As a curator at one of the world’s largest online art galleries and daughter of an artist, I am thrilled to see how much joy and inspiration art can bring to someone who finds a work they love. I am also very aware of the challenges many people face in accessing art, and of the struggle many artists have had with their creativity.
When I saw artists start to create digital works and start selling their works as NFTs, I knew this had the potential to drastically change the art world. When the news broke about Beeple’s $69 million NFT sales at the famous Christie’s auction house, I saw the world take note too. What exactly did he sell? Who owns the copyright? Could this be a new way for artists to earn a living?
The crypto art world has evolved rapidly – the NFT market has grown tenfold between 2018 and 2020 and continues to rise – offering not only new opportunities for artists and collectors alike, but also new ways to think about producing and buying. of art. For those interested in learning more about space travel, here’s an introduction to today’s state-of-the-art NFTs and what benefits they will create for the future.
Today’s state-of-the-art NFTs
As exciting as this new technology and its potential is, the current state of NFTs is overwhelming for newcomers. Both artists and collectors often don’t know where to start, struggle to understand what is “good” or worth collecting, and often find technology so intimidating that it forms a barrier to entry. One in three artists don’t even know what an NFT is, and for those who do, understanding the technology is the biggest barrier to creating one, according to findings in our recent report on “Making a Living as an Artist.” ‘. †
For those looking to purchase artwork in the form of an NFT, there are a limited number of platforms focused on quality and management, and some of the leading ones, such as Super Rare, Foundation, and Art Blocks contain art that will be expensive for most buyers. At the other end of the spectrum, open marketplaces like OpenSea and Rarible allow any artist to add their work, sometimes at no cost to create the NFT. But this can lead to oversaturation as artists produce large quantities of lower quality works in the hope of making a quick buck.
Those investigating the NFT space may also wonder why the price tags are so high, especially for such a new technology. Scarcity has always pushed up prices in the art world, as collectors are willing to pay for the value of an original – and an NFT is no different. Additionally, fewer big names in the crypto art space means higher demand and higher prices. The price of crypto has risen sharply in recent years, so those who have owned crypto for a while are usually the ones who pay the highest dollar for an NFT.
However, there are plenty of artists who create great works at more accessible prices – it’s just harder to find them. Ultimately, it comes back to a collector’s intentions: are you looking for work that you like, that inspires or moves you? Are you looking for a cool name behind your NFT? Do you want to collect to join a club or community? All these options are available.
NFTs are not only a new asset class for collectors to consider, but also create new ways for art lovers to interact with art digitally and virtually.
The future of art NFTs
While NFTs are a relatively new phenomenon in the art world, they have the potential to disrupt and reshape the process of creating, buying and enjoying art in ways we’ve never seen before, and they also provide new channels. that allows emerging artists to monetize their creativity.
Easier access to art
The digitization of art means that one’s work can be distributed all over the internet, giving anyone with an internet connection the ability to scroll through an artist’s portfolio on their phone or put on a VR headset to browse a virtual gallery. walk. It also means anyone can buy a piece of digital art anywhere, and in the future of NFTs, art collecting is likely to become more mainstream.
NFTs and the digitization of art offer both artists and collectors greater access to participate, opening the opportunity for greater representation in and contribution to the art world. If digital access to art removes many of the barriers to viewing, appreciating, buying or creating art, it could pave the way for an art world that is more like the rest of the world, and not just representative of a select few. . number of .
Fractionalization of the Creator
NFTs give fans the opportunity to directly support their favorite artists, while getting something unique in return. We’ve seen this with musicians or other creators offering unique VIP opportunities or special access to work, bypassing traditional payment methods and allowing fans to support the artist directly. They may also share in the artist’s future success through fractionation, or partial ownership of creators and their work through direct investment.
More artistic freedom
The ability for artists to connect directly with their fans and receive payment from them will create more freedom in how artists want to ruin their careers. Because blockchain technology and NFTs enable one-to-one payments, artists no longer need to be tied to corporate clients or brands that can dictate their artistic vision. While there will still be a place for curators and forward-thinking institutions to present artworks to the public in engaging and imaginative ways, artists will be freer to create what they want and know they will have an audience that will support them.
We can safely say that the definition of art is no longer limited to a canvas on the wall or a sculpture on display in a museum. As new technologies emerge, they will be able to support new and new forms of art that we have yet to imagine. Not only can art be viewed digitally on a phone or computer screen, but art will be viewed in the metaverse, or in the form of a wearable or an experience – something people can participate in, not just look at.
Art NFTs today and tomorrow
As we’ve seen from the massive volume of NFT sales (both Crypto Punks and Bored Ape Yacht Club have each brought in nearly $2 billion in sales to date), the way new digital artists are contributing to the space and the With an increase in collecting communities, the crypto art world is challenging what it means to create and consume art. Above all, it promotes a world where art is more democratized for everyone.
Guest post by Monty Preston of Saatchi Art
As the creative director behind The Other Avatars, Monty is leading Saatchi Art’s entry into the NFT space. In addition to compiling the list of artists participating in The Other Avatars, she guides them through the creative process to help them create high-quality, one-of-a-kind artwork for this one-of-a-kind drop. Monty graduated summa cum laude with a BA in Linguistics and Spanish Culture Studies from the University of Toronto, Canada. Before joining Saatchi Art in 2018, she worked at women-led, industry-disruptive startups including Beauty Pie in London, where she managed content and creative, and The RealReal in San Francisco, where she specialized in luxury estate management with a focus on designer clothing and fine arts. As an artist and photographer, Monty has collaborated with renowned talents in the fine arts and fashion industries, providing her with the unique insight into the creative process that she brings to her curating practice.
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This post What are the state-of-the-art NFTs? Growing, Evolving and Creating a Positive Impact for the Future was first published at https://cryptoslate.com/what-is-the-state-of-art-nfts-growing-evolving-and-creating-positive-impact-for -the future/