So this company offered to send me an IO frame with Steph Curry in it, Steph Curry Top Shot in it. That’s the one you’ve seen on my kitchen counter, but I don’t actually own that, but what’s interesting is that if I go back to the back of the frame, there’s a QR code and I can scan the QR code, and it took me to the NBA Top Shot website and I could actually see a digital trail of everyone who owned some version of that NFT or had owned it, and its value and sales. What is its best selling, lowest selling. It’s a fascinating data trail.
Michael Calore: So with this particular Steph Curry video loop, how much is it worth?
Lauren Goode: It’s one of those things that you’re a little hard to figure out. OK, so in art, let’s say there’s a Picasso or van Gogh, and that’s the original, yes, but then in college dorm rooms and West Elm living rooms around the country, you can see some sort of reprint of that work, and you know that’s not OG art. It’s a reprint of it. NFT may be somewhat similar to the fact that you buy this certificate that exists in the blockchain, indicating that you own some original art form, but it is not the only certificate that exists.
So in the case of this Curry video print that I have, there’s a first owner, a second owner, a third owner, right? You can go down the chain, go down the blockchain. Then every time you go down the chain it might drop a bit in value, but because it’s digital, there might actually be duplicates of it. So I think there are over a thousand available for sale through NBA Top Shot, and it’s a bit confusing because the top sale I’ve seen listed in this digital trailhead on the blockchain shows that At some point, someone paid as much as $6,000, more than $6,000, for this Steph Curry video print.
More recently, it’s been selling for as low as $4.75, but that’s also because it’s not the first or second or third. Artistically, it can look like hundreds or thousands, and so the value is diminished. Also, the NFT market has been falling in recent months, so that affects it too. Then if I go to Infinite Objects website and take a print of that video for which I paid $6,000 or $4, depending on when I joined and I wanted it printed, that would only cost $199 through the IO website.
Michael Calore: Oh, I get it. ALRIGHT.
Lauren Goode: YES. So it’s like the picture frame you’ve seen on my kitchen counter that you’ve seen, and this is where the whole NFT art world really comes into play, that’s its first purchase, its first instance, because it belongs to Infinite Objects, and they were the first buyers of that Top Shot, and it lent it to me. So that’s probably worth a bit more, but you could also theoretically go to the Top Shot page right now, buying the same Curry video print for less than a cup of coffee in San Francisco. , print it out and have the like live on your counter. Then we just need to do a bit of forensics on the blockchain to figure out who’s overrated and which is more valuable, even though we’re having the same kind of display experience.
