The internet continues to hone its ability to commercialize intangibles. In this case, the situation starts with a tangible, so that’s where we start. According to cryptocurrency news outlet The block, an investor bought a real car, a 2015 Lamborghini Huracan, for real money. Then an artist at the handle Shl0ms led a team of about 100 people who worked together to blow up the Italian super coupe and convert its parts into 999 non-replaceable tokens, known as NFTs, and sell the tokens at auction. . The artist, the team, the explosion and the bits are materially real – they can all be touched and squeezed, if you like. After that, everything will be digital.
𝚎𝚡𝚚𝚞𝚒𝚜𝚒𝚝𝚎𝚕𝚢 𝚏𝚒𝚕𝚖𝚎𝚍 𝚏𝚛𝚊𝚐𝚖𝚎𝚗𝚝𝚜
𝚍𝚎𝚝𝚘𝚗𝚊𝚝𝚎𝚍 𝙻𝚊𝚖𝚋𝚘𝚛𝚐𝚑𝚒𝚗𝚒 𝙷𝚞𝚛𝚊𝚌𝚊𝚗
𝚊𝚞𝚌𝚝𝚒𝚘𝚗 𝚍𝚛𝚘𝚙 𝟶𝟸.𝟸𝟻.𝟸𝟸 ➞ https://t.co/AV6YAO4wlP
— 𒐪𒐪𒐪 𒐪𒐪𒐪 𒐪𒐪𒐪 𒐪𒐪𒐪 (@SHL0MS)
February 17, 2022
Shl0ms told Fortune that his crew experimented with explosives for two weeks, looking for the right bang to bring in the most money. When that was decided, they took the Huracan into the desert and put a “federally licensed explosives engineer” in charge of the boom, and used high-speed cameras to capture the detonation. The collective then collected the Lamborghini pieces and chose 999 of them to be filmed in short 4K clips of “beautifully filmed fragments” rotating against a black background. These videos are the non-fungible tokens for sale. Of those 999 video fragments, 111 are reserved for the people behind the project. The remaining 888, dubbed the “$CAR” group, will be listed in a 24-hour auction beginning Feb. 25, with bids starting at 0.01 Etherium coin (ETH) – a cryptocurrency – which is approximately $26 USD at a price. current exchange rates.
So the short story is: Guy blows up Lamborghini, makes 999 videos from 999 exploded pieces, sells videos online.
For anyone not clear on the exclusively digital nature of the NFT, none of the winning auction bidders will get a leftover piece of Lamborghini. In response to a tweet asking about the shards, Shl0mo tweeted that “the fragments are either large, dangerous, greasy or all 3 and will be kept in safe storage for the foreseeable future.”
We know that money is one of the reasons for this pursuit. Shl0ms – who has apparently made about $1 million from “NFT art experiments” – also has a precedent for this work. He destroyed a urinal similar to the one made famous in 1917 by artist Marcel Duchamp, then sold 150 NFTs worth of video clips of the surviving pieces in 2021. That NFT collection brought in $500,000. And if you can get half a million for YouTube videos of leftover porcelain, what price a Huracan?
Fortune reports that “a majority of the proceeds will go towards funding public art installations.” Other than that, who knows. Shl0mo also said this isn’t a protest against crypto, but “more of a general critique of greed and short-termism in crypto,” which has turned the technology into “zero-sum wealth extraction,” distorting crypto’s original goals and backers. “decentralized autonomous organizations (DAOs), blockchain-enabled groups focused on a common goal, [utilizing] a positive technology that can be used to create art or for the common good.” To that end, Shl0ms wants buyers to “appreciate the creation and the future art it finances, rather than simply adding value.”
ahem. When someone can sell an NFT of a meme image of a Shiba Inu for over $4.4 million and other people reserve vehicles only to sell them on eBay immediately after delivery at absurd asking prices, we say good luck with the bit about “appreciating creation.”
And we say that’s about enough jargon for today. To place a bid, head over to Shl0ms’ site tomorrow with your ETH account ready.