Roundup: NFT collectors turn to IRL art, Rolexes outperform stocks, UK seizes NFTs
February 18, 2022
Moriah Costa

đź“° In the Headlines

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‍The newest trend for NFT collectors: IRL art  

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• Collectors who broke into the art world through NFTs are expanding to traditional mediums like painting and sculpture, due to a concerted effort by dealers and advisors to appeal to tech-focused collectors.  

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• Sotheby’s and Christie’s both beefed up their NFT offerings this year, while Pace Gallery hired its first online sales director. These investments have helped institutions tap into the digital art trend, but have also helped them sell IRL artworks to metaverse collectors.  

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• Fun Fact: Natasha Degen, who runs art market studies at FIT, noted that the art market’s ups and downs are familiar to crypto investors.

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‍Rolex watches were one of the soundest investments last decade  

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• Luxury watches have been popular alternative investments for several years (and got more popular during the pandemic). Now, we know they’re also one of the best investments you can make. Data from Bob’s Watches shows that the value of a pre-owned Rolex watch doubled over the past 10 years.  

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• In terms of asset value, Rolex outperformed other major investments, including gold, real estate, and the stock market. Every model has appreciated since 2011 and all have hit an all-time high over the past decade.

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• Fun Fact: The best-selling Rolly on Bob’s Watches was the 16610 Submariner by a long shot. Interestingly, around half of the top Rolex models sold on the site were sports editions.

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For the first time, the UK has seized NFTs as part of a fraud investigation  

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• The UK’s tax authority announced earlier this week that it had seized three NFTs as part of a fraud investigation. It’s the first time (that we know of) that a Western government has taken an NFT in connection with an ongoing fraud case.  

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• Her Majesty’s Revenue & Customs seized the NFTs after connecting them to a $2m tax fraud scheme. The NFTs have yet to be valued.  

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• Fun Fact: The decision to take the NFTs suggests that fraudsters were using the NFTs to hide the ill gotten funds. Using crypto assets to launder illicit earnings is an increasing source of concern for tax authorities.  

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 🔥 From the Otis Collection

• This week in the Otis Discord, we’re talking about: auction houses, NFTs, and more — join the conversation.  

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• Chain CEO Deepak Thapliyal bought a CryptoPunk for nearly $24m on Sunday, double the previous record. Otis has two CryptoPunks trading on the platform, CryptoPunk #2142 and CryptoPunk #543.  

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• A game-worn pair of Air Jordan 1's worn by Michael Jordan after he returned from an injury are up for auction. The MJ game-worn “Shattered Backboard” Jordan 1’s are trading on Otis.  

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• Auction house Sotheby’s will accept crypto payments when it auctions off Kobe Bryant memorabilia, which includes the first NFT of a shirt worn by Bryant. A Kobe Bryant last game ticket is trading on Otis.

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• FEWOCiOUS spoke to Coindesk on why he thinks NFTs are the future and his latest projects with RTKFT (recently acquired by Nike). FEWOCiOUS’s NFT i miss your voice call back soon okay (#3/16) is trading on Otis.  

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• jeen-yuhs: A Kanye Trilogy about the life of artist Ye, who is known as Kanye West, premiered on Netflix. Kanye West’s most iconic sneakers are trading on Otis in Yeezy Collections I and II.  

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• Serena Williams was recently featured on the cover of Harper’s Bazaar with her sister Venus, with the two talking about their life as tennis stars. The Serena Williams Preview Rookie Card (2003 NetPro Glossy Int’l Preview #P2 /500 PSA 10) is trading on Otis, and the Serena Williams Elite rookie card recently exited for $35k.

Roundup

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February 10, 2022
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