What Is NFT Art?
The acronym NFT stands for non fungible token. How is this applied to art? In layman’s terms it creates a way to mark and track a piece of digital art as being the original.
This is done through a unique block chain that is attached to it. Nevertheless the process does not prevent the art from being copied.
Having said this, there can be thousands or millions of digital copies. Still if you own the NFT then you can prove that you own the original digital work.
Is NFT Really About Art?
In the past years we have seen NFT art sell otherwise cartoonish and unimpressive “art” pieces for millions of dollars. It is a rags to riches story for some artists.
Unfortunately it has been a lot less about art, and more about ego and status thus far. One could think of it like a Walmart brand suddenly being treated as a Prada while still being mediocre.
So why has NFT art seen the boom that it has? Aside from it being new, some artists allow for exclusivity in memberships to their group. With great, or rather lucky marketing, this new fad caught on.
With this the atmosphere becomes more like a club for the elite rather than a market for artwork.
Can Artists Benefit From Using NFT Platforms?
The real question is, can the average artist benefit from using the idea of what NFT is? To better understand this we must realize the challenges that New Media Art brings.
New Media can encompass other art forms than digital, yet the digital markets are the most significant member of the umbrella. Historically artists have found it to be very challenging protecting their intellectual rights.
The single greatest benefit which NFT grants an artist is the ability to define what is an original work. In this way the art cannot be stolen or claimed by another.
A problem still remains that anyone can copy that digital art and thus see it circulated broadly. While NFT may grant a defined original it does not prevent other use of copied images.
If you are focusing on NFT Art I would suggest not participating in open E Galleries. While this is something to decide on your own, controlling the exclusivity of your brand becomes essential within the NFT market.
How Does NFT Art Help The Artist And Collector?
Many artists today have some kind of platform by which to sell. Most use social media and some have discovered the benefit of an online art gallery.
Traditionally when physical art is purchased through a platform such as this, the original physical art is shipped. The collector receives the art and then is in possession of the original “copy”.
The artist still retains certain intellectual rights to the art itself. Nevertheless the artist no longer owns the original.
What NFT gives the artist and the prospective collector is the ability to recreate this “ownership” yet within a digital means. In essence the purpose is to create value by defining what is original.
Historically for digital art value meant very little due to how easily it could be copied. Why would someone pay a large sum of money when so many duplicates could be had easily and for free?
The intent behind the NFT blockchain is to restore this value. How effective this is still remains to be seen despite recent history.
Is NFT An Important Component To Digital Art?
Historically digital artists would cater more specifically to client needs. In other words they would be hired or commissioned for specific projects.
These projects could range from advertising markets to cgi movies. Nevertheless the work they produced was specific to its purpose.
As software become more affordable and easier to use artists began to adapt these digital platforms to their work. The world of graphic design and art began to change.
What the idea of NFT allows could be used for genuine growth. Sincere and great digital works could be created and defined as original much like physical art.
Technology of this nature can allow for growth within an industry where before it was challenging. The ability to prove ownership and originality is everything.
This does not come without further challenges for the digital markets.
Present And Future Problems With NFT Art
Among the many pressing issues with present day NFT art is that many artists reject it. There is greater acceptance with fan art and its legitimacy than the NFT world for that matter.
The artists who do participate within this realm are largely mediocre and their platforms are at best gimmicks.
Indeed these overblown gimmicks are turning out big numbers to the tune of hundreds of thousands, and even millions of dollars. This does not remove the issue of it not being a legitimate art market or misused if seen as such.
The future of what defines NFT is in question. In order to establish its legitimacy within the minds of the art world things must change.
Among those changes is how NFT is traded. The currency backing behind it is in question by broader markets. For NFT to be seen as legitimate its currency of trade should be as well.
The platforms which support this kind of market are isolated to themselves. While this was the purpose of the design by origin it does not help the idea of broad acceptance within the art community.
Other challenges exist within the fact that copies of original work can still be had so easily. When an original work can be sold for many thousands of dollars, thousands of people can have the copy for free.
Someone can find digital copies of the Mona Lisa across the web. Yet there is a clear distinction between the physical work of art and what is digital.
With NFT art the only distinction between copies is the blockchain itself. Other than this they are identical.
A problem arises when it comes to long term value. Popularity and saturation of what is digital can impact the original digital copy. To understand this principle we need to look at what defines an art asset.
Physical Art Vs NFT Art Assets
Calling art an asset has been a subjective debate throughout history. Much like other physical assets the what it is, and also who created it, plays a major role.
Art is unique in that it is so subjective and is not intrinsic by nature. The benefit to physical art is that there is a physical piece which can be owned, controlled, and traded.
Limitations can be placed on copies of prints to the physical art. Some artists do not allow prints of any kind. This too impacts long term value of the original.
Digital art does not have these benefits. NFT itself does not solve the problems for what is digital.
In terms of NFT being an asset, at least it does allow for an original to be defined by the artist to the collector. This does give some value as it is needed.
Does this justify the insane prices we have seen this art sold at? Absolutely not. At the present moment the concept of what NFT is has not existed long enough to develop any long term projected value.
As there is no physical art in this case, and copies can be had so easily, the art depends completely upon its status or popularity. It is a far cry from the established value found in works of history.
If NFT existed in the time of Picasso, in no way could I be convinced an NFT would be worth as much as the physical Picasso. At least I believe this to be true in terms of it being a long term asset.
Should Artists Participate Within The NFT Platform?
If an artist creates digital artwork I certainly see the benefits of what NFT offers. Certainly an artist could use this to protect themselves.
In this regard it is a great way for an artist to help establish themselves. Having said this no artist should consider NFT the solution to their established work.
It is a tool that can be used. I would never see it as a “market”. Likewise I would not attempt to use the platform alone as a means to gain wealth or growth.
What defines an artist must be more than a niche market. Broader acceptance for ones art is needed and certainly more definition to the work than many cartoon like features.
The real question becomes the direction in which NFT will go. Its future is debatable, its acceptance still debated, and the currency of trade is under constant scrutiny. This creates instability.
Patience and time will be needed for this market to be further established. Nevertheless the idea of what NFT is can be a benefit for digital artists as it continues to grow.