- The Advertisement (Featuring a Fake Magazine)
- 3 Reasons the Magazine is Fake
- A Bitcoin Magazine Does Exist
Masterworks.io is a relatively new service that allows fractional investment in art.
The idea is that investors buy a share in a piece of art to sell later at a higher price. The investors don't get to use or even have the art in their homes as it is stored away as an investment by Masterworks.
Masterworks facilitates the purchase, management, and eventual sale and share of profits to the investors. Similar ideas have been used with classic/exotic cars and are classed as "alternative assets."
How Masterworks.io Works
- 3-10 years approximate hold time.
- Management fees of 1.5% p.a. and Performance fees of 20% on the gain of the sale of the art.
- Each work is presented to the investors and investor group attached to a piece of art.
The Advertisement (Featuring a Fake Magazine)
As non-fungible tokens (NFTs) grew in interest in 2021 (with people investing in NFTs for things like digital art), Masterworks, or their agency, decided to say that NFTs were dead and that they were the next big thing, as identified by Bitcoin Weekly. The advertisement was promoted on Twitter.
3 Reasons the Magazine is Fake
The magazine cover is fake, as is the magazine itself. These Twitter ads promote a completely fabricated magazine to make Masterworks appear more trustworthy and successful. Here's how you can tell the magazine cover is fake:
- Weekly magazines don't have monthly publication dates.
- Bitcoin Weekly isn't a real magazine.
- The Bitcoin Weekly website doesn't exist.
Weekly Magazines Don't Have Monthly Publication Dates
As an easy tell-tale sign, a weekly publication would have a weekly date stamp for publication date or the month of publication. For example, May 10, 2021 (which is a publication date for the week of Monday, May 10, 2021).
People Magazine is a weekly magazine, and each edition shows the publication date as an actual date since it's published four times per month. If it were real, Bitcoin Weekly would not have "May 2021" as the publication date, as that format is reserved for monthly magazines.
Not An Actively Published Magazine—The Last Tweet Was in 2011
Bitcoin Weekly does appear to have tried to start as a business in 2011. However, it is not an actively published magazine in 2021, if it ever was.
An old Twitter account can be found at https://twitter.com/bitcoinweekly, and the last post was from 2011.
Website Does Not Exist
The Bitcoin Weekly website is offline at bitcoinweekly.com.
A Bitcoin Magazine Does Exist
Bitcoin Magazine does exist as a website at https://bitcoinmagazine.com/ and was in print for 22 issues.
Masterworks was not featured on the front cover of this magazine or website. This website was founded by Mihai Alisie and Vitalik Buterin, the creator of Ethereum. It published the first issue in May 2012, and 22 issues were printed. It exists as a website.