The Fungible Non-fungible Token (NFT)
As far as NFT art goes, The People’s Potato is a one-click moshed potato. It’s an intentionally low-effort, low-quality NFT. And that’s what makes this a fine piece of Trash Art. But it’s so much more than that!
I believe scarcity is an objective ideal in cryptocurrency economics attached to blockchain technologies like NFT and projected onto decentralized art specifically. And while we understand the economic levers, I do not subscribe to this “ideal” as an artist or collector.
In July 2020, I minted one billion of these tokens – inspired by this Twitter conversation – and sold them at 0,0001 ETH (4 cents USD at the time) as an experiment to challenge the ideals of rarity and scarcity in cryptoart.
In doing so, I made a de facto fungible NFT (think about it) and pseudo social currency. Over time The People’s Potato meme grew. Many homages, remixes, and memes were created. It was also became the key component in Eric’s innovative social liquidity mining protocol that attempted bridged DeFi and NFTs using the $TATR social token. This artwork went on to to be shortlisted for the most innovative NFT in 2020 and eventually received The People’s Choice Award.
2023 Update
After a short discussion with ChatGPT about The People’s Potato, it recommended asking the community their opinion on reducing the supply from 1B to 100K. So I did, and the community voted to reduce it.
Eric’s thought process
89K potatoes are already distributed to collectors. So 100K seems like a nice round number. It would also allow me to vault 10% of the total supply as a bet on myself in the next 5 years.
Homages and Remixes
A MATT KANE Action Figure Card Back – REDEMPTION
Matt Kane continues to honor The People’s Potato with its addition to the Souvenirs collection. It’s rare. It’s a 1/1.
The Unminted Table
I am honored that Matt Kane included The People’s Potato as part of a couple special tables for The Unminted Table Expansion Pack for Async Art’s Forever Supper.
Hot Potato
I’m honored that Max Osiris and Robness included The People’s Potato in their controversial “Hot Potato” wash trade performance artwork in August 2020.
$TATR Potato Kittens
Crypto OG, Stellabelle created this $TATR-inspired homage.