- On August 10, Beeple presented a fabricated video which endorsed a false story that Nakamigos, a niche NFT collection, was secretly linked to CryptoPunks-creator Larva Labs.
- The false claim triggered a rapid surge in Nakamigos’ floor price, spiking about 140% before settling at a 25% gain.
- Supporters saw the prank as satirical commentary on the hype-driven NFT market, while critics, including venture investor Drew Austin, have slammed it as unethical.
Acclaimed digital artist Beeple has ignited a fierce argument in the non-fungible tokens (NFT) industry over the boundaries between satire and market manipulation.
On August 10, in a staged stunt at his South Carolina studio, Beeple and the creators of CryptoPunks appeared to endorse a claim that Nakamigos, another NFT series, was secretly tied to CryptoPunks-creator Larva Labs.
The so-called “prank” led to a major surge in Nakamigos’ floor price, skyrocketing by roughly 140% before settling at a gain of around 25%.
The surge, amplified through social media, has led some disgruntled community members to claim the stunt was “market manipulation.”
Beeple’s NFT Prank Stunt
During a public event organised to celebrate CryptoPunks NFTs, Beeple unveiled a video purporting to feature Matt Hall and John Watkinson, the real-life creators of the iconic CryptoPunks collection.
In the clip, now known to be deliberately fabricated for the stunt, the two appeared to endorse the fictional claim that Nakamigos was secretly tied to Larva Labs.
The fabricated story came with a fictional “history lesson” and was further exaggerated with printed flyers distributed at the venue, reinforcing the claim.
Following the fake announcement, the market reacted swiftly.
According to CoinGecko , Nakamigos’ floor price surged by around 140% within hours before settling at a 25% gain.
The movement was amplified by social media circulation of the video and speculation among traders eager to be among the first to collect the now “relevant” NFT collection.
Community Responds
Reaction to the stunt has been mixed, with some responding in anger and alleging the move was a clear “market manipulation” tactic.
Supporters hailed it as a satirical jab at the industry’s penchant for hype and unverified claims, arguing that it was an obvious move for humour from a historically unserious Beeple.
Critics, however, have accused Beeple of blurring ethical lines, suggesting the performance had tangible financial consequences that veered into the territory of market manipulation.
“Beeple putting projects in his art and creating speculative hype is one thing. Outright lying to influence buyers, with his influence, is just a weird, not cool move,” Drew Austin, founder of Red Beard Ventures, wrote on X.
Adding: “Wasn’t funny. Just pure market manipulation.”
After being told to “think bigger” by another user, Austin reinforced his point.
“If I’m gonna buy into a project for the bigger vision that’s one thing but if I’m buying into a project because of the lore and the creators and that’s a lie that’s another thing,” he wrote.
In another post, Austin said he didn’t think it was funny to see so much “movement on a fake thesis that people would obviously want to collect.”
Beeple Presents Fake Apology
In a two-minute video posted to his X account on Monday, Beeple once again doubled down on his satirical jabs at everyone who was offended.
The digital artist laid out the reasons he believed it was “obviously” a joke, which included that it did not accompany a press release, it was announced by an AI video, and there was a “complete lack of backing evidence.”
At the end of the video, Beeple said he wanted to “make things right” by giving away a “free NFT” that could be airdropped to people “affected by this horrible situation.”
Beeple provided a fake URL titled: “www.imfuingr***ed.com”.
In order to claim the fake NFT, the video states users will need to provide “valid proof of absolute fuing r***edness.”
