Perhaps we all have a tendency to get absorbed in our own little corner of the universe and the cryptosphere... so I appreciate your external examples of Gutenberg's Bible and Picasso, etc.
Thanks a lot for your kind appreciation mate, I too remain absorbed in my own little world though 😅, most of these correlations strike when I am actually thinking and writing about the topic. And I add what I feel relevant for a better understanding of topic at hand.
Similarly, we can back away and suggest that there should be a "cap" on how much a living artist should be paid for their work, right? Such a suggestion would cause an OUTRAGE in the world!
Right, anyone can back away. And yes, I think a lot of artists will not be happy.
Some might argue that here we are working with a "set" rewards pool... but in the art market we are working with a pool of "total annual funds invested in art" which is also pretty fixed.
I agree to the arguments, infact this is a characteristic of smallest to the largest of economies. They always have a countable amount of buy side funds or total demand.
And when someone spends $5M on "Artist A's" new NFT, it means that $5M isn't available to be spent on "Artist B's" work. If we subscribe to the idea of free markets, then that's simply how markets work.
Apart from the the total annual invested fund If we talk about an individual then yes, if he doesn't have sufficient funds he won't be able to spend $5M on Artist B.
Forgive me for my poor comprehension, but if you wanted to say here that artist B work goes unrewarded or will never sell. I would say no, because there are many many more someones with multiple of times more purchasing power than him in an economy.
Which is quite different from — for example — "shill bidding" at art auctions (aka manipulation of the market) which is illegal in most places.
True though, the bidding consensus mechanism is prone to such manipulation. But yes free markets are also prone to a different kind of manipulation as well. And it needs to be moderated.
Thank you 🙏 for putting forward your concerns.
Have some !PIZZA