I've started investigating NFTs recently and it's quite an interesting new tech trend. From what I've seen, most people creating
NFTs and selling in NFT marketplaces are not what would be normally considered artists. Most seem to be into. NFTs to invest and make money from digital assets as NFTs.
As I continue my research I plan to share what I'm learning in my blog posts in hopes that I'll discover the ways that artists can benefit from this major tech trend.
The art market, which saw more
than $50 billion in sales last year, remains a largely unregulated field. This lack of regulation is perpetuated by the art world’s entrenched lack of transparency. Unregulated fields tend to benefit those with the most resources while harming those with the least. In this case, the former are often art collectors; the latter, artists. This was definitely my experience. As a former art dealer and co-owner of the contemporary art space Night Gallery, I saw how certain collectors, auction houses, and gallerists—those with the greatest access to information about who owns what artwork, its sale price, etc.—profited from their positions, while those with the least access to such information—typically, artists—flound
...However, there were two aspects of NFTs that I did appreciate: the bidding transparency, and that creators can ensure they receive a percentage of future resales. The latter was especially noteworthy, as it was very different from the traditional art world, where most artists get no money from the resale of their work.
...But then something changed my mind. Chu bought the real-life paintings of the images he’d bought as NFTs on OpenSea. A light bulb went off. What if NFTs are not yet being used to their full potential? What if their current use is not their final destination, but some intermediary phase? What if NFTs are not meant to exist solely as digital novelties with no direct tie to the physical world, but also—or even primarily—as contractual counterparts to real artworks?
It is the last excerpt that I'm most interested in. I believe that NFTs will become more widely used by artists as artists become more familiar with the potential benefits NFTs and how to convert physical art into NFTs