Some A--Holes Essay on Crypto

TABLE OF CONTENTS

While cryptocurrency has traditionally been known for Bitcoin and Ethereum, the collaboration of art and blockchain technology has given birth to a new field known as crypto art. Non-Fungible Tokens (NFTs) fall under the umbrella of crypto art and are digital tokens and assets which hold monetary value in the same way that Bitcoin and Ethereum do. Crypto art, however, is individual and unique, exactly like traditional art forms. Crypto art subsequently creates a new ecosystem within the cryptocurrency economy by allowing patrons to buy, sell and trade digital art as if they were physical pieces of artwork. Unlike JPEGs, GIFs, 3D images, and other relative digital images, NFTs contain metadata that publicly ensure their value and ownership through blockchain. When saving an image or video of an NFT, the user does not obtain nor have access to the valuable data information that composes the NFT but instead is investing in a replicated identical image, therefore enhancing the value of an NFT since they are virtually impossible to copy.

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A Crypto artist known as XCOPY is one of the most well-known crypto artists in the NFT world. The appeal of XCOPY's work "comes from his flawless integration of motion into his illustrative work," which has become one of his defining features as a crypto artist. XCOPY creates dystopian works that, to some extent, alter how buyers perceive frightening realities (Millard, 2021). Still, he also highlights the lack of respect for crypto artists amongst non-digital natives, shedding light on individuals who argue, "why would I buy it when I can right-click and save as?" (Millard, 2021). In his latest collection, "Right-click and Save As Guy," he is using his platform to point the finger at these individuals in hopes of highlighting "the immediacy of glitch to critique contemporary issues and attitudes [... and] the very nature of crypto art" (The Museum of Contemporary Digital Art, 2022). XCOPY uses movement, also known as glitches, to challenge immediate critiques of his work and perhaps crypto art while simultaneously creating pieces that do not fit traditional understandings of valuable art. XCOPYs artwork he created in 2018, "A Coin for the Ferryman," was sold on the NFT marketplace known as SuperRare and broke an all-time record, selling for 1,330 ETH, which at the time was equivalent to 6 million dollars. As the original piece was bought for only $139 on SuperRare by @0xclipse, the following purchases show how powerful crypto art investments can be. After his artwork gained the attention of high-end art collectors, XCOPY sold several digital paintings one piece titled "Some A–hole" was sold to collector Cozomo de' Medici to put in "The Medici Collection" for 3.86 million dollars. The function of blockchain allows artists, like XCOPY, to take a percentage of the profit each time that work is sold, thus showing the value of both being a creator and a collector of crypto art. Sotheby's Metaverse platform that was recently launched auctioned off three other artworks of XCPOPY's from his "Rabbles" collection, including a piece titled “NGMI,” which sold for $378,000. Historically, tangible art has been a way of documenting the culture and sharing stories, but in the modern world, NFTs hold this same power and influence over society.

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Similarly to NFT marketplaces where crypto art is sold, the fashion world has also created a digital fashion marketplace, which operates correspondingly to eCommerce sites like FarFetch, and Ssense, which is somewhat of a mix between the tangible and intangible worlds. Digital Fashion marketplaces, however, only cater to digital garments and accessories, which will never physically be in the hands of the consumer – you browse, add to a cart, and pay at checkout – only to acquire these garments in digital form. The need for virtual expression, which significantly grew during the pandemic, has caused digital natives to seek out these fashion marketplaces, which initially came to fruition in the worlds of video games, VR, the metaverse, and social media. Digital market “platforms [have the power to] bridge the gap between artistic demand and access to physical pieces” in that consumers are now able to gain artistic fulfillment without needing the physical version (Mileva, 2022). These digital marketplaces challenge traditional fashion methods such as production, shipping, and waste cost by allowing fashion enthusiasts a more accessible and sustainable experience. Fashion houses acknowledge the new digital era; however, only a few large powerhouses are adopting it, leaving room for up-and-coming digital fashion brands and designers to move into uncharted territory. Those that refuse to adapt to this new world of fashion and luxury consumption may be left behind, especially because many consumers are interested in owning NFTs and digital assets such as digital fashion items. During 2021s third quarter, digital assets and NFTs generated 10.7 billion dollars in sales, creating revenue eight times larger than the previous quarter. The rise in NFT popularity shows that consumers are becoming more confident and increasingly interested in acquiring digital assets, thus changing how consumers interact with digital and physical products.

