Maybe NFTs Aren’t Dead & Preserving Vintage Video Games
Rumors of its death are greatly exaggerated, and video game preservationists vs. collectors
Cultured is a newsletter that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more. Cultured is produced by Otis, an alternative investment platform that was recently acquired by Public.com.
Love Cultured? Spread the word and share this newsletter with a friend!
🗞 STORIES OF THE DAY
The NFT is dead. Long live the NFT.
Since NFTs first skyrocketed in popularity, we’ve been hearing that their death is imminent. Now the market is finally showing signs of caving, with average sales down around 90% from their peak last year.
Earlier this week, a CryptoPunk that was bought for $1 million during the market peak last year sold for less than $150,000. The sale continues a worrying trend: out of the last 10 CryptoPunk sales, 8 were sold at a loss.
Still, lots of brands are pushing ahead with their NFT plans and the market is generally chugging along. Coinbase recently launched its NFT platform, and Instagram just announced that users can showcase their digital art on the platform.
Our Take: Things may not be as bad for NFTs as some reporting suggests.
Some supporters have pointed to other metrics, which show that although sales have declined from last year’s highs, the market is still showing strong weekly sales volumes and steady growth in new projects. As the NFT market develops, slowdowns are inevitable. But that doesn’t mean NFTs are dying.
One video game historian has teamed up with Wata, angering some preservationists
The Video Game History Foundation recently revealed it had been working with Wata to document and preserve video game prototypes that had been submitted for grading. Reactions from other retro game enthusiasts was…mixed.
When Wata receives a prototype to grade, they send it on to the Foundation, which makes a digital copy and writes up an analysis. That copy is property of the owner, but is available in case they lose their backup.
But some retro gamers were angered to learn that the non-profit was working with Wata, which has been accused of making games more expensive and contributing to a “speculative investment bubble.”
Our Take: The backlash to the Video Game History Foundation’s partnership with Wata underscores a growing tension between collectors and preservationists.
As Wata has grown in popularity, they’ve started to get previously unseen prototypes from collectors who are eager to know how much their version is worth. Unfortunately, many of these never get published or seen publicly, which is why the Video Game History Foundation decided to partner with Wata. It’s not an ideal situation, but it’s a good middle ground that respects the desires of collectors and historians alike.
✨ AROUND THE INTERNET
A titanium Patek Philippe is on track to become one of the most expensive watches ever sold at auction. The unique piece is being sold by the watchmaker in a charity auction.
NFTs are increasingly being used as collateral for loans. Is owning a CryptoPunks the new equivalent of a perfect credit score?
Who actually buys fractional art? You, hopefully. Also, these guys.
Victims of NFT theft in the UK will now have more legal avenues to pursue their claims. A landmark case ruled that digital tokens are “legal property.”
Is the MCU good for comic book artists? Probably not.
MSCHF is taking a break from its lawsuit-plagued sneakers to make mediocre spiked seltzer.
