🔗 JR Has Created a New NFT Installation for a Great Pyramid of Giza Exhibition
[img[https://news.artnet.com/app/news-upload/2021/10/photo-nft.cd1d99d3-1024x779.jpeg]]
For his Egypt installation, JR divided the work’s image file into 4,591 pieces, and determined that each individual piece will be collectible as an NFT. “Thanks to technology and NFTs, it is the first time that anyone can actually collect a piece of the public artwork,” the artist wrote on Instagram.
In general, NFTs are a scam and I hope my artist friends think hard before getting involved in it. What the artist is saying above is misleading, you don't own or collect any part of the original artwork. It is just a digital certificate of authenticity stored on the blockchain. The original artwork isn't stored on the blockchain and the jpeg image can disappear from the internet when the artist stops hosting it. You can still download the jpeg to your computer and store it. Others can do the same as well. Owning an NFT doesn't prevent others from accessing the jpeg that costs 250 USDs and you get no copyright privileges.
NFTs are the modern iteration of the companies that sold certificates of ownership of land on the moon or mars. What is driving NFTs however is the promise that you can sell it at a higher price like actual artwork. Unfortunately, this is a hype-driven market that is full of wash trading which means artists are selling the NFT to themselves at ascending prices (on different wallets) to trick the public that the an artwork is desired. Wash trading is illegal in many places.