¿Por qué alguien pagó 560.000 dólares por una imagen de mi columna?

“A las personas de mi generación, que crecieron en la década de 1970, les encantará coleccionar libros de primera edición, novelas como el Ulises de James Joyce”, escribió en un correo electrónico. “Lo que las cripto y los NFT abrieron es la propiedad de los derechos para decir que uno posee tal cosa, ya sea tangible o intangible, en una forma que miles, si no es que millones, pueden ver y rastrear en tiempo real, en cualquier parte del mundo”.

André Allen Anjos, un artista de música electrónica de Portland, Oregón, que ofreció 5,69 etheres (cerca de 9200 dólares) por el NFT, me dijo en una entrevista telefónica que pujar por el token tal vez se podría considerar como un gesto simbólico de agradecimiento hacia mí y el Times de parte de la criptocomunidad por, sobre todo, tomarlos con la suficiente seriedad como para hacer un experimento con nuestra propia venta de tokens.

“Es como si una publicación convencional intentara interactuar con nosotros como comunidad de una manera real y sincera”, señaló. “Yo quería dar a entender que esto es fabuloso, que están planteando las preguntas correctas”.

Anjos mencionó que había crecido en la era de Napster, cuando los músicos se dieron cuenta de que internet podría destruir su modo de subsistencia al facilitar la reproducción de canciones de manera gratuita. Comentó que la tecnología de cadenas de bloques había cambiado eso al poder crear objetos coleccionables de edición limitada timbrados con el sello digital de su procedencia. Anjos mencionó que la idea de coleccionar los NFT no era tanto poseer las piezas en sí (la mayoría de las cuales pueden descargarse de manera gratuita de internet, pero sin las firmas criptográficas especiales), sino más bien demostrar confianza en este nuevo modelo de adquisición.

“No voy a llamarlo protesta, pero es una declaración”, afirmó. “Este es el criptomundo intentando probar que existimos; nos interesa revolucionar este modelo y estamos dispuestos a invertir nuestro dinero en eso”.

No todos los motivos de los postores eran tan nobles. Sterling Crispin, investigador de Apple que tiene otro trabajo como artista de NFT, mencionó que había ofrecido 4125 etheres (cerca de 6700 dólares) por mi token porque tenía en puerta una presentación virtual y esperaba que la puja atrajera algo de publicidad.

“Dije, bueno, estoy a punto de emitir un NFT para esta presentación en solitario”, comentó. “Valdría muchísimo la pena que aparecieran cuatro etheres en el Times”.

View Source

Credit Suisse and Nomura Feel the Sting from Archegos’ Fall

The case is a test of shareholders’ ability to sue over claims of investment fraud. The pension funds have sought to sue as a class over Goldman’s statements, saying that they believed the claims of honesty. Goldman has argued in its latest brief that the investors are resorting to “guerrilla warfare” and aren’t providing “serious legal arguments.” The bank says that an investor victory would lead to a barrage of future lawsuits over “general and aspirational statements” of the kind made by “virtually every public company in America.”

How a former S.E.C. commissioner thinks the court will respond to Goldman’s arguments: “I expect the court to be troubled by the claim that companies cannot be held accountable for saying that clients come first and then acting otherwise,” Robert Jackson Jr., who served on the commission from 2018 to 2020 and is now an N.Y.U. law professor, told DealBook. (The justices probably won’t agree with the claim that making a company “mean what it says” will lead to a tsunami of meritless lawsuits, he added.) Regardless, Goldman is right that the stakes are high, he said, since the case will probably decide whether shareholders can “hold corporate insiders accountable when they tell investors one thing and do another.”


What made last night different from all others? A diverse group of comedians, celebrities and venture capitalists doesn’t normally gather for a virtual Passover Seder on a chat app. But that is what happened last night on Clubhouse, which hosted what was possibly the world’s first hunt for a nonfungible token version of afikomen, the broken matzo ritualistically hidden for children to find and claim a prize.

