NFTs, or non-fungible tokens, are unique, one-of-a-kind items that you can buy rights for through blockchain technology. One of the more popular examples for using NFTs is buying trading cards. are usually digital, which makes it really easy for creators to put their work into the market. The most expensive artwork sold so far was made by Beeple, and valued at $69 million.
Physical things will go digital
There’s no secret that postage stamps, baseball cards and now Pokemon cards have always been a big market, and like everything else, these things will probably go digital too. Keep in mind that basically anything can be sold as an NFT, including drawings, music, AI and websites.
The NFT market is quite new, so it’s very immature, and there’s quite a bit of trash in there, such as random and worthless stickers or tweets of absolutely unknown people.
“The real potential of NFTs hasn’t been unveiled just yet, but it will be,” Tim Draper, the venture capitalist and blockchain expert, has told me. One of the companies he has invested in “is planning to auction off a real apartment as an NFT, and others are already looking to use NFTs for trading equity of companies.
Meanwhile, investor and a long-time cryptocurrency sceptic, Mark Cuban, sees NFTs as a great way to improve the economy around digital goods, and sees a lot of benefits for decentralized finance platforms built on cryptocurrencies over the traditional financial systems due to the tech that is used.
Demand for NFTs was always here — now we have the tech
Concepts that are similar to the NFTs we see now have existed for many years, although they were traditionally used in significantly more centralized forms. And even before blockchain smart contracts, we never knew about the uniqueness of ownership for digital items like digital sports cards, art pieces, etc. In some cases, it was about having a password or just accepting that others will steal your virtual belongings. Now you can easily have the proof of ownership rights. Yes, it’s still unusual to check it, but as with every new technology, NFTs haven’t been adopted by the less geeky people, and it is still mostly a tool for technology and cryptocurrency enthusiasts.
We should not forget that NFTs have been around since 2012, but 2021 was a year of growth, as cryptocurrencies erupted and various influencers such as Austin Evans, with over 5 million subscribers on YouTube, have talked about NFTs, and big brands such as Taco Bell, have started offering their own NFTs for sale. Some of that has come about because of marketing, hype, and wanting to be “woke,” yet a lot of popularity for these assets is due to the technology.
Meanwhile, investor and a long-time cryptocurrency sceptic, Mark Cuban, sees NFTs as a great way to improve the economy around digital goods, and sees a lot of benefits for decentralized finance platforms built on cryptocurrencies over the traditional financial systems due to the tech that is used.
Demand for NFTs was always here — now we have the tech
Concepts that are similar to the NFTs we see now have existed for many years, although they were traditionally used in significantly more centralized forms. And even before blockchain smart contracts, we never knew about the uniqueness of ownership for digital items like digital sports cards, art pieces, etc. In some cases, it was about having a password or just accepting that others will steal your virtual belongings. Now you can easily have the proof of ownership rights. Yes, it’s still unusual to check it, but as with every new technology, NFTs haven’t been adopted by the less geeky people, and it is still mostly a tool for technology and cryptocurrency enthusiasts.
We should not forget that NFTs have been around since 2012, but 2021 was a year of growth, as cryptocurrencies erupted and various influencers such as Austin Evans, with over 5 million subscribers on YouTube, have talked about NFTs, and big brands such as Taco Bell, have started offering their own NFTs for sale. Some of that has come about because of marketing, hype, and wanting to be “woke,” yet a lot of popularity for these assets is due to the technology.
Prediction 3: Patronage and Fractionalization
NFTs are also going to create a future where patronage of the arts looks a lot different. Because blockchain transactions are direct, and not mediated through a third party, collectors and fans will be in a position to directly support their favorite artist or creator. Additionally, NFT ownership allows for fractionalization, or partial ownership, through which fans or collectors can share in the future earnings of artists and their work. Blockchain technology also allows for creators to receive payment on future sales of their work, and according to our recent report on “Making a Living as an Artist,” one of the top aspects artists find appealing about NFTs is the possibility of royalties.
Prediction 4: New Methods and Media
Because of these innovative technologies, we're going to see new media increasingly used to create and deliver art as well. Artists have already been creating on digital canvases, making work accessible through VR or AR (like artists Jordan Wolfson or Marina Abramović), and prioritizing the experience generated over a static, passive object. Works that are wearables, or have everyday utility? An artist gamifying an art experience for their followers? With new technology comes an imaginative renaissance, and technology will only continue to grow and advance as more people get involved in the space.
Prediction 5: Increased Freedom and Independence
Finally, all of these elements are going to lead to a future filled with more freedom and independence for artists. Because NFTs allow for direct patronage from fans, artists won't need to rely on corporate patronage, brands, or mega-collectors who may ask them to compromise their creative vision. While there will always be a role for art curators and advisors to help guide our experience and understanding of art, artists will increasingly be able to create the work they want and know that they can find a paying audience for their particular style, medium, or message. Being able to create their own NFTs and distribute them online through the platform of their choosing also allows artists to take more control over their own livelihood. Similarly, collectors who now have access to a wide variety of art may have more freedom to collect what they want, not what they "should."
A Very Different Future
Art NFTs aren’t simply a fad for a certain segment of the population. Rather, this new technology is challenging notions of traditional art, and removing hurdles for those who want to participate either by creating or collecting. But, in order for these predictions to come true, the industry needs to continue welcoming in new players, educate artists and collectors on how to get started, improve the technology to make it more user-friendly, and, above all, never lose sight of the mission of connecting great art with those who will truly enjoy it.
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