Discover the Astonishing Power of Digital Art and Blockchain Technology
Stay with me, you need to read the start to understand the end. My disclaimer is simple, “this is not advice, it’s only my thoughts” with some shared facts that can’t be ignored and might just blow your mind.
What are NFT’s?
By now you may have heard the term NFT (Non-Fungible Token). It’s a 2021 buzzword that is full of complexities related to cryptocurrencies and blockchain. Difficult to dissect and comprehend but once understood you can truly see the possibility.
NFTs are a form of establishing smart-contracts (agreements of ownership) that become permanently fixed in a chain of data information. These contractual agreements have become a way of presenting digital art for sale and trade, and are a small part of a much larger movement of systems that includes web3, Blockchain, crypto currency, VR worlds, and more. This new wave of data potential is truly an out of body experience of possibilities and when you’re ready to take that leap… enjoy.
NFTs have quickly become established as the primary method to buy, sell, store and trade digital and physical art/assets.
The wildly fast uptake of NFT platforms has become an art movement in itself - one which I believe in - and not just because of the hype but the fundamental blockchain technology behind it that’s truly here to stay.
There is definitely a lot of big businesses/loud voices speaking about NFT’s. We know investment banks, art houses, auction houses etc are getting into the space now. World renowned art establishments such as Christies Auctioning, their first purely digital artwork (NFT) Beeple’s “Opus” sold online for $69,346,250. A lot of money is being invested.
But what entices me is the tech evolution and possibilities offered by decentralised platforms - not just for artists, but for every single user.
This technology is changing the world in more ways than I can even imagine.
Think of the internet in its infancy in the 80-90s, when many (simply due to lack of understanding) thought it was a fad or a bubble that would fade. We can now look back and see how wrong this was and for many, incredibly costly.
Whilst some of society may be at variance with the NFT movement, remember that history before us did the same thing. Painters to photographers, film to digital - it takes time for society to accept new things and appreciate their usefulness and beauty.
I keep having this discussion - Are NFTs art?
The divide is crazy! Love or hate and everything in between, whatever it may be - we need to take notice.
This is my take on it
Art Prints:
You sell a limited number of printed photographs of (let’s say) 50 editions. Once those 50 prints are sold, that release is complete and no new editions of this specific print are produced.
They are out in the world to be cherished and enjoyed, maybe sold or passed on by the collectors. Each print is signed and authenticated, and then in the hands of whoever buys it. This is the traditional model for collecting art that we are familiar with.
NFTs:
As the creator of an artwork I can choose to register an original file. I do this by minting it, which means it becomes certified and authenticated via a blockchain. Think of this as a legal deed to a property - a legal contract that designates ownership over property (digital or physical). If someone decides to buy the NFT, they will receive the designated art file and will also agree to any conditions I set in the NFT contract agreement. (For example, I can set the limited number of editions, a resale royalty %, or designate a % that gets donated to a carbon offset or charity of my choice). The terms I set for my NFT artwork contract cannot be changed by future owners.
I then package up this artwork to be passed on to the new owner. Once transferred this now becomes the property of the new owner and it will be the only authenticated NFT artwork of its kind in existence.
Digital artwork can be screenshot and even displayed in other settings. However this would never affect the rules of ownership as the screenshot is not an original work. Think of the screenshot as flattery or interest, in the same way that the Mona Lisa is endlessly replicated but there is still only one owner of the original painting.
If you paint yourself a rendition of the Mona Lisa and put it on your wall it doesn’t make you the owner, it just says you really like it. This would never devalue the original artwork but instead reinforces its scarcity and demand. When talking about a digital artwork sold as an NFT, the ownership and authenticity of the artwork is solidified because the NFT (record of contract agreement and sales history) is registered in a blockchain and the information cannot be edited or deleted.
NFTs invite you as an investor/fan/collector to go along for the ride, as an artist grows and develops so does your investment in them. As a creator I pass the unique and original NFT artwork to you, so you can enjoy and hopefully watch it grow in value, and even resell to another collector and make a financial gain. You may even decide to HODL (Hold On for Dear Life), but whatever you decide, remember that every time you see it in your own private collection, in a gallery or featured in a media article that it is yours. You are the one and only owner of that original NFT.
As this world changes we adapt. We have to swim and ride the wave.
We have the opportunity to create artwork/NFTs and share beautiful artwork to a global audience. We can create NFTs that bring awareness, educate and redirect to make positive change. For me it's reinvesting profits back into environmental causes that fight climate change, because I can see from my time in the ocean so much amazing marine life disappearing.
Whatever it is - visual art, motion graphics, music - NFTs give you the opportunity to invest in creators and in your own passions. So learn about artists and their visions, support artists and creators, and join them for the ride.
If you’re reading this and have ideas about NFTs, questions, or want to know more about the work that I am doing within this space or be added to a waitlist for my digital work please do get in touch.