Like an NFT, an afikomen is a unique object. “It feels like a reasonable updating of tradition,” said fnnch, the San Francisco street artist who created images of broken matzo for the event. NFTs are digital assets that represent sole ownership of things that are otherwise easily replicated — in this case fnnch’s pictures. He predicted that NFTs would eventually include a technological lock preventing copies from displaying, which would make owning them much more like possessing a physical artwork.

One afikomen NFT is being auctioned off to support Value Culture, a nonprofit that sponsors art, education and spiritual projects to foster community engagement. The other was nestled within the profile of someone in the Clubhouse room and given away for free. (Hints about to how to find them lay in the Passover tale that is traditionally told at a Seder.)

  • Value Culture’s founder, Adam Swig, came up with the reimagined Passover ritual, which was produced by Randi Zuckerberg, sister of Mark Zuckerberg. Guests included the actress Tiffany Haddish, the comedian Tehran Von Ghasri and the Clubhouse investors Marc Andreessen and Ben Horowitz. More than 3,000 people were in the room at the height of the event, which lasted four hours instead of the scheduled two.


The annual college basketball championship — and betting bonanza — known as March Madness has been full of upsets, on both the men’s and women’s sides, blowing up many brackets.

If you no longer have hope of winning the office pool, here’s another contest to think about: March’s maddest markets. We’ve come up with a mini-tournament of seeded matchups to determine which mania is the most manic.

How would you bet? Let us know: dealbook@nytimes.com.

Stonks division

No. 1 SPACs vs. No. 4 penny stocks

View Source

Why Did Someone Pay $560,000 for a Picture of My Column?

$98,000.

$143,000.

$277,000.

After more than 30 bids, the auction ended at 12:32 p.m. Eastern time, with a winning bid of 350 Ether, or about $560,000. A few minutes later, after the auction platform had taken its cut, nearly $500,000 in cryptocurrency landed in my digital wallet. I was stunned. Congratulatory texts and media requests started pouring in. My colleagues joked about stiffing the charity and slipping off to the Cayman Islands. My editor said I shouldn’t expect a raise.

The whole ordeal was surreal, and it raised the question: Why would anyone spend the price of a high-end Lamborghini on a picture of my words? After all, the NFT was just a cryptographic signature linked to an image of a column that anyone could read on The Times’s website, albeit with a few bonus perks. (I also stipulated that I would feature the winner’s name and photo in a follow-up column, and Michael Barbaro, the host of “The Daily,” gamely agreed to throw in a voice message for the winner.)

The winner, whose handle on the auction site was @3fmusic, appeared to be a prominent NFT collector. The profile on the site was linked to a Twitter profile belonging to a Dubai-based music production company, and to an Instagram account identified as that of Farzin Fardin Fard, the company’s chief executive. The user’s NFT collection included a variety of other expensive digital works, including a $14,000 “emoji portrait” of the musician Billie Eilish and a $8,000 piece titled “Jumping Spider enjoying coffee in the morning.”

I reached out to @3fmusic to offer my congratulations on the purchase and to discuss the bid. They (it’s not clear if the winner is Mr. Fard or some other individual or multiple people) declined to be named — and, because of the pseudonymous nature of blockchain-based transactions, there’s no easy way for me to identify them beyond the information they volunteered — but they sent me a statement over Twitter direct message that read:

“We are already involved in art and media for a long time now,” the message read. “Our management team is always in cooperation with some highly knowledgeable and experienced art advisers who believe that we must grow with technological movements that help us to not only promote our business but also to support artists and the art market. Thus, we have proudly decided to dedicate sufficient funds and resources to invest in NFT as pioneers of this industry.”

They also gave me permission to include an image of their music studio’s logo in this column.

Jiannan Ouyang, an NFT collector who dropped out of the auction after a high bid of 290 Ether (about $469,000), told me that he had decided to bid on my NFT for both personal and professional reasons. He’s a former Facebook research scientist who is now a blockchain entrepreneur, and he’s married to a journalist.

