About NFT ART
Why is NFT closely integrated with ART? Why do the artworks in NFT fetch tens of thousands of dollars? Who is actually buying NFT art collections? Let's explore together... Let's ask questions, communicate and exchange...
Since the creation of the world's first NFT artwork in May 2014, NFT art has gradually made its way into the mass trading market. In more recent years, NFT art trading has become a hugely popular trend, but is widely controversial due to its high price and unclear artistic significance. NFT artworks can be divided into three forms of presence: digital, physical, and both.
For physical works, NFT's code on the blockchain amounts to an insurance policy for them, and there is not too much controversy about this act. In this article, I will mainly focus on the digital-only form that is embroiled in much debate. Many people conclude that NFT art is just worthless hype, believing that NFT art is mostly virtual and can be reproduced infinitely in the form of pictures, videos, or audio. So, according to this group, they are artworks without aura, let alone collectability.
However, as a vehicle, NFT allows artworks to achieve precisely the kind of artistic value that was not possible with any of the original vehicles. It allows the creation of art more liberating than ever; ensures single ownership guaranteed as well as provides high social value for the collector. Below let’s explore the value of the combination of NFT and art in these areas.
Aura of NFT Artworks: Why is NFT so popular in the art world?
To understand how NFT technology enables the provenance of artworks, people should understand what NFT is first. NFT stands for non-fungible tokens, which are virtual currency-based smart contracts on the blockchain. The NFT points to the location of its carrier on the blockchain and adds irreproducible and unchangeable code to it to achieve this outcome. On the blockchain, the entire transaction process of any artwork is publicly and completely documented. The irreproducibility of the NFT code and its public dissemination are two features that protect the aura of the artwork. The uniqueness of the NFT artwork can be divided into two aspects, the uniqueness of the artwork itself and the singularity of the code.
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The fact that every step of the NFT transaction is clearly and publicly documented from its creation to the moment it is made makes it impossible for a forgery to be passed off as genuine.
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The wide publicity of these art treasures’ escort through the internet has raised their value even more by enhancing popularity. The high-profile transaction process could be considered a marketing tool.
Combining these two features, NFT is an excellent medium for carrying, guaranteeing and even enhancing the value of artworks.
The freedom to create art and trade through NFT: Can everyone become an artist in the NFT world?
NFT brings freedom of identity and expression to artistic creation. In the NFT art world, it is possible for anyone to be an artist, and anyone has the right to contribute their artwork. They are not shackled by the gallery system and are faster, more overt, and more democratic than the traditional art world model. In the traditional art system, the mainstream opportunity for the public to access and understand art is to attend exhibitions.
But the NFT structures the communication bridge between artists and the public directly. Instead of gallery system (moving step by step from art school students to participate in major exhibitions), anyone's work can be presented by the public. Also, artists are no longer restricted by traditional art forms and are free to use digital media technology to create anything they want. The value of NFT artworks is only assessed by the target community perceives it.
For instance, the animate GIF of Nyan Cat has been fetching extremely high prices. In this case, the origin is priceless to the recipients. It is fair to say that the NFT as a vehicle creates an inclusive art world, they just need to show and be recognized.
Meanwhile, there are no intermediaries in blockchain transactions. This can result in the creator earning more than they would outside the confines of the fine art world. In traditional forms of trading, the creator is usually only paid when a piece of art is initially sold; if the new owner of the artwork sells it to someone else, the artist gets nothing. However, NFT can use smart contracts to verify ownership and terms. These terms can include royalty payments to the original artist each time the artwork is re-traded. This makes it possible for artists to earn a lifetime income from each piece of art they create. In turn, this means that full-time artists can spend more time devoting themselves to their art, rather than thinking about how to make money to support it.
High social value for the collectors: Who is actually purchasing the NFT collection?
NFTs can guarantee the collector's authenticity. As transactions on the blockchain are completely open and free of forgeries, this is certainly a strong guarantee for art collectors. From the creation of a work of art to the fact that every step of its transaction is clearly documented. Even the less knowledgeable art collector will not be cheated. The artwork they collect is fully unique that surrounding with aura provided by itself as well as its code.
NFT technology leverages digital uniqueness in a way that makes a new social phenomenon possible. It's actually pursuing a certain degree of bragging. Purchasers have the flexibility to use NFT to show people’s cryptocurrency wallets and to demonstrate their taste and aesthetic in art.
Jay Chou, one of the most influential singers in all of Asia, has purchased a large amount of NFT avatars to use them as social media account avatars. This form is more widely known than the original purchase of a famous painting or a prestigious installation placed at home. This demonstrates both show collectors’ financial strength and interest in art, and at the same time advances NFT art as a trend.
Participatory Art in NFT: In what form is NFT engaging with art?
Participatory art is a term that describes a form of art that directly engages the audience in the creative process so that they become participants in the event, In this respect, the artist is seen as a collaborator and a co-producer of the situation (with the audience), and these situations can often have an unclear beginning or end. For an NFT art work, creation, dessemination and transection can all be a process that participated and recorded, and the paticapation of the public can definitely influence the representaion and vaule of an artwork.
Here let’s take Jiaying Liu’s work 1000Eye as an example.
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The formation of this art work relied on the participate of the public as well as comteporary era narrative for libratory interating with its medium.
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Also, the value of an artwork also comes from its owner, 1000 buyers of 1000 EYES, which is also the indispensable stage for most artworks, their purchase process itself is a kind of assigning value to artistic works.
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And it offers additional artist-art-audience links through owners assigning their own views and ideas to a piece of art they buy, creatively recontextualising and evolving it in a manner the original creator might not have anticipated.
In other words, most of the artworks in the NFT market that can understood as paticipatory based. It is no longer how popular this art form is, but rather that this medium predestines the viewer (or buyer) to become an important part of the value (not just the price) of the artwork.
Let's imagine if 1000 EYES had been purchased by Satoshi Nakamoto, wouldn't this work have been more interesting?
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