The Transition From Traditional Fine Art Practices to NFT Art Today.

Thoughts on what we have seen in the Web3 space over the past 18 months.

The art world has undergone a significant shift in recent years with the rise of non-fungible tokens, or NFTs. This technology has enabled artists to create unique digital artworks that can be bought and sold just like traditional physical art.

Before the advent of NFTs, digital art existed in a kind of limbo. It was widely appreciated and admired, but it was difficult for artists to profit from their work. This was because digital art could be easily copied and distributed, making it nearly impossible for artists to control and monetize their creations. Also, the fine art world mostly didn’t recognize digital artists nor photographers as artists within its highly gated sphere. Digital creators were viewed more as hired talent rather than stand-alone artists within a robust and growing medium and getting digital art or photography into a gallery or museum exhibit was difficult and rare if not impossible. Also, the traditional market is full of bias that has actively locked out creatives who are women and POC. Less than 5 percent of all the works held in cultural institutions globally are created by women because industry bias does not value their creativity yet.

With the emergence of blockchain technology and NFTs, this is all changing. NFTs are digital assets that are built on blockchain technology, which allows for the creation of unique, one-of-a-kind digital items that cannot be replicated or counterfeited (as a minted piece itself). This has made it possible for artists to sell their digital creations as unique, collectible items, just like traditional physical art, but with the provenance readily available. The rise of the art form (due partially to the phenomenal sales numbers in 2021) has elevated the digital artist within the traditional market and the Web3 space continues to offer endless opportunities for this artist to exhibit work both in real life (IRL) at public events and exhibitions as well as virtually (VR) through virtual gallery spaces or augmented reality (AR). In 2021, the global art market took serious notice of the digital artist when the top ten pieces sold that year included 2 digital works as NFT Art, taking second and sixth place for the year. Number 2 on the top ten list is ‘The Merge’ by Pak which sold for $91.8M and number 6 is ‘Everydays: the First 5000 Days’ by Beeple which sold for $69.3M.

Digital artist Pak's work, The Merge, fetched US$91.8 million on Nifty Gateway.

An excerpt of the purely digital art, Everydays: The First 5000 Days

The transition from traditional fine art practices to NFT art has been met with both excitement and skepticism. Many see NFTs as a game-changing technology that has the potential to democratize the art world and make it easier for artists to profit from their work. Others, however, are more skeptical, arguing that the hype around NFTs is overblown and that the technology is still in its infancy.

One of the key advantages of NFT art is that it allows artists to create works that are truly one-of-a-kind. In the past, digital art pieces were difficult to profit from. With NFTs, the creator and the provenance of the work are built in and verifiable. Each NFT is unique (the information cannot be edited or removed by other parties), which means that artists can create works that are truly one-of-a-kind and can be bought and sold as collectible items. Collecting Crypto/NFT Art can be a form of patronage and support for artists and creativity itself. Many artists in the space have experienced growth and gained newfound support for their work, both from collectors and the welcoming creative community including curators. Traditional artists have discovered ways to create and exhibit digitally and digital artists have expanded ways to market and exhibit their work. The creator community is constantly growing and collector culture is vastly supported.

Another advantage of NFT art is that it allows for greater collaboration and experimentation. This has offered traditional artists the opportunity to build new avenues of exhibition and monetization within their practice (like creating a virtual gallery from a template in a metaverse/ platform, creating a white label marketplace/ storefront or gaining direct access to new global collectors). Also, since NFTs are built on blockchain technology, they enable artists to create interactive and dynamic artworks that can change and evolve over time (like utilizing the unlockable content area of an NFT). This has opened up new possibilities for artists to explore and has led to the creation of some truly innovative and exciting works.

Despite the excitement around NFT art, there are also concerns about the sustainability of the market and the environmental impact of NFTs, as the process of minting and trading them requires a significant amount of energy. Many teams in the space are constantly solving for new innovations in this sector and blockchain technology is always evolving.

Overall, NFT art has been met with both elation and uncertainty. Much of the reluctance or doubt comes from a gated world that would like to continue to profit from its controlling, exclusionary and at times predatory practices. It is clear that the Web3 space provides a phenomenal opportunity for access and participation for underrepresented artists and others who identify as women and POC. There are many in the space who are actively welcoming diverse groups into the ecosystem to learn new tools, explore ways tech can be used in an informed way for their needs, collaborate with others and build a new more inclusive future. The open-door, Web3 community is highly energized and future-proofing is happening in real time. While there is no doubt that NFTs have the potential to revolutionize the art world, it remains to be seen how the technology will evolve and whether it will become a sustainable and viable way for artists to profit from their work in perpetuity. The upside is that there is a strong and quickly growing community here, full of expertise and ideation.

As the Web3 space continues to evolve with more tools available to artists being built everyday, we will see new ways of creating, exhibiting and monetizing their work within their own control. More people are being exposed to art today than ever before, we are in an age of unprecedented art appreciation, creativity and sharing. This is a wonderful time to be an Art Lover.