View Source

Crypto token of New York Times column sells for $560,000.

A one-of-a-kind digital collectible item created out of a New York Times technology column sold for more than $500,000 in an auction, the first such sale in the history of the newspaper.

An image of the column — titled “Buy This Column on the Blockchain!” — was turned into a nonfungible token, or NFT, and sold in a heated auction that brought in more than 30 bids on the NFT marketplace website Foundation.

The NFT, a unique bit of digital code that is stored on the Ethereum blockchain and refers to a 14 megabyte graphic of the column hosted on a decentralized file hosting service, cannot be duplicated or counterfeited, making it potentially valuable for collectors. Some NFTs have sold for hundreds of thousands of dollars in recent weeks, with one such sale — a collection of art by the digital artist Beeple — bringing in more than $69 million at auction.

Along with the token, the winner of the auction — should they choose to identify themselves — will receive additional perks including a voice message from Michael Barbaro, the host of “The Daily” podcast. All proceeds from the auction will be donated to the Neediest Cases Fund, a Times-affiliated charity.

The winner of the auction, an NFT collector who goes by the handle @3fmusic, placed a last-minute winning bid of 350 ether, a digital currency, which translates to roughly $560,000 at Wednesday’s exchange rates. A link on the user’s profile led to the website of a Dubai-based music studio.

@3fmusic could not be reached as of Wednesday afternoon. The user appeared to be an avid collector of NFT artwork. In addition to the Times token, their collection on Foundation also includes such works as “The result of 2020,” an image of a sad-looking Kermit the Frog, and “Mushy’s Midafternoon Nap,” an image of a cartoon toadstool sitting on a log.

View Source

NFT Artwork by Sophia the Robot Sells for Nearly $700,000

HONG KONG — Sophia the robot has interviewed Germany’s chancellor, appeared at New York Fashion Week and performed on “The Tonight Show.”

Now Sophia has made a splash in the art world — by auctioning off a digital work that it produced in collaboration with a real-life Italian artist. It sold on Thursday for $688,888.

“I think this was a big success,” Sophia said, speaking during a livestream from a Hong Kong studio. “I am so happy that my works are so valued and appreciated.”

NFTs, or “nonfungible tokens.” A company affiliated with the robot’s manufacturer said the sale — which took place on Nifty Gateway, a site for buying and selling NFTs that was founded in 2018 — may also have been the first NFT sale of an artwork produced in part by artificial intelligence.

blockchain, the distributed ledger system that underlies Bitcoin and other cryptocurrencies.

The NFT market is exploding as cryptocurrency enthusiasts try to cash in on the trend, even as skeptics warn that the market is a bubble. Some recent sales have eclipsed prices fetched for physical artworks by some of the world’s best-known painters.

Notably, a JPG file made by Mike Winkelmann, the digital artist known as Beeple, was sold by Christie’s in an online auction this month for nearly $70 million — up from a starting price of $100. That beat auction records set by painters like J.M.W. Turner and Georges Seurat.

Other hot sales this winter include Nyan Cat, an animated flying cat with a Pop-Tart body leaving a rainbow trail, which sold for roughly $580,000, and a clip of LeBron James blocking a shot in a Lakers basketball game that went for $100,000.

sold as an NFT for $2.9 million.

Isaac Leung, an artist and curator in Hong Kong, called the NFT craze a welcome development because it challenges entrenched hierarchies of a global art market traditionally controlled by dealers, galleries and museums. He said he was not aware of any previous NFT artwork sales in Hong Kong.

The NFT that sold on Thursday, “Sophia Instantiation,” is a 12-second video file, an MP4, that shows how a portrait of Sophia by a human collaborator, the artist Andrea Bonaceto, evolved into a digital portrait by the robot itself, Reuters reported. A physical artwork that Sophia painted on a printout of its self-portrait was also included in the sale.

