Non-fungible tokens (NFTs) have become a hot topic in the art world in recent years, with digital art NFTs selling for millions of dollars at auctions (keeping in mind millions for an NFT is an outlier, but it actually does happen). While there has been a lot of hype around the financial potential of NFTs (and, of course, a parallel rise of scam artists), there is also the capability for NFTs to support artists and promote diverse but so far unheard voices. In this blog post, I’ll talk about the potential for NFTs to provide support for artists and broaden diversity in the art world.
Supporting artists:
One of the primary benefits of NFTs is that (properly executed) they can provide a new revenue stream for artists. In the traditional art world, artists often struggle to make a living (What adjective most often precedes the word “artist”? That would be “starving.”). The current market dynamics force many talented people to rely on day jobs to support themselves. NFTs can provide a way for artists to monetize their digital work and potentially make a substantial amount of money.
NFTs are unique, digital assets that are stored on a blockchain, making them traceable and easily transferable. Artists can sell their NFTs directly to collectors, cutting out intermediaries like galleries and auction houses. This means that artists can receive a larger percentage of the sale price and have more control over the sale of their work. This does, however, require some education. If, as an artist, you plan to jump on the NFT bandwagon, you need to understand in reasonable detail how NFTs work. You also need to have a good understanding of blockchain technologies and how NFT marketplaces work. This domain is complex, dynamic, technical, and crawling with scammers. The better understanding you have of this, the less likely you are to get ripped off. The good news is, since it’s technical, there is a vast amount of information available on how it all works. Google and ChatGPT are both good places to start.
NFTs can also provide a way for artists to sell limited-edition versions of their work. For example, an artist could create a limited-edition NFT series of 10 pieces. Collectors could purchase these NFTs, and the artist could guarantee that there would only ever be 10 versions of that piece. This provides collectors with a unique and exclusive piece of art, while also giving the artist the ability to sell multiple versions of their work.
Promoting diverse voices:
Another potential benefit of NFTs is that they can promote diverse voices in the art world. Historically, the art world has been dominated by white, male artists, with female and minority artists often overlooked. However, with the rise of NFTs, there is the potential for artists from all backgrounds to gain exposure and recognition.
As mentioned earlier, NFTs allow artists to sell their work directly to collectors, bypassing the traditional gatekeepers of the art world, such as galleries and museums. This means that artists who may have previously been overlooked by these institutions now have a global platform to showcase their work.
Additionally, NFTs provide a way for artists to tell their own stories and represent their own experiences. For example, a female artist could create an NFT series that explores issues of gender and identity. The fact that it exists as a digital asset means the associated distribution network is online, which means this work would automatically speak to a wider audience and potentially inspire others to create work that explores similar themes.
The potential for collaboration:
Another potential benefit of NFTs is that they can facilitate collaboration between artists. With traditional art forms, such as painting and sculpture, collaboration can be difficult, as it often requires physically working on the same piece. However, with digital art, collaboration is much easier.
NFTs provide a way for artists to collaborate on a single piece of digital art. For example, two artists could create an NFT series that explores the intersection of their respective styles. This could result in a unique and compelling piece of art that would be impossible to create without collaboration.
NFTs can also provide a way for artists to collaborate with musicians and other creatives. For example, a musician could create a soundtrack for an NFT series, adding another layer of meaning and depth to the work.
There are significant upsides (and downsides) to pursuing NFTs as a media. Upside? Potentially big bucks. You still have to do the work, and it is far more complex than slapping paint on a canvas, but get it right and the money is there. Downside? As mentioned before, mucho scam artists and they are surprisingly sophisticated. Be cautious of strangers approaching you to “buy your entire collection”. Not saying that NFT collectors are scammers, just saying pay attention. If you keep your eyes open you can minimize the risk, and if it’s too good to be true, it is.