I Love The Smell of Ponzi in the Morning

el Prof
November 9, 2021

Another Tuesday, another disappointment. The degree to which is slightly less this week, because as always projects are really blurring the lines between cash grabs and thoughtful art projects, and I guess I’m just getting used to it. 

Artvatars had a strong day yesterday, bringing in 4.41 ETH ($16k). It is a project launched by a collector fan to AI generate 20k NFTs from 60 real crypto artists back in May of this year. The result is almost absurd in its incoherency, but I suppose that’s sort of the point then, isn’t it?

It’s not exactly the most original project, and the grotesqueness of the end products makes me question the sanity of anyone who purchases one. But on the other hand, it does work with and support real artists, which I can always get behind. Anyway it appears the bulk of the sales, save for Artvatars #2898, were all collector reneil1337, who just needed to say ‘I’m going to drop $12k scooping up 24 of these from the floor of the market.

Personally, I smell Ponzi, but I won’t publish another article packed with unfounded accusations of scammery this week. Besides, that’s just the normal stench of NFTs these days, I guess. I’ll be honest though: #2898 was the best sale of the day and actually very cool by comparison to all 24 pieces in reneil1337’s haul.

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