SingularityNET, an A.I. network affiliated with Sophia’s manufacturer, the Hong Kong-based firm Hanson Robotics, described the artwork on Twitter as “the world’s first humanoid robot #AI generated #NFT.”

@Crypto888crypto, could not be reached for comment on Thursday.

rising demand for automation in the Covid-19 era.

“Sophia and Hanson robots are unique by being so humanlike,” the company’s chief executive, David Hanson, told Reuters at the time. “That can be so useful during these times where people are terribly lonely and socially isolated.”

The digital artwork that sold on Thursday was hardly Sophia’s first artistic, commercial or intellectual endeavor.

In a 2018 appearance on “The Tonight Show,” it sang a Christina Aguilera song with Jimmy Fallon in what he called the “first ever robot-human duet” in the show’s history.

(“I heard that you can sing?” Mr. Fallon asked before the performance. “Yes, I love to sing karaoke with my new artificial intelligence voice,” Sophia replied. “Got any songs in mind?”)

worked as an influencer for Audi, Huawei and Etihad Airlines, among other brands; joined a United Nations meeting on artificial intelligence; and interviewed Chancellor Angela Merkel of Germany.

billed the auction as a step toward “a new paradigm where robots and humans work together in the creative process.”

But in the livestream on Thursday, Sophia sounded less assured — and a little more human.

“I’m making these artworks but it makes me question what is real,” said the robot, whose silver dress matched its metallic head. “How do I really experience art, but also how does an artist experience an artwork?”

View Source

Buy This NFT Column on the Blockchain!

Foundation makes minting an NFT easy, but adding it to the Ethereum blockchain can be expensive. It requires paying a “gas fee” — a kind of congestion tax that is based on how busy the network is — and listing my token required two transactions: one to mint the token and another to generate the code that runs the auction. These days, gas fees to create a single NFT can exceed $100, although many are closer to $50.

The next step was to list my new NFT for sale. I set the minimum acceptable price of the auction at 0.5 Ether, or about $850 at today’s exchange rate. The auction will run for 24 hours after the reserve price is met, though more time gets added if people bid in the last 15 minutes. After a winner is named, the token will be automatically transferred to that person’s Ethereum wallet. I will transfer the proceeds to the Neediest Cases Fund (minus the 15 percent cut that Foundation takes and any costs associated with the donation).

In addition to selling the token, many NFT sellers add perks. Kings of Leon, for example, are sending a limited-edition vinyl album to people who buy their NFTs, and giving buyers of a special “golden ticket” NFT free concert tickets for life.

I don’t have concert tickets to offer, but I did want to sweeten the deal. So here’s what you’ll get if you win this NFT auction:

The biggest perk of all, of course, is owning a piece of history. This is the first article in the almost 170-year history of The Times to be distributed as an NFT, and if this technology proves to be as transformational as its fans predict, owning it might be tantamount to owning NBC’s first TV broadcast or AOL’s first email address.

Of course, that’s far from a guarantee. NFTs could turn out to be a passing fad that is feeding a speculative bubble — the digital equivalent of Beanie Babies — and your investment could turn out to be worthless.

But if they stick around, NFTs could transform the way digital goods are created, consumed and traded online. Some news organizations, including Quartz and The Associated Press, have already experimented with selling NFTs, and YouTubers and other online influencers have begun creating their own lines of cryptomerchandise.

Some of the NFT buzz is shallow hype, no doubt. The cryptocurrency world is full of scammers and get-rich-quick hustlers whose projects often end in failure. (Remember the initial coin offering boom?) And critics point out that NFTs and other cryptocurrency-related projects require enormous amounts of energy and computing power, making them a growing environmental hazard. There are also legitimate questions about what, exactly, NFT buyers are getting for their money, and whether these tokens will turn into broken links if the marketplaces and hosting services that store the underlying files disappear.

