Posts from art

Digital Art Frames

I have a Samsung Frame in my home office. I think I posted a photo of it here at AVC once before. But for those who did not see that post, here it is:

I’ve had it for something like three years and I change the digital art on it from time to time.

Digital Art has been tricky to purchase and own and the business models around it are a bit challenging.

I think NFTs might change that. If artists can get paid for the “original” or a “limited edition” and then make copies free or near free, then I think the digital art market could explode.

My partner Albert posted about NFTs a week or so ago and made an important point that I think is a bit lost in all of the hype/mania about NFTs right now:

This is what NFTs do for digital content. They let someone assert “I am the Louvre” (for that piece of content).

This is not a fad. It is a fundamental and profound innovation.

https://continuations.com/post/645017712412786688/a-word-on-nfts

Go here and read the entire thing because “the Louvre” is a bit out of context in that quote. His point is that crypto/blockchains allow for someone (or a group) to own the original(s) and everyone else to own copies that are as good as the original.

And that is the kind of thing that could make owning digital frames really awesome.

#art#crypto#non fungible tokens

Digital Art

My friend Seth is an entrepreneur and an artist. I have two of his paintings hanging in my office in NYC. His latest work is taking photographs of the sunset every day at Venice Beach and then training an AI model to turn it into a 30 second video. The work is published in a MP4 video. Therein lies the challenge. Anyone can copy an MP4 video so how does he make this work unique?

He turns it into a “non fungible token” or NFT.

I have written about NFTs a lot here at AVC over the years, most recently on how our portfolio company Dapper has used them to invent a new kind of basketball trading card.

But NFTs are also a very powerful tool for digital artists to bring scarcity/uniqueness to their work. And we are seeing a fair bit of activity starting to happen in and around digital art and NFTs.

Seth minted an NFT of his work and listed it for sale yesterday and then tweeted this out:

I saw that tweet and placed a bid on it this morning. If you would like to do the same, you can do that here (you will need a Metamask wallet holding Ethereum).

There is still some geekiness/wonkiness about digital art NFTs (like needing a Metamask wallet and Ethereum) and I expect that will go away in short order and the experience of buying NFT art will be more like the experience of buying a rare Luka Doncic Holo MMMX card on Top Shot which requires none of that.

Crypto technology has many uses and is absolutely not limited to speculating on meme coins. In fact, the emergence of real utility (vs speculation) is the single most important thing that needs to happen for crypto to live up to its potential (and current market values). I think NFTs and digital art is likely to be an early example of that utility emerging.

#art#crypto

Otis

One of USV’s newest portfolio companies, Otis, had a coming out party yesterday.

The idea behind Otis is that cultural assets like fine art, rare books and comic books, jewelry and watches, sneakers and skateboards, etc are appreciated by everyone but are only collectible/affordable by wealthy people.

Otis intends to change that by securitizing these cultural assets and selling them off in shares for as little as $25 per share. These fractionalized cultural assets will be shown publicly while they are owned collectively.

You can see how this all works by downloading the Otis mobile apps here.

I did that yesterday and I have already set myself up to try to buy a share of Kehinde Wiley’s Saint Jerome Hearing The Trumpet Of Last Judgement on August 13th.

I’ve also opted to be notified when these assets “drop” so I can purchase a share of them too.

I am not a sneakerhead but for those of you who are this might be of interest to you:

This is just the start of what will hopefully be a highly liquid secondary market for the trading and collecting of shares of cultural assets. The market is starting out highly curated by Otis but that may change over time as things develop.

USV’s focus right now is on backing trusted brands that can open up access to captial, knowledge, and well-being and Otis fits in all three of those categories. We are very excited to be involved in this ambitious effort.

#art#crowdfunding#marketplaces#Uncategorized

Sofar

Andy wrote about our investment in Sofar yesterday on the USV blog.

That is our practice. We publish our investment rationale on our blog every time we make an investment. It creates a permanent record of why we made the investment. It is interesting to go back and read them five or ten years later, regardless of whether they worked out or not.

Sofar is a company we have been following for seven years. We have been intrigued by this global community that has been building around the themes of meeting others in the real world, a shared love of music, and intimate spaces (often personal homes).

