Background and Context
Each week, I'm burning NFTs that I minted on lensy.io - with each week, I'm changing the prices as I go, according to an experimental formula I detail below.
This week's update:
No further sales or movement of my minted NFTs on Lensy. This experiment has been running for many weeks now, and has definitely resulted in some additional sales of NFTs. Now, it is time to get serious about scarcity, and elect to change the rules that I laid out previously. I'm burning all remaining (but one) tokens today, and setting a fixed price. Either get the final edition, or let someone else take it off the market instead.
I do not have all that much faith left in the lensy platform as it appears there's no large market for tokenised fine art photography on the HIVE blockchain. I will, of course, continue to share my work on HIVE as I produce it, but look for tokenisation options on other chains in order to monetise my work by means of NFT.
In the interim, that means I need to burn some more minted tokens.
The peniultimate burn
Here's some evidence of prior burns:
1, 2, , 3 and 4 for last week. I'm certain this means that this week is 5.
They're now gone forever. (first week)
Buy my work?
I want to sell my lensy.io NFTs. Here is how I want to do it. Every Friday, Australian time - I will make a post detailing the remaining editions of my NFTs. This is an experiment in art economics and something I want to do to increase the volume of sales on lensy.io to benefit all photographers.
- Each week, 1 edition in my ownership will be burnt, whether any editions sell, or not
- The price of remaining NFTs will increase using the following formula:
> Current Price DIVIDED by Editions remaining for sale PLUS Current Price
> I reserve the right to round up / down to the nearest whole SWAP.HIVE
- This will continue until all NFTs are burnt or 1 edition remains in my ownership
- The final edition in my ownership will remain on sale
- Each week the final edition in my ownership is on sale, it will be reduced in price by the following formula
> Current Price less ten percent, until it reaches 10 SWAP.HIVE, or the total cost to mint the series +1 SWAP.HIVE
This final edition will remain on sale until it is no longer in my ownership
I have no control over what collectors do with the editions they purchase. They may try to undercut my rates in order to make a sale, or owners of an existing edition may purchase and burn their own editions to prevent other collectors from getting their hands on it.
I'm interested in seeing what happens.
Here are the NFTs
The Sword is Mightier
| The Sword is Mightier | |
|---|---|
| Minted | 8 |
| Sold | 1/8 |
| Burnt | 6/8 |
| Editions for Sale | 1/8 |
| Initial Price | 25 SWAP.HIVE |
| FINAL EDITION PRICE | 71.43 SWAP.HIVE |
| BUY NOW |
Price Projection
The Matt Clarke
| Buy it here | |
|---|---|
| Minted | 8 |
| Sold | 3/8 |
| Burnt | 4/8 |
| Editions for Sale | 1/8 |
| Initial Price | 8 SWAP.HIVE |
| FINAL EDITION PRICE | 17.682 SWAP.HIVE |
| BUY NOW |
Price Projection
Gravity
| Buy it here | |
|---|---|
| Minted | 25 |
| Sold | 0/25 |
| Burnt | 24/25 |
| Editions for Sale | 1/25 |
| Initial Price | 18 SWAP.HIVE |
| FINAL EDITION PRICE | 71.43 SWAP.HIVE |
| BUY NOW |
Price Projection
In conclusion...
I look forward to seeing the outcome of this experiment. I'll make an update post each Friday, documenting my further thoughts on how NFTs and the art world continue to intersect, and how it makes me, a content creator, and artist feel.