Will NFTs Kill Traditional Art? Famed Collector Cozomo de’ Medici Makes The Case

Cozomo de’ Medici, his collection

Digital journal and gallery Artnet gave Cozomo de’ Medici the keys to the fort. The infamous NFT collector took over their very talked-about Twitter account to lift hell. Cozomo de’ Medici’s thesis is that “the web killed the phone book. Netflix killed Blockbuster,” and NFTs will substitute conventional artwork. A daring prediction, we all know, however let’s give the pseudonymous collector the advantage of the doubt and discover his thread.

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The story begins with Artnet NFT 30. A listing of the 30 most influential individuals within the NFT world. Of course, Cozomo de’ Medici was one in every of them. As a publicity stunt, Artnet gave Cozomo management of their Twitter. “And beginning now, I will probably be taking up the ARTNET Twitter! I warned them I could also be controversial ;),” de’ Medici said. And then, “Ok frens, so I dropped a little bit of a bomb over on the Artnet twitter account. They had NO thought I used to be going to do that!”

Besides NFT suggestions and commentary, Cozomo de’ Medici made a reputation for himself on Twitter by making outrageous statements. One of them is, “Crypto billionaires will flip conventional billionaires. NFTs will flip conventional artwork.” Let’s discover that concept.

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NFTs Will Kill Traditional Art, According To Cozomo de’ Medici

The infamous NFT collector begins by evaluating the NFT revolution to the arrival of Reality TV. “For virtually 100 years, the studios determined which actors could be fortunate or gifted sufficient to turn into stars. But then within the 2000’s, all the pieces modified. The cameras turned from specializing in actors, to day by day individuals. With Reality TV, quickly it wasn’t a educated actor who was getting well-known, however your classmate, co-worker, or subsequent door neighbor. ”

Ok, thus far so good.

Then, Cozomo turns to artwork. For centuries, “kings, queens, and noble people determined which artwork was related.“ Then, the tide shifted, “within the Victorian period of the 1800s, galleries, museums, and collectors started to maneuver markets.” The drawback right here was that the general public had zero entry to those artists. By the time they discovered “about Warhol or Basqiat, their work has turn into costly, one of the best items devoured up by recognized collectors and market makers.”

Enter NFTs. “No museums. No galleries, apart from the marketplaces, and the galleries made by collectors themselves.” A heap of now well-known artists got here out of this variation of paradigm. But that’s not all, “any artist, from any the place on the earth, with no invitation, can mint a drop.” Also, the facility shifted to the patron. “YOU can determine which artists will outline this technology.“

You’re In Control Of The New Art Elite

Then, Cozomo de’ Medici shouts out two artists. Who, after all, are a part of Artnet NFT 30 as nicely.

Photographer Justin Aversano and Digital artist Xcopy. Who, after all, are a giant a part of Cozomo de’ Medici’s assortment.

To end, de’ Medici goes all in. “We are the market makers now. We create our personal museums. We determine which artwork defines this technology. We are the digital renaissance.”

The reactions have been blended. Some individuals don’t purchase it, some individuals suppose Cozomo de’ Medici is a genius. In what camp are you? Are you satisfied or nah? Is Cozomo exaggerating for impact? Or does she or he actually consider that? Is Cozomo forward of his or her time or clinically insane? And, extra importantly…

Who’s Cozomo de’ Medici?

No, he’s not Snoop Dogg. That was a publicity stunt that labored too nicely and even journalists nonetheless consider.

To reply the title’s query, let’s quote the publication that began this entire mess. In Artnet NFT 30, they introduce him as follows:

“Ever for the reason that mysterious collector behind this Twitter deal with emerged on the scene in August, they’ve captivated the cryptorati with a mix of gnomic utterances and sage NFT funding recommendation, all packaged underneath a playful identification claiming a parallel between the well-known patronage of Renaissance Florence’s Medici household (albeit with a tweaked spelling seemingly borrowed from Seinfeld’s Kramer) and Cozomo’s personal pursuits within the digital artwork world immediately.”

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And about his assortment, an enormous a part of this story, Artnet says:

“With astonishing pace, Cozomo acquired a group of Art Blocks and CryptoPunks alongside NFTs by Justin Aversano, Tom Sachs, and a number of different artists. He now owns tons of of artworks, together with coveted examples that the crypto group calls “holy grails,” which can be collectively valued within the tens of thousands and thousands of {dollars}— together with what he calls a “grail of grails,” XCOPY’s Right-click and Save As man,”

The estimation is that his entire assortment is price $17M roughly. Take that for what it’s price.

Featured Image from Cozomo de’ Medici's Twitter web page | Charts by TradingView

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