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{"id":7618,"date":"2022-06-10T14:42:40","date_gmt":"2022-06-10T14:42:40","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/06\/10\/the-graffiti-economics-behind-williamsburgs-wall-of-nfts\/"},"modified":"2022-06-10T14:42:41","modified_gmt":"2022-06-10T14:42:41","slug":"the-graffiti-economics-behind-williamsburgs-wall-of-nfts","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/06\/10\/the-graffiti-economics-behind-williamsburgs-wall-of-nfts\/","title":{"rendered":"The graffiti economics behind Williamsburg\u2019s wall of NFTs"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/23152315\/williamsburg-nft-graffiti-grand-roebling-bayc-cryptopunk<\/a>
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\n

Last year, NFTs started to appear on a three-story brick apartment building in Williamsburg, Brooklyn. Located at the intersection of Grand Street and Roebling Street, the murals are the work of a graffiti artist called Masnah. Each one is a commission from the token-holder, faithfully reproduced. There are nearly 60 in total, with more still coming in, a kind of physical testament to the NFT boom.<\/p>\n

\n
\n <\/p>\n

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A cyclist pauses in front of the murals, which cover both the northwest- and southwest-facing walls of the building.<\/em><\/figcaption><\/span><\/p>\n<\/figure>\n<\/div>\n

Starting from the graffiti world, Masnah was surprised at how graffiti artists were selling NFT versions of their work \u2014 and how few were trying to take NFT imagery to the street. \u201cAll the big names in graffiti were just doing renders of their art as NFTs,\u201d he remembers, \u201cso I wanted to approach NFTs from the graffiti side.\u201d <\/p>\n

After talking the idea through in the CryptoPunks discord, he started taking commissions. \u201cThe power of graffiti is that you see it in every corner, right? It\u2019s alive. It\u2019s part of public space,\u201d he says. \u201cI thought that the physical space would be a good place to make these.\u201d<\/p>\n

Masnah\u2019s first commission was blocks away, painting a cowboy CryptoPunk on North 14th Street between Nassau and Wythe avenues. The mural itself got some attention, but it really took off when the owner started sharing it online, with the kind of conspicuous consumption that was inescapable during the NFT boom.<\/p>\n

\u201cHe flexed it,\u201d Masnah remembers. \u201cWhen he put that on Twitter, it kind of blew up because no one had done it before.\u201d<\/p>\n

\n <\/p>\n

<\/p>\n\"\"<\/p>\n

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\nOn North 14th Street, you can find <\/em>Bored Ape Yacht Club #768<\/em><\/a> and <\/em>CryptoPunk #5974<\/em><\/a>.<\/em>
\n<\/figcaption><\/span><\/p>\n<\/figure>\n

That summer, NFT owners were flush with cash, and many were willing to pay to see their profile picture images in physical form. Soon, Masnah was getting dozens of commission requests, so many that he started putting them all in one place: the Roebling apartment building. The building owner was sympathetic to the project, even putting an anti-graffiti coating over the murals in case anyone tried to tag on top of them.<\/p>\n

Meanwhile, the commissions kept rolling in. For NFT owners, getting a spot on the wall was part-flex and part-investment. \u201cThe owners of these assets saw the value of me painting it in the street,\u201d Masnah says. \u201cIf I did the picture, it would get all the attention on Twitter that day.\u201d<\/p>\n

Eventually, Masnah put his commission system on the blockchain too. After getting stiffed a few times, he started his own NFT collection, dubbed \u201cAnother Flex on the Wall.\u201d To commission a mural, token-holders buy one of Masnah\u2019s tokenized bricks, priced at 1 ETH, 1.5 ETH, and 2.5 ETH depending on the mural\u2019s size. The mural itself goes on the blockchain too, linked back to the original token.<\/p>\n

\u201cIt\u2019s the first collection of graffiti on-chain. Before NFTs, you couldn\u2019t really own graffiti. You had these photographs from [famous graffiti photographers] Martha Cooper and Henry Chalfant, who documented the graffiti and took these famous pictures of the trains. Their photographs are worth a lot of money but the guy who painted the train, his work isn\u2019t even really in the market. He\u2019ll never get any credit for that. So now with this technology, as street artists we\u2019re able to own that wall.\u201d<\/p>\n

While NFTs typically represent digital images, Masnah\u2019s project fits into a more recent trend of tokens linked to physical objects<\/a>. In most cases, the object itself is either kept in custody by the minter or bought and sold independently from the token. The system has been used to sell tungsten cubes<\/a>, sell a physical painting by Damien Hirst<\/a>, and manage a marketplace of collectible luxury items<\/a>.<\/p>\n

In the meantime, the mural-for-hire business is spreading. Masnah has heard about an artist called Manny Links doing a similar business in LA, although the rates are lower and he hasn\u2019t found a single building \u2014 at least not yet.<\/p>\n

\n
\n <\/p>\n

<\/p>\n\"\"<\/p>\n

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The northwest-facing wall of 267 Grand Street.<\/em><\/figcaption><\/span><\/p>\n<\/figure>\n<\/div>\n<\/div>\n


<\/br><\/code><\/p>\n

Source: https:\/\/www.theverge.com\/23152315\/williamsburg-nft-graffiti-grand-roebling-bayc-cryptopunk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: Last year, NFTs started to appear on a three-story brick apartment building in Williamsburg, Brooklyn. Located at the intersection of Grand Street and Roebling Street, the murals are the work of a graffiti artist called Masnah. Each one is a commission from the token-holder, faithfully reproduced. 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