Cat video ‘Nyan Cat’ sold for 700 million… How should I look at NFTs? :: Sympathy Press Newsis News Agency ::

[서울=뉴시스] ‘Dreamers’. 2022.12.06. (Photo = Provided by EBS) [email protected] *Resale and DB prohibited

[서울=뉴시스]Jang Ji-yoon, intern reporter = What if the era comes when digital works are more recognized than real ones?

In EBS1’s ‘Dreamers’, which will be broadcast at 10:45 pm on the 8th, ‘Art Museum fire case’ is the biggest issue in the art world, NFT (Non-Fungible Token, technology that proves ownership of digital assets).

A future where art museums that are influential enough to influence the value of artworks exist in the digital space. A large fire breaks out in a real art museum where numerous famous works are displayed, and the flames that rise to the sky instantly turn all works into ashes. A suspicious person is captured on surveillance cameras, but there is no clue to identify the culprit. Only the subtle movements of black silhouettes like darkness remain.

Investigators pursue the stakeholders of the case in order to narrow down the suspect. The one who wants to get rid of the real work, who is the culprit, chases the dark shadow cast over the case.

590,000 dollars, about 700 million Korean won. The cat video ‘Nyan Cat’, which was popular on the Internet 10 years ago, is the profit obtained from the NFT auction in February of last year. In other words, a simple pixel art video in which a cat flying through space with a rainbow attached to its tail sings with the sound of ‘nyangnyang’ has been recognized for its value of 700 million won.

How can a digital work that does not even have the shape of the real thing be recognized for such great value? Even David Hockney, considered a master of contemporary art, harshly criticizes NFTs as an international fraud.

On the other hand, Damian Hirst, who is called a bad boy in the contemporary art world, made NFT versions of real works, asked buyers to choose ownership of only one of them, and then burned the real ones if they chose the NFT version. He says that since his works exist as NFTs, it doesn’t matter that the originals are burned.

On this day, ‘dreamers’ spend time thinking about how to look at NFTs and what the true value of art is, apart from the difference between digital and real forms.

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