The utility and application of NFTs have always been hot topics among enthusiasts and critics alike. To build the case for NFT application in the arts, anonymous artist / artist group, Pak, has created the greatest performance art in the modern digital age. Performance art is simply performing for an audience and what an audience that was.
Wait, Pak? Who or What is that?
Pak is an anonymous person or group considered to be a master of Gamification. This enigmatic artist sold a series of NFT artworks last April 2021, which eventually sold for around $17 million. Titled The Fungible, the sale was conducted by curated NFT platform Nifty Gateway in partnership with one of two major auction houses Sotheby’s. Also responsible for the $70m collection called Lost Poets. I can go on and on discussing how meticulous the creation of the game was but the $70m figure is already the record in the short history of the world of NFTs.
The Greatest Modern Performance Art
Oct 4, 2021 thousands of people witnessed the first performance art in the NFT world. Pak created 1,234 similar looking NFTs. These F parcels were made available for anyone to freely claim. The catch? Must hold $ASH and 50% royalties would be given to the creator for royalties every time it was sold in the secondary market. This idea looked to be a quick cash grab. The naive initially viewed this negatively and many who were able to claim a parcel immediately sold it in the secondary market. What they didn’t know is that F is a token that represents a partnership with Pak, who has consistently been bringing value to the NFT world. Essentially, F works as a partnership token with Pak. In a way, that partnership is a continuation of the performance. While most NFTs can easily be valued through market valuation and trade performance, the partnership token with Pak, is basically priceless. Why? This creator has always created value time and time again. Value that has outperformed almost every reputable token project in terms of monetary value over the same period of time.
The Continuation of Creation
People with origami-hands who were able to secure an F Parcel and flipped it for a quick profit earned some easy money. However, they sold F not knowing that they are choosing to take quick profits over having a continuation of the performance. Like leaving a show where they got free tickets. These early sellers were taken out of the picture and the real believers of Pak were able to purchase an F from them. These real believers can definitely bring more to the table as some even classify a true Pak collector to be more educated and cultured than other sets of collectors. Moments after the performance, a place was formed to gather all the holders of F. Discussions of plans took place and proposals were informally submitted regarding the direction of the partnership. Exemplifying the continuation of the performance.
The Foundation of Endless Possibilities
This is arguably the epitome of “art creates art.” Through this distribution and mechanism, Pak was able to gather a group of like-minded collectors who will create the foundations of Fomoverse — whether it will exist or not. These foundations with no current structures create endless possibilities in the world of art because in today’s world, structures can be limiting. Pak’s endeavor, arguably the greatest performance art in the modern age, is not only a picture of art creating art; it is a performance that paves the way for invaluable digital collaborations that massively expands the possibilities of art in the digital world. Don’t you think it’s magical when the collectors finish the work of the creator? Usually it’s not, but with the right set of collectors, the possibilities are endless.
To DAO or Not to DAO?
Partners have started creating projects. Notable projects inside the partnership includes exclusive NFTs, merchandise, programs, dapps, radio stations and consultations from the different thought leaders in the partnership. A DAO should have a purpose and in due time, the partnership will announce it’s purpose. For now, NO PROMISES, NO ROADMAP, NO UTILITY.
