Hi, this is Goh. It’s been a while since I last posted.
Until recently, this shop had been suspended because Bitcoin price was too low. (But it’s open now)
Based on that experience, I made some decisions about the opening condition and the pricing.
- An opening condition determined by the lowest price of exchange rate
I set the exchange rate conditions for opening this shop. If 1BTC is less than 4000USD, this shop will be closed/suspended automatically.
- Thus, the lowest price range of the items is fixed.
This shop is BTC-denominated, and the price of the item itself(=the reference price) is not reduced. The current display is the lowest price.
Also the above condition determines the lowest price for the legal currency.
__*An item price consists of a reference price(item itself) and peripheral prices(shipping, framing, tax..). The peripheral prices such as shipping fee and framing fee are also BTC-denominated, and that is not fair for many people who live in the Fiat world, so the peripheral prices are adjusted to avoid being too expensive. But the reference price will never be reduced in the future.
- Burn the editions (reduce the max number)
I am thinking of reducing the edition numbers if the price of bitcoin is too high. Because if the values of the pieces in relation to the legal currency are not adjusted, the realistic incentive for collecting will be lost.
For example, if a limited edition is 30, it is reduced to 5 (just an example). The timing and detailed conditions are still undecided. This is only after the price rises and stabilizes.
Conversely, if the bitcoin price is too low and remains below 4000USD, I’ll stop selling the pieces currently in this shop permanently. In order to leave the pieces for future generations, I’ll entrust them to credible someone. This applies to the pieces sold only in BTC-denominated such as “NewOrder/SirenCall?”.
__Nobody knows what the market price will be.
Best time to collect my art pieces
This shop was started in May 2018, 1 BTC was around 9000 USD. At that time, I expected the Bitcoin price range to go up, so I set the item prices as the lowest price. But as you can see, the price fell in 2018 and people’s liveliness was also lost. The current price is half the lowest price I expected.
In the first place, I made this shop to test a traceable rights mechanism for art piece using the blockchain I was developing. Also this shop is a place to connect with people interested in my art&cryptocurrency activities, for me. That is, I could continue the shop because I was not profit-first.
The current price range, that’s the cheapest range, is the best opportunity for early adopters who have found some value(not only price) in my pieces.
Many people value the market prices and authoritative stories rather than the art pieces, but you found the value early on your own. I hope that such persons collect my pieces.
In particular, “NewOrder/SirenCall?” has already been exhibited at art museums and awards, but it has not yet been collected comprehensively as a series.
In addition to fulfilling the desire to own pieces, and supporting the artist’s activities, the art collection also plays a role in archiving/storing memory of the era distributedly. And, the collection has a strong meaning when collected in a series.
In many cases, the art pieces are expensive, so most people will not face the opportunity to collect a complete series.
I don’t know if such good conditions will appear in the future.