The digitisation of art isn’t a completely new concept. Technological advancements have arguably bettered every creative industry known to man, with the benefits driving creators towards new art practices.
The relevance of NFT’s (Non- fungible token) in today’s context is heavily linked to the crypto boom that transformed the digital currency trade enabling a new way for people to get rich quick while giving finance bro’s endless conversation material for there long lunches.
Although crypto and NFT are widely recognised as intertwined, NFT producers, critics and collectors hold different perspectives on whether Crypto’s global recognition is helping the NFT industry advance? Or, if it’s feeding the sceptics views on NFT’s being another tech fad?
Shanti Escalante-De Mattei writes on NFT’s current position in society amidst the current crypto crash. The article examines the current crypto context and recognises it as a time for the NFT community to “separate the speculators from the true believers”. Building from this comes the idea that given the current context dictating crypto as a less valuable commodity then it was say a year ago, there’s a chance for the NFT community to fight for its spot in becoming a legitimised art form.
Historically art houses and collectors have taken pride in representing traditional artists starting centuries ago with art fathers like Leonardo de Vinci and Vincent Van Gough, to decades ago representing artists throughout the 80’s and 90’s who were recognised for their innovative works post world wars. Looking at the changes the art world has had to adapt to under this historic framework it's easy to comprehend the tentative approach art collectors/ houses are taking to NFT’s, as it’s a completely new and rather unknown process.
So how can the NFT community change this apprehension and ferment its spot in the legitimate art community? Well in Shanti Escalante-De Mattei article she accounts for the hesitation quoting “for many collectors, the question remains: Are the heavy hitters in the NFT space even artists? And are NFTs art?”. This globally held perception that NFT’s aren’t art and don’t hold the reputable nature that the works of De Vinci and Van Gough embody is something that although present is quite literally being de bunked daily by not only NFT’s growing community of admirers but more importantly the buyers.
A point that supports the argument that NFT’s are in fact desirable artworks is the radical figures that the works sell for. The article discusses the figures NFT’s have sold for in the last few years, ranging from $69.3 million to a measly $17 million. In my opinion these numbers are proof that the demand for NFT’s amongst the world’s top 1% is in fact there and will only be a matter of time before the art form is recognised by the other 99% of us.
I think a big argument that disables NFT’s from being legitimised is the idea that anyone can make an NFT.
At the risk of sounding naïve and perhaps even generalising a certain demographic of people, older generations maybe don’t grasp the complexity that comes with technology. It’s one thing to be able to make a PowerPoint and send an email, it’s another to be able to understand that “Using blockchains, digital assets and attaching these to smart contracts—interactive and unfalsifiable receipts continuously updated with important information, such as who sold the NFT to whom, and for how much” Is a highly impressive and intrinsic process that comes with creating NFT’s.
This adjustment phase in art production isn’t really an argument of something appearing simple on face level, but more it’s indicative of a need to change the way art consumers look at something and appreciate the complex processes that goes into the creation. Adjusting audiences’ perceptions on art from looking at a canvas with paint and admiring the fine lines, layered colours and subject matter to transforming this ocular experience into looking at an NFT and thinking about the technological processes that have gone into the work, just like the processes that go into a painting is a step in changing the perception that NFT’s are just a fad.
So, are NFT’s art? Or a fad? I don’t think it’s a question that can be answered yet. NFT’s are too new to be able to judge their place in history however I can say that I think NFT’s are something that will continue to ferment their place in the art scene and will continue to shock people with the monetary value that comes with the creations.
