He paid $ 69.3 million for an NFT so you can download it for free
The beauty of an NFT is that everyone benefits from it, the Indian cryptocurrency entrepreneur and investor said in an interview with Bloomberg News. In fact, he would be happy if everyone downloaded a copy of “Everydays: the First 5000 Days”.
The price for success he paid has helped bring attention to the burgeoning NFT market, which has exploded in popularity since then. He drew attention to the potential of technology as well as the many brands and celebrities that accumulate in it. Yet he’s also been the subject of questions about trade scandals, valuations, and what an NFT purchase actually gives to the buyer.
Sundaresan spoke to Bloomberg about his thoughts on NFT property rights and what he’s looking at next. Below are the highlights of the interview, edited for length and clarity.
What do you think of DTV property rights?
Ultimately, the information is meant to be free. You try to have paywalls, you try to do so many things. But even these methods of having information or data inside walled gardens of any kind of security, they haven’t worked very well on the Internet.
If someone releases music, maybe it’s hacked. All of these problems seem to be very native to the Internet. If you try to fight this I don’t think it will be helpful at all.
What NFTs do, instead of giving importance to this copy of the file, it sort of gives importance to something else big. The idea that a person supported an artist at one point and that was the memories.
If you have an NFT I think anyone can benefit from it. But you don’t need everyone to pay for it. There may be a few people who pay for that production, and they get credit for being part of that production. And that’s all.
It’s good to download. I’m happy if someone downloads Beeple – The 5000 Days – everyone in the world.
Are you involved in a series of big names like CryptoPunks?
Personally, I am not involved with CryptoPunks or Bored Ape Yacht Club.
I didn’t understand what it was or what it was going to become in reality. Yet it is not for me. I don’t want to be part of something very exclusive. In a way, we’re trying to do something that’s very inclusive.
I want to find other ways to increase the number of connections we have on the Internet. These projects will need to understand why they are limited to these many numbers and what effect that will have on what they can do in the world.
What tokens do you like?
Today the most exciting area for me is parachaines, which are part of Polkadot. Polkadot is just a skeleton and there can be so many chains that attach to the skeleton and can scale.
You can participate in the parachain auction, where you block your DOT for a few years, you get your DOT back. And for that, you will be rewarded with some of these parachain tokens. For me, that’s a great way to think about capital allocation right now. I’ve been in Polkadot for a while now, and I’m not looking to change my position.
What do you think of decentralized autonomous organizations (DAO)?
I closely observe DAOs, which arrive in all parts of the world. Traditionally, there would have been a collective of artists, artists working together. Now they are trying to be a DAO.
I think Wyoming has led the way – they’ve found a lot of things they can offer, and people are going to find out how they can enable people to host DAOs in their home country. This will be the next phase, because I have the impression that it will have a real impact in the world.
What are you working on now?
Working with artists has been fun, and in the next four or five months we’ll see a lot more coming out of it.
We launched something on Instacart. It is a programmable piece of music but it was produced by artists in India; 40 artists participated. They figured out how to get it through – for every sale, the payment flows and gets to everyone. I think it’s a great model for looking at how we connect cultures around the world and present them in a global market.