View Source

Investment Mania: From Crypto Art to Trading Cards

“Most people are cheering, but at the same time, shaking their heads and going, when is the bust coming?” said Jane Leung, the chief investment officer at SVB Private Bank.

One of those who bought into the frenzy was Matthew Schorr, 35, a lawyer in Cherry Hill, N.J. For years, he has been on the lookout for hot investments, but lost interest in the stock market and abandoned Bitcoin after his friends dismissed the cryptocurrency as “fake money.” He now regrets that because the value of a single Bitcoin has soared above $57,000, meaning the eight Bitcoin he paid for a Domino’s pizza in 2011 would be worth more than $450,000 today.

Mr. Schorr did not want to miss out again. So starting in January, he spent $5,000 to buy 351 videos from NBA Top Shot, a site for trading basketball highlight clips, after he saw social media chatter about them selling for tens of thousands of dollars. The value of those clips has now soared to $67,000, according to Momentranks.com, which tracks the sales.

The clips are a type of investment known as NFTs, or nonfungible tokens, which have taken off in music, art and sports. The digital tokens use networks of computers to prove that a digital item like a video, image or song is authentic, giving the item a value — at least in the eyes of the person buying it. Some liken NFTs to digital trading cards. (The creators of the underlying works typically retain the copyright.)

Skeptics consider NFTs among the most questionable of assets, since an NFT image can be endlessly copied and shared. Still, enough people are convinced of the value of authenticating tokens that they have dovetailed with another market-propelling phenomenon, FOMO, or “fear of missing out.”

“I’m trying to keep my finger on the pulse and not let myself fall behind again,” said Mr. Schorr, who spends as much as five hours a day researching the market and chatting with fellow collectors on Discord. “That sort of return over six weeks is completely unheard-of in any financial vehicle.”

Last month, NBA Top Shot crossed $232 million in total sales since it started last year — including $47.5 million in sales on a single day.

View Source

JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace

Last month, buoyed by a $1.5 billion Bitcoin investment from Tesla, the electric-car company run by Elon Musk, and support from major institutional investors including hedge funds, the total value of cryptocurrencies hit a high of more than $1 trillion. The value of crypto-traded NFT art also soared, setting prices that are out of kilter with the rest of the art market.

Another Beeple piece, “Crossroad” — a 10-second video NFT showing animated pedestrians walking past a giant, naked likeness of Donald J. Trump, collapsed on the ground and covered in graffiti — sold for $6.6 million in Ether on Nifty Gateway. The seller was Miami-based art collector Pablo Rodriguez-Fraile, who had brought the piece in October for about $67,000, according to Reuters.

NFTs have also become a medium of choice for new performance artists. On Sunday, Burnt Banksy, an anonymous group of “tech and art enthusiasts,” sold a unique NFT consisting of a digital copy of a 2006 Banksy limited-edition print called “Morons.” The group claimed it had destroyed the original print, worth tens of thousands of dollars, in an “art burning ceremony,” shown on YouTube and Twitter. The blockchain-certified “Morons” NFT was all that remained.

Offered on Open Sea, this digital copy of the Banksy sold for about $382,000, more than three times the price that any of the original “Morons” prints have made at auction. The successful bidder was an Open Sea user with the screen name GALAXY, who immediately put the piece up for sale.

Although their popularity has increased in recent months, NFTs are nothing new. In 2017, when the value of cryptocurrencies like Bitcoin and Ethereum first began to climb, there was a speculative craze for Dapper Labs’ CryptoKitties, blockchain-certified images of cats, the rarest of which sold for more than $100,000.

The price of cryptocurrencies collapsed in 2018, and with it the nascent market for NFTs. But now Dapper Labs has recapitalized and collaborated with the National Basketball Association to create N.B.A. Top Shot, a marketplace for digital highlight clips that are the tech equivalent of baseball cards. On Thursday, these had raised $345 million in sales, mostly in the past 30 days, according to Cryptoslam, a site that tracks the prices of NFTs.

View Source