So this company offered to send me an IO frame containing Steph Curry, Steph Curry Top Shot. It’s the one you saw on my kitchen counter, but I don’t actually own it, but what’s interesting is that if I go to the back of the frame, there’s a QR code, and I can scan the QR code, and it takes me to the NBA Top Shot website, and I can actually see a digital trail of everyone who owns a version of this NFT or has ever owned it, and how many it’s worth and what was its best selling, what its lowest selling was. It’s a fascinating data trail.
Michael Calore: So with this particular Steph Curry video loop, how much is it worth?
Lauren Goode: This is one of the things that is a bit difficult to understand. OK, so in art, let’s say there’s a Picasso or a van Gogh, and that’s the original, okay, but in college dorms and West Elm living rooms across the country, you might see some kind of reprint of this art, and you know it’s not OG art. This is a reprint of it. NFTs can be somewhat similar in that you buy that certificate that lives on the blockchain indicating that you own a form of the original art, but it’s not the only one there is.
So in the case of this Curry video copy that I have, there is a first owner, a second owner, a third owner, right? You can kind of go down the chain, down the blockchain. Then, each time you go down the chain, its value may decrease a bit, but since it’s numeric, there may actually be replicas. 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 saw listed in this digital trail on the blockchain said that at one point someone paid as much as $6,000, over $6,000, for this video impression of Steph Curry.
More recently it sold for as little as $4.75, but that’s also because it’s not the first, second, or third. It could be like hundreds or thousands down the line in terms of art, and therefore the value is diminished. Moreover, the NFT market has collapsed in recent months, which is also affecting it. Then if I were to go to the Infinite Objects website and take this video printout that I paid $6,000 or $4 for, depending on when I entered it, and wanted it printed, it would only cost $199 through the IO website.
Michael Calore: Oh I see. OKAY.
Lauren Goode: Yeah. So that’s like the frame that’s sitting on my kitchen counter that you saw, and that’s where everybody NFT art gets really exhilarating, that’s the first purchase, the first example , because it belongs to Infinite Objects, and they were the first purchasers of this Top Shot, and it was loaned to me. So it’s probably worth a little more, but you could also theoretically go to the Top Shot site right now, buy the same Curry video print for less than a latte in San Francisco, have it printed and have some sort of similar thing live on your counter. We then need to do a bit of forensics on the blockchain to figure out who is valued at what and which is more valuable, even if we have the same type of display experience.