Danny Franzreb – Proof of Work
about 3 months ago (01/22/2024)
Danny Franzreb – Proof of Work – AMERICAN SUBURB X Skip to content My initial response to the massive swell of attention that cryptocurrency received in 2021, and more specifically to the non-fungible token (NFT) hysteria that gripped so much of cultural discourse online and in the press, was a dismissive roll of the eyes. Admittedly, what I was reacting to most were the claims that cryptocurrency was going to democratize finance and become a real alternative to the paper economy, and that NFTs were a new and significant cultural innovation, one that would avoid being completely forgotten (and financially devalued) in just a few short years. Proclamations about NFTs in particular seemed to reach a fever pitch shortly after Beeple, a previously obscure digital artist, sold an NFT for one of his works at auction for $69 million in March of 2021, a sum that, while high, was hardly atypical for a major auction house in the art market capitals of New York and London.
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