One of these marketplaces, known as UNXD, is a “curated marketplace for the best of digital culture,” with its primary focus being the “[creation] and [curation of] significant digital cultural moments (“UNXD: Digital Luxury & Culture NFTs,” 2022). The company describes itself as a “business-to-business-to-customer” platform by collaborating and creating NFTs with well-known fashion brands such as Dolce&Gabbana and Jacob&Co. The first NFT drop between UNXD and Dolce&Gabbana, titled “Collezione Genesi,” sold for 5.7 million dollars, making it one of the most successful collaborations between luxury and crypto. To bring the 40-year-old brand’s narrative into the NFT scene, UNXD wanted to ensure that the collection captured an authentic expression of the company’s creativity. Dolce&Gabbana first revealed the collaboration with UNXD at the Dolce&Gabbana three-day couture event commencing in August 2021 in Venice, Italy; The nine-piece collection, which “[featured] entirely hand-made, museum-grade items across Alta Moda (women), Alta Sartoria (men), and Alta Gioielleria (high jewelry)” allowed for a collision of the physical and digital world of fashion. Consumers could purchase an NFT piece and its correlated physical garment, giving the consumer an entire experience. (“UNXD: Digital Luxury & Culture NFTs,” 2022). Similarly, UNXD teamed up with creative watch brand Jacob&Co to create a space-themed collection titled “Astronomia Metaverso.” In a conversation with Shashi Menon on the podcast “Real Vision Recast,” Nick Gonzalez states, “Jacob&Co is one of the most creative watchmakers that exists on earth today, [and that their watches sit] at the intersection of creativity and technology” (Menon and Gonzalez, 2022). This company encompasses the “spirit of the crypto movement” through its seemingly impossible creations. In partnering with a company whose value aligns with UNXDs, the door is open for endless collaboration opportunities within the digital and physical fashion worlds (Menon and Gonzalez, 2022).

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Craig, T. (2021). Early XCOPY NFT Sells for $6M in Ethereum. Crypto Briefing [online] Available at: https:// cryptobriefing.com/early-xcopy-nft-sells-for-6m-in-ethereum/ [Accessed 4 Nov. 2022].

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Upcoming Drops. Cryptoflies [online] Available at: https://blog.cryptoflies.com/dolcegabbana-and-unxd-revealwhats-inside-dgfamily-box-nfts-and-announce-upcoming-drops/ [Accessed 5 Oct. 2022].

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Millard, A. (2021). XCOPY: Crypto Art Pioneer. With Otis [online] Available at: https://www.withotis.com/ mag/xcopy-artist-crypto-art [Accessed 4 Nov. 2022].

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Tan, E. (2022). UNXD Raises $4M to Bring Luxury Fashion to the Metaverse. Coin Desk [online] Available at: https://www.coindesk.com/business/2022/03/08/unxd-raises-4m-to-bring-luxury-fashion-to-the-metaverse/ [Accessed 7 Nov. 2022]. thetechfashionista. (2021). Meet The Top Digital Fashion Houses And Marketplaces Of 2021. The Tech Fashionista [online] Available at: https://thetechfashionista.com/digital-fashion-houses-and-marketplaces/. UNXD. (n.d.). UNXD: Digital Luxury & Culture NFTs. UNXD [online] Available at: https://unxd.com/about [Accessed 6 Nov. 2022].