The future of digital art or another form of encryption?
With the continued development of the art of non-fungible tokens (NFTs) as an industry, a new trend is rapidly emerging: NFT physical galleries showcase unique digital and irreplaceable works of art. Recently the biggest Bitcoin (Bitcoin) Historical events – Bitcoin 2021 conference – Highlighted A peer-to-peer NFT pop-up art gallery with works by over 30 different crypto artists.
Teodora Atanasova, head of VIP relations and member of the founding team of Nexo, which supports the Bitcoin Art Museum, told Cointelegraph that more than 100 works of art were sold during the two-day conference: “This shows that physical NFT galleries can have an impact on the traditional art world and cryptocurrency. Industry. ”She added,“ We need to bring encryption technology to the eyes and touch of people. ”
Popular crypto-friendly cities such as Miami Not the only place where NFT art galleries appear. Earlier this month, the NFT Art Gallery was held for the first time in Dallas, Texas. The event was hosted by Artist Uprising, a Dallas-based creative arts agency, and featured a number of personal artwork from groundbreaking NFT artists. Online digital art sales by these artists totaled over $ 1 million in the past month alone.
Merrick Porchéddu, CEO of Artist Uprising, told Cointelegraph that the event attracted over 200 attendees and that NFT sales are still on public auction:
“Many prints were sold, as well as two art canvases. The documentary “Making NFT Gallery IRL” was also shot (this should explain the full meaning of NFT art and why it will stay). In addition, we now have three regions who wish to bring us the NFT gallery in their space. “
Understanding the demand for physical NFT art galleries
However, although the physical NFT art gallery is a milestone in the encryption industry, some art lovers or traditionalists may question the importance or even the need for the NFT art gallery in the world. real.
For example, an article in “Art Daily” quotation marks Saskia Draxler, co-owner of German art gallery Galerie Nagel Draxler, pointed out that digital artist Beeple NFT artwork auction It was auctioned off at Christie’s for over $ 69 million, probably without affecting art history. She added: “NFT will not replace physical art, just as NFT of Nike sneakers will replace real sneakers.”
While this is only a point of view, some people believe that the confusion surrounding NFTs and the need for physical galleries may stem from a lack of understanding. Carrie Eldridge, founder and CEO of ATO Platform, an asset management service that pays royalties to artists, galleries and nonprofits, told Cointelegraph that there are many pragmatists and curators who are not ready to accept NFT as legal support. “They also don’t believe that NFT can solve the challenges that have plagued generations of artists, such as tracking value, collecting royalties, analyzing collectors, appreciating the value of collectors, and insurance companies, and many other more complex issues, ”she said.
While it may be the case, Eldridge stressed that when talking about NFT art, it is important to consider the perspectives of traditional collectors and the crypto community: “At ATO, we are passionate about l innovation, and at the same time, we are passionate about the art industry and those who have worked hard for decades. Make them the people they are today.
While Eldridge made a valid point, it’s important to point out why the physical NFT gallery appeared in the first place. While some people may think the opening of these sites is solely due to the lifting of COVID-19 restrictions, industry experts hold different opinions.
For example, Marc Billings, founder of Blackdove, the company that launched Miami’s first NFT art gallery in early June, told Cointelegraph that NFT art galleries are no different from traditional galleries in shape and design. function. However, he pointed out that traditional art galleries do not meet the needs of NFT artists in terms of technology and collectors’ interests, thus opening the door to specialized NFT galleries. Billing said:
“Compared to traditional video works, NFT artwork looks more like a moving painting, but the conservative art world ignores it. Artists and curators want a wall space to exhibit their works and the unique positioning of the NFT Processing Sound gallery.
In addition to displaying NFT digital artwork in real-world spaces, NFT artists have also started creating physical works related to their digital creations. NFT physical art galleries can not only display these works but also help to attract the interest of the general public.
For example, NFT artist Taylor Good, also known as “Warhodl,” told Cointelegraph that by creating a physical pot associated with digital NFT, his 2021 Bitcoin pop-up attracted new collectors in the NFT space.
Echoing cryptocurrency artist Sergey Gordienko – also known as “be the artist you love” – told Cointelegraph that he provides NFT physical works of art and their digital versions to collectors traditional. “I think it brings additional value to the physical works of art,” he said.
The importance of NFT art and blockchain
While it’s important to recognize the need for physical NFT galleries, Billings also pointed out that blockchain technology Plays an important role in the whole ecosystem: “The blockchain allows the hard work of all members of the community to be recognized and compensated accordingly.
In fact, blockchain is one of the most important features of NFT, as it creates a whole new financial model for these assets. This allows creatives to get a greater percentage of profit, as the value is exchanged through the blockchain network. In addition, since all transactions are made and recorded on the blockchain, proof of ownership is put in place for collectors.
Good explained that NFT art allows him to make a profit in real time instead of waiting for the gallery to agree, set a price, and then sell the project:
“As an artist, an old question is to understand your worth, to demand it, and to actually get your worth. Although NFT is only a handy tool for the blockchain, the creative world is fortunate to be one of the first tools or use cases. One, because NFT is essentially a direct exchange of value.
In addition, the Decentralized Finance (DeFi) Aave protocol is currently developing a platform that uses NFT as collateral. Jordan Lazaro Gustave, COO of Aave, told Cointelegraph that the company views NFTs as a store of value, usually in the form of artwork. He pointed out that Aave plans to use NFT artwork as collateral, in the same way that banks provide lines of credit to people who wish to purchase artwork.
Although Lazaro Gustave could not disclose all the details of the platform under development, he pointed out that traditionally in the DeFi arena, alternative assets such as stable coins have been used as collateral. However, he stressed that NFT is irreplaceable and Aave has developed a method to use NFT as collateral on a large scale.
Will NFT art galleries become a continuing trend?
While the benefits of physical NFT galleries are obvious, it is not clear whether these dedicated spaces will continue to appear around the world or disappear as the hype for NFT art wears off.
Porchéddu explained that while he initially thought NFT art was a bubble that would soon burst, he now thinks it’s a trend that will change and continue, adding, “People work in a unique way. . Innovate and solve this problem in a unique way. . Re-provide a solution to the problem.
Billings further stated that no traditional gallery can keep up with the technological innovation of NFT Art Space. In response to Billings, Eldridge said that NFT art is not a revolution, but an ancient art form: the evolution of digital art. He says:
“The reason digital art hasn’t gained popularity earlier in the past few decades is that it can’t be tracked. NFT is only a “pointer” to the place of storage / storage of the work of art, and its purpose is to confirm that the added value is limited or scarce. NFT is essential for exploration, and many enthusiasts are embracing this innovation. “