Problem: How to tell a relative you don’t want to invest in their NFT scam

SHOW NOTES

This problem was plucked from ARTNews and their fairly new advice column for the art community, Hard Truths. Charlie delves into a problem involving a two successful brothers and the art and technology that divides them (among other things).

This is a great example of how we can miss a potentially huge opportunity to further our knowledge, experiences and maybe even our finances by being closed-minded to new, intimidating ideas. Charlie suggests that, because everything (especially emerging technology) is evolving so quickly (thanks to the pandemic), we have to seize opportunities to continuously learn at every opportunity and continuously — even if the opportunity comes to you buy way of your scamming younger brother and his Silicon Valley slick tech-investing friends!

THE PROBLEM

“I work in finance, and my wife is a lawyer. We collect art because it brings us pleasure. My brother is a tech entrepreneur with very deep pockets, thanks to his portfolio of crypto investments. On a Zoom call last week he told us that he’s one of the people driving the NFT boom. He talks as if he is a Medici underwriting a historically important new art movement. It’s either delusional or a convoluted PR stunt for a crypto scheme that I don’t fully understand. He lacks genuine taste. He said he has an “adviser,” but we’re convinced that it’s his friend from Burning Man. The pieces he showed us were beyond bad, and shockingly expensive. Now he’s insisting that I have to collect the same artists. He’s my little brother, so I don’t want to hurt his feelings. How do I tell him politely that his art is shallow and a bad investment?” — ARTNet

LINKS MENTIONED IN SHOW

NFTs Are Shaking Up the Art World, They May Be Warming the Planet Too – NY Times
Christie’s NFT business is booming despite a market lull – The Block
Warren Buffett May Not Be Into Crypto, but His Granddaughter Is – Institutional Investor
The ‘Crypto Kiosk’ at Art Basel is bringing NFTs mainstream – CryptoSlate
Teen Artists Are Making Millions on NFTs. How Are They Doing It? – TIME
How scientists are embracing NFTs – Nature
The Power of NFT: How non-fungible tokens will change the content world – Verizon
NFTs to Drive Our Parallel Universe – if a Bubble Doesn’t Pop First – NASDAQ
The future of art? World-famous artists delve into NFTs – Coin Telegraph
Why the Artworld Loves to Hate NFT Art – Art Review
Scammers and Hackers See New Frontier in NFT Art – WSJ
NFT Mania is Here and So Are The Scammers – The Verge
Banksy was warned about website flaw before NFT hack scam – BBC News
The Complete NFT Course – Learn Everything About NFTs – Udemy
Christies OnlNFT for the Art World – This short course will define key terms and offer an introduction to the art market context, taught by a Christie’s specialist (Christies