Beeple Fabricates Fake News to Deceive Everyone, Sparking a Frenzy: Is the Use of Fake News Techniques to Promote NFTs Excessive?
Beeple’s Recent Controversy Sparks Debate in the Digital Art World
Beeple, a heavyweight artist in the digital art scene, has recently become the center of attention again. An event he held at his studio sparked a strong market reaction, igniting a heated discussion on whether NFT (non-fungible tokens) sales can be driven solely by hype. However, this incident has led to intense debates regarding whether Beeple’s creative hype is genuine or just a prank. The controversy revolves around Beeple fabricating a story claiming that Crypto Punks is not the earliest NFT series, asserting that an NFT called Nakamigo predates it. Furthermore, it was claimed that even the video of the two founders discussing it was generated. It is well-known that Beeple is a digital artist who excels in generative AI. Is his use of a “Fake it till you make it” approach to promote NFTs going too far?
Beeple Fabricates Nakamigos Story to Deceive the Public
During an event held at Beeple’s studio in Charleston, South Carolina, originally intended to celebrate the success of the well-known NFT project CryptoPunks, it quickly transformed into a hot topic of discussion within the NFT community this week. During the event, Beeple played a video interview with CryptoPunks founders Matt Hall and John Watkinson, who mentioned a project called Nakamigo, claiming that this series concept predates CryptoPunks. They even revealed it as a secret plan of Larva Labs. Subsequently, the two founders dramatically counted down, preparing to unveil the so-called “V0 Punks,” while linking these fictional characters to Nakamigos.
Flyers at the event further corroborated this absurd story, followed by a skyrocketing price for Nakamigos NFTs. Within just a few hours, the floor price surged nearly 140%. This sudden price rise undoubtedly came as a surprise to NFT investors, although the increase quickly receded, with current trading prices hovering around 0.26 ETH.
Satirical Prank or Market Manipulation?
In the aftermath, it was revealed that Beeple had orchestrated a well-planned satire. The content of the video and the story behind “V0 Punks” were confirmed to be fictional, and the video was allegedly generated by artificial intelligence. Regardless of any substantive connection to Larva Labs or CryptoPunks, the entire incident is shrouded in numerous questions.
The reaction from the NFT community has been polarized. Some investors believe that Beeple’s hype effectively showcases his unique sense of humor, stimulating the current cool performance of the NFT market. The carefully crafted video turned into an interesting experimental theater. Notably, prominent NFT participant Beanie suggested that if one has lost money in trades, perhaps it’s time to reconsider the essence of Beeple’s actions, as he is a consummate prankster.
However, many critics point out that such behavior may blur the lines between artistic value and market manipulation, questioning whether Beeple will contribute to making the entire NFT market more filled with lies and untrustworthiness, leaving investors’ sentiments more vulnerable.
Past Auction Successes Push Digital Art’s Commercial Value to New Heights
Beeple’s past auction experiences add more context and reflection to this controversial incident. As a representative figure in the digital art world, Beeple’s works have set record prices at NFT auctions. In 2021, his piece “Everydays: The First 5000 Days” sold for an astonishing $69.3 million at Christie’s, setting a record for digital art auctions and bringing NFT art into mainstream view. Additionally, Beeple has repeatedly appeared on the auction market with creative and challenging works, gradually establishing his position in the art world and the NFT market.
Whether Beeple’s recent actions are the ultimate expression of prank art or merely a commercial operation to boost NFT prices, he has undoubtedly reignited discussions around NFTs. With the tenth anniversary of Ethereum approaching, various signs indicate that the market’s enthusiasm for NFTs seems to be on the rise again. Beeple has injected energy back into the market, and although bubbles may sometimes burst quickly, Beeple’s influence undoubtedly proves his significant status in the fields of digital art and NFTs, with the last wave of Ethereum NFT enthusiasm being driven by him. This incident highlights certain characteristics of NFTs: NFTs are not necessarily art, but may instead be speculative commodities filled with countless fabricated fictional stories.
Risk Warning
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