The buzz about NFTs just keeps getting louder, and artists are starting to shape the conversation. Major galleries are getting involved, new “artist-friendly” platforms for buying and selling have been created, and it’s time to take a look.
First, a brief review:
NFT stands for non-fungible token, which is not a physical or digital artwork, but a certificate of ownership. It has a digital file attached, with an image of the art it represents.
“Non fungible” means unique in finance-speak. Remember, the monetary value of art has always been built on scarcity and authenticity. Since there’s only one Mona Lisa, created by Leonardo da Vinci and located in the Louvre, its value remains high.
NFTs produce scarcity and authenticity for works of art that wouldn’t otherwise have them. Most images of art can now be seen online and even downloaded for free. When an artist “mints” an NFT, they are able to authenticate and then sell ownership of an image to people who like to invest. These transactions take place in special online marketplaces (called blockchains), using cryptocurrencies instead of dollars.
NFTs can be used to sell a certificate of ownership for a work of art, for sports memorabilia, music and videos, or even to create a digital ticket to unlock an experience like an installation or a gallery opening.
Artists are creating whole new bodies of work this way, as NFTs can be minted for any type of art. It’s not a get rich quick scheme, as it takes time and techno-savvy to get started. But if you’re curious, take a look at Outland, the best source for understanding what’s going on, and visit Tezos, an “artist-friendly” marketplace. Then follow Sarah Friend, an artist who marries art and technology in innovative ways.
Let me know what you think!
Mary Edwards, Ph.D
Career & Life Coach for Artists
“Left Brain Skills for Right Brained People”
As an artist coach, I bring a unique combination of business knowledge, art world experience, and professional coaching skill to my practice.