The Sofar community is large and sprawling.

The scale of the Sofar community, to us, is an example of “unspoken” value that Sofar has created for over one million people in 430 cities across 65 countries including London, Paris, New York, Sydney, Bangalore, Buenos Aires, Cape Town, and Seoul. In fact, more people will attend a Sofar in 2019 than will attend Bonnaroo, Glastonbury, and Coachella combined (also, 13 Sofar artists are playing at Coachella this year).

https://www.usv.com/blog/sofar

I just took a look at Sofar to see what events are happening in NYC in the coming weeks:

You can see the Sofars in the coming weeks near you by going here.

Sofar reminds me of our investment in Meetup, which we made twelve years ago. As Scott Heiferman, the founder of Meetup likes to say “use the internet to get off the internet.”

Sofar adds the element of music, performance, and intimate spaces. Andy describes all of this as the “Sofar container”:

Each Sofar has a few known constraints that make the show feel familiar: it will be in a unique space where you wouldn’t expect to see live music, an MC with a loose script will encourage you to get to know your neighbors, three performers will each play three to four songs, the address will only be revealed a day before the show, and the show will end early, by around 10:30 pm. This is what we call “the Sofar container”. The natural outcomes of the container are less tangible; for example, you will hear great music, you will feel safe and comfortable, you might make a new friend or you can attend solo, you won’t be judged. By bringing people together and creating spaces where music matters, Sofar broadens access to well-being – a core part of our investment thesis.
The beauty of creating a simple container, with known constraints, is that what goes into the container is dynamic. You don’t know who the artists are, who you’ll be sitting next to or what the venue will be like, but we believe that the essence of Sofar lies in trusting the container.

https://www.usv.com/blog/sofar

At USV, we are drawn to bottom-up networks instead of top-down centralized services; Etsy not Amazon, SoundCloud not Spotify, Wattpad not Kindle, Crypto not Fiat, and now Sofar not LiveNation.

I am excited that we finally found our way into the inside of this company/movement/experience. It feels so USV to me.

#art#marketplaces#Music

Funding Friday: Salvage Swings

There is a lot to like about this project which I backed this morning and is ending tomorrow.

1/ They use cross laminated timber (CLT), which is a wood product that is getting a lot of adoption now. The Gotham Gal and I are building two CLT buildings in Brooklyn and we are big fans of CLT.

2/ They are using salvaged wood to make their CLT.

3/ This is public art, which is another thing I love.

4/ Swings are awesome. At age 57, I will still sit on a swing and go for it.

5/ This is part of FigmentNYC, a public art festival in NYC this summer.

So with all of that lead-in, here is Salvage Swings. You can back it here.

#art#crowdfunding

Funding Friday: Half-Light

Earlier this week, I backed this project from an artist in Iran.

The project is now over. It was funded with almost $10,000. So her photography book will be made and shared with the world.

It is too bad that I didn’t share this with all of you while the project was live so you could back it as I did.

But this project exhibits all of the things that makes Kickstarter so important to me.

It is from the heart, it is art, it is full of meaning, it is from a person halfway around the world that I don’t know and probably will never know.

And it moved me.

#art#crowdfunding

The Royal Academy Summer Exhibition

Two hundred and fifty years ago, in 1768, The Royal Academy in London decided to hold an annual exhibition of “paintings, sculpture, and design” that would be “open to all artists of distinguished merit” and so began the summer exhibition.

We’ve been attending the summer exhibition on and off for something like ten years and I really love it. We went today, which is the 250th annual event.

As you can see in the photo above, which is from maybe 150 years ago, they pack the walls with art. You can barely see the walls there is so much art on them.

But the thing I love most is the way they hang an unknown twenty-year-old painter next to a Hockney. It really speaks to me and represents an egalitarian approach that is rare in the art world and the worlds beyond art.

You can buy many of the works at the summer exhibition and we have done that a few times over the years. Not today, as many of the works we liked had been sold or were not for sale. But I like that it is a place you can collect and many of the works are not particularly expensive.

If you live in London or the UK, you have likely gone. If not, you should. And if you are not from the UK but find yourself in London this summer, you should go.

#art