In the last couple of weeks, non-fungible tokens have been the source of speculation, derision, and fascination. Where do you fall within the spectrum of various NFTs hot-takes? Will you try selling them? Buying them? Do you think they’re the disruption the art world needs—or simply a distraction? Comment below ↓↓↓
(My take on the medium—basically that economic achievement is being confused for artistic merit— was sent out to paid subscribers last Friday. Sign up for 20% off your first year).
I am in full support of NFTs and echo much of what Ibrahim Abusitta has already said.
The processes and principles behind NFTs is that of decentralization and autonomy, which is what a lot of us (artists) have been seeking for a long time. I understand that this world (which is very much connected to cryptocurrency) is intimidating to enter because of information overload...but the amount of misinformation going around by my own community is alarming and quite frankly, disappointing. I invite everyone to open up, do the research, and then formulate a sound opinion on the medium.
I say: Let's fuck shit up for the benefit and sustainability of artists.
I've made a few NFTs, search slatertimes on open sea. It takes a bit of ground work teaching your audience how to buy NFTs, why they should invest, etc. I think NFTs are the first exciting thing to happen to the art world in a very long time. And it's going to be awhile before we can make sense of it's far reaching impact. There are ample opportunities for interested parties to discover new modes renumeration including royalties and crypto. NFTs simply illuminate an established criticism about speculation, investment, ownership, and the value of art. I hope the push back from climate crisis activists will impact the blockchain technology to become a moderate use consumer. I do find asking clients to pay a "gas" fee kinda gross. However, with the in flux of artist in the crypto/tech sphere we should see some interesting innovations in the way the platforms and communities are being developed. I'm curious to see how the feeds of NFTs will be sorted via aesthetics, genre, quality, and collectability.
The environmental impacts of mining cryptocurrency and minting artwork are far too damaging. The implications are seemingly invisible (we just click a few buttons) but the reality is blockchain currency relies on using more and more energy which generates an incredible amount of CO2. In no reality is capitalism going to get us out of the mess that is global warming, and certainly not the NFTs which some writers have called “capitalism gone wild” (Amanda Yeo). And it is true, NFTs are bought and sold with no fundamental analysis because they literally have zero intrinsic value, so demand is based on speculation. NFTs are creations that exist to be owned, but physical art exists to be interacted with. (Obviously, some art just sits in storage, but I highly doubt this is the intended purpose of the artist.) I will be steering clear of NFTs.
Disclosures: I tried for a few weeks to make a NFT. I hope this latest buzz helps further legitimize digital art. I also think buying art as an asset is gross. I am also very bullish on crypto markets. BUT I think making a NFT in Canada, in my experience, where major banks don’t let you buy crypto with their credit cards and you have to buy eth from a exchange where you can deposit cad through a etransfer but the transaction fee to send eth to a minting websites compatible wallet is borderline criminal. This makes no sense to me to spend all this money to put a digital artwork on a website with the hopes someone will launder their fiat through buying my token. Until there is a tokenization system where it is easy to navigate and empowers ALL artists I’m going to stay away. I have no problem with artists making money. I do have a big problem with the pay to play systems and conniving arts people behind them that prey on early career artists hopes of making a sale - which in its current iteration I believe the NFT minting process is. I also want to make it clear it’s none of my business where and how you spend your money. For me the 60-100cad would be better spent at Above Ground.
It’s way too early for me to form an opinion. As with anything new that is speculative the “middleman “ rakes in money from the uneducated and the get rich quick mind set.
As always your letters give me pause to think and I like that challenge.
I'm now selling work in NFT space and it's very exciting. Another way for artist to share their work, make money, connect with new people. The speculative market and over-priced over-hyped art is no surprise. But as an emerging and independent artist this is great way to make work, make money, make connections . This is just another tool, and it's very useful.
I am in full support of NFTs and echo much of what Ibrahim Abusitta has already said.
The processes and principles behind NFTs is that of decentralization and autonomy, which is what a lot of us (artists) have been seeking for a long time. I understand that this world (which is very much connected to cryptocurrency) is intimidating to enter because of information overload...but the amount of misinformation going around by my own community is alarming and quite frankly, disappointing. I invite everyone to open up, do the research, and then formulate a sound opinion on the medium.
I say: Let's fuck shit up for the benefit and sustainability of artists.
I've made a few NFTs, search slatertimes on open sea. It takes a bit of ground work teaching your audience how to buy NFTs, why they should invest, etc. I think NFTs are the first exciting thing to happen to the art world in a very long time. And it's going to be awhile before we can make sense of it's far reaching impact. There are ample opportunities for interested parties to discover new modes renumeration including royalties and crypto. NFTs simply illuminate an established criticism about speculation, investment, ownership, and the value of art. I hope the push back from climate crisis activists will impact the blockchain technology to become a moderate use consumer. I do find asking clients to pay a "gas" fee kinda gross. However, with the in flux of artist in the crypto/tech sphere we should see some interesting innovations in the way the platforms and communities are being developed. I'm curious to see how the feeds of NFTs will be sorted via aesthetics, genre, quality, and collectability.
The environmental impacts of mining cryptocurrency and minting artwork are far too damaging. The implications are seemingly invisible (we just click a few buttons) but the reality is blockchain currency relies on using more and more energy which generates an incredible amount of CO2. In no reality is capitalism going to get us out of the mess that is global warming, and certainly not the NFTs which some writers have called “capitalism gone wild” (Amanda Yeo). And it is true, NFTs are bought and sold with no fundamental analysis because they literally have zero intrinsic value, so demand is based on speculation. NFTs are creations that exist to be owned, but physical art exists to be interacted with. (Obviously, some art just sits