So, I think you are saying it's worth that much not because it's a better pixel than others but instead because an NFT celebrity created the pixel and later sold an NFT on the pixel.
In addition to selling the NFT to someone else, what can the NFT buyer do with the NFT on this pixel?
Yeah, that’s a good summary.
A collector would have ownership of a Pak 1:1. The demand is too great to continue to produce work like this, that is why he’s has expanded into offering larger collections.
One of the drivers of NFT valuation is the type and form of access it offers. Pak has an exclusive discord that is very difficult (even when owning a qualifying piece) to get into for he opens it at random and for very short windows. He has curated a very tight knit community of very sharp minds, astute diamond handed investors that also have a refined artistic appreciation.
His recent release of the LostPoets project has attracted a different crowd than BAYC or Cryptopunks.
Pak’s has a 20+yr history in digital arts and considers himself more a designer than an artist. He was a celebrity prior to NFT’s, since he is a rare breed of an artist whom can code.
He has built an AI bot that he describes as an “ocular engine” that has the largest following of such a thing on social media known as Archillect on twitter.
For collectors of Pak, much like Picasso’s signature on napkin, his value is his being and is more than the sum total of his accomplishments.
I get it, the pixel piece seems absurd. Done by anyone else, most likely not the same valuation.
His Title piece would probably fry your mind.
The pieces are more a commentary on the state-of-the-art which also includes market sentiment. He understands art history, social commentary, provenance, tokenomics and creating durable value for his collectors.
