Is the new rise in digital art sales a real opportunity or a trap?
NFTs have become an unavoidable issue for anyone earning a living online as a person, and it has pushed them to rush to understand the concept that is deeply immersed in the jargon of cryptocurrency and blockchain technology. Some promise that the NFT will be part of a digital revolution that will democratize popularity and give creators control over their destinies. Others are concerned about the environmental impact of cryptography and the unrealistic expectations set by the news that digital artists bring. Beeple sold the JPG of the collected works for $ 69 million At Christie’s auction.
Just as the trend is confusing the trend towards so-called “valuable” digital art, however, it is re-creating the same problems that artists have had for many eras: confusing uproar, the appetite and theft of wealthy collectors. Digital artists are already fighting scammers who steal works of art and sell them as merchandise in user-created t-shirt stores. NFTs are now another thing that artists need to check.
Newcomers need to unleash practical, logistical, and ethical confusion if they are to enter the conflict before the current wave of interest passes. And as some artists turn their digital creations into profitable offerings for new audiences of friendly and enthusiastic buyers, one question remains behind: Does NFT’s madness benefit digital artists or do artists help make cryptocurrency holders richer?
“That feeling … it’s amazing”
Ellie Pritts, A Los Angeles-based photographer and animator, learned about NFTs after talking to the NFT market, which he only invited to the Foundation a few months ago. He was hired by another artist for the site’s digital printing business, but later spoke with the founder of the Kayvon Tehranian Foundation, who mentioned NFT sales.
“I liked it, I don’t understand this. But it seems very interesting, “he says.” And there wasn’t a lot of information about it, but I was amazed. He was the person who taught me about it. ”
Non-fungible tokens are part of the blockchain, the only data that is bought and sold with the currency that the blockchain supports. Almost everything you are listening to is supported by Ethereum.
If you haven’t heard of Ethereum, you’ve probably heard of Bitcoin. The same idea; different block chains. Bitcoin is mostly about exchanging money, Ethereum is better at exchanging assets. Theoretically any blockchain supports NFTs in theory, but this is designed for them. NFTs are sold in any online marketplace, where users can “invent” or create one, for digital.
An NFT does not mean that you own the artwork. Instead, you’re buying metadata that basically gives you the right to brag, or more often, selling that NFT for more money later.
It’s a lot to take and it’s kind of weird. Pritts was skeptical until he created and sold his first NFT in February. It was a short video he made with no hope of being paid: it sold for about a thousand dollars. Animation is time consuming and expensive to create, and has historically been difficult to sell online for a fair price. Maybe the NFT would let him do that, he thought. Above all, the sale felt good. “It’s amazing to feel that this thing I’ve done because I love it has value,” he says. “Those who bought my pieces did a lot of research. They weren’t the people I knew. They decided to invest in me because they looked at me and thought I was hopeful. ”
Tiffany Zhong, founder of Islands, a creative platform that focuses on revenue streams, said buyers don’t necessarily help artists like “getting money”. Instead, NFT believes that creators can become another way to complement the hobby. Buying an artist’s work early brings a sense of ownership, like having seen a famous first band perform at the first concert. “If you’re the first supporter of a creator,” he says, “you’re betting on them.”
Pritts now feels like he’s part of a community: he’s working half a dozen collaborations with other artists who also invent NFTs, with people he’d never met before he jumped a month ago. And, he says, he has doubled his monthly income in theory. The money is in Ether rather than the dollar, and he has yet to charge the money.
“You have to put your foot down”
One of the difficulties in understanding NFTs is the barrier of the jargon; all the terms that explain how it works are only known to people who already get crypts. As a result, a lot of information about NFTs comes from its biggest evangelists: the markets they sell to, the people who invest in them, and the artists they create. It’s bamboo for everyone else.
Among the sudden interest in this new path to their work, however, many artists have become guides for others.
Penguin Kolb, an artist and longtime crypto-currency advocate, has been overwhelmed by questions from other artists about NFTs over the past month. “I get a lot of questions about why people are excited. That’s also from some of my programming friends who know about crypto space, “he says.” They don’t understand why people buy it. ”