The more I look at this Argonauts thing, the more it makes me laugh.
JBond, who holds an 85K-follower account, posted on Sunday: “It’s been almost two weeks since the last art change. The floor’s been falling the whole time. When’s the next upgrade?” That very evening, artist a.c.k. changed all 9,977 pieces to Max Pain V3 with a single click. The next day, the floor rose 20% to 30% (figures vary by source; @zartash put the floor at 0.62 ETH, with 54 ETH in sales).
The comments were full of praise: “Best customer service” and “the artist who understands holders best.”
I see it differently. You pay for a piece of art, and someone else can replace it all with a single decision. According to @frosty_eth, this was already the 14th art change. The project only minted in late August, so that works out to roughly one change every five days.
The NFT world has been shouting “fully on-chain, permanently immutable” for years. Here, it’s the exact opposite: the code is on-chain, but the artist controls the rendering, so what you actually hold is just a token number. The contract spells out that the art can change. You cheer when it changes into something you like, but if one day it changes into something you don’t, there’s nowhere to complain.
Even more absurdly, the floor is now being propped up by “art changes.” Price action has shifted from holding to waiting for the next event. An art change is basically a bullish announcement—same playbook as a project team periodically dropping news to support the price. For those who’d watched the floor fall for two weeks, this time it gave them a way out.
If you want to play, think of it as buying a ticket to an ongoing performance-art piece by the artist—not a blue chip. #NFT
JBond, who holds an 85K-follower account, posted on Sunday: “It’s been almost two weeks since the last art change. The floor’s been falling the whole time. When’s the next upgrade?” That very evening, artist a.c.k. changed all 9,977 pieces to Max Pain V3 with a single click. The next day, the floor rose 20% to 30% (figures vary by source; @zartash put the floor at 0.62 ETH, with 54 ETH in sales).
The comments were full of praise: “Best customer service” and “the artist who understands holders best.”
I see it differently. You pay for a piece of art, and someone else can replace it all with a single decision. According to @frosty_eth, this was already the 14th art change. The project only minted in late August, so that works out to roughly one change every five days.
The NFT world has been shouting “fully on-chain, permanently immutable” for years. Here, it’s the exact opposite: the code is on-chain, but the artist controls the rendering, so what you actually hold is just a token number. The contract spells out that the art can change. You cheer when it changes into something you like, but if one day it changes into something you don’t, there’s nowhere to complain.
Even more absurdly, the floor is now being propped up by “art changes.” Price action has shifted from holding to waiting for the next event. An art change is basically a bullish announcement—same playbook as a project team periodically dropping news to support the price. For those who’d watched the floor fall for two weeks, this time it gave them a way out.
If you want to play, think of it as buying a ticket to an ongoing performance-art piece by the artist—not a blue chip. #NFT