

The school has stressed that no final decision has been made to sell the mural. Behind the scenes, however, the institute’s administrators and directors are strongly pushing for it as it would pay off the debt and allow them to make ends meet on an annual operating budget of around $ 19 million.

In a December 23 email to employees in the New York Times, Jennifer Rissler, vice president and dean of academic affairs, admitted that a number of people had raised concerns about the possible sale of the mural. She added that “As part of its fiduciary duty, the board has voted to review all options to save the SFAI and continue to explore avenues and offers to furnish or sell the mural.”

At a board meeting on December 17, SFAI chair Pam Rorke Levy stated that filmmaker George Lucas was interested in buying the mural for the Lucas Museum of Narrative Art in Los Angeles. Details of this discussion were provided by a participant who asked for anonymity as the participant was not authorized to discuss internal matters.

Speaking to faculty members on Dec. 17, Ms. Levy outlined another plan that would see the San Francisco Museum of Modern Art take possession of the mural but leave it on campus as an adjoining room, said Dewey Crumpler, associate professor at the school .

A spokeswoman for the institute, Sara Fitzmaurice, the founder of the PR firm Fitz & Co., declined to discuss ongoing negotiations about the possible sale. “A number of discussions were held with several institutions about the possibility of renting or purchasing the mural in order to secure the future of the school,” she said in a statement.

In an interview last March, Ms. Levy said she would be receptive to selling the painting. “When you have an asset that is this valuable, there is always a discussion,” she said. “As a small college in an expensive city, we feel the pain.”

Faculty and staff have repeatedly raised objections. The final counter-argument came in a December 30 letter to the school community from a union representing their additional teachers, nearly 70 of whom were fired during the pandemic but who previously made up the majority of the faculty.

“The Diego Rivera mural is not a commodity whose identity and value is solely based on market valuation,” the letter said, “while selling it would resolve immediate financial bottlenecks,” it would represent a limited lifeline and would not appeal to samples Misconduct and mismanagement by the board and senior executives of the SFAI. “

In a statement, the institute described the allegations of bad leadership as “gross misrepresentation” and said that almost all board members joined the school after the debt arose.

The Rivera mural is intertwined with the legacy of the SFAI, which claims to be the oldest art school west of the Mississippi and has former students such as Annie Leibovitz, Catherine Opie and Kehinde Wiley. Selling the mural, having become such an important part of the institute’s identity over the past 90 years, may alienate the students, alumni, and faculties who value it.

“It’s insulting and heartbreaking,” said Kate Laster, an alumna of the institute who produced student exhibits in a gallery featuring the mural before graduating in 2019. “Selling the mural is an impractical option given the school’s duty to protect its own historical heritage.”

Aaron Peskin, an elected official in the district where the institute is located, also opposes the sale. “The idea of ​​anyone, let alone the University of California, selling this is heresy,” he recently told Mission Local’s news site, which first covered the deal with the regents on December 30th. “It would be a crime against the arts and the city’s heritage. Educational institutions should teach art, not sell it.”

The money for the institute comes from a 2016 loan that was used to finance the construction of the new campus in Fort Mason. Collateral for the loan included the school’s older campus on Chestnut Street and 19 works of art. Last year, the financial burden led school principals to consider permanent closure. It remained open in limited capacity after receiving $ 4 million in donations.

But it wasn’t enough. In July, Boston Private Bank & Trust Co. notified the institution that it had violated the loan terms by failing to repay a $ 3 million annual credit line required to extend the loan. The bank issued a public sale notice in October listing the collateral, including the Rivera mural and frescoes, including those by Victor Arnautoff, whose paintings are threatened with destruction elsewhere in San Francisco.

The Board of Regents blocked the sale by buying the institute’s debt earlier that month. With the new agreement, the public university system acquired the institute’s charter and became its landlord. The SFAI administrators have six years to buy back the property. Otherwise, the University of California would take possession of the campus.

And if the institute lost its home, school administrators would have to make more difficult decisions about the future of the mural. “If the SFAI gets out of the Chestnut Street campus for good, we may have to move the Diego Rivera mural,” said Ms. Fitzmaurice. “We were informed that such a potential move could be a multi-year process, so we started to investigate what is possible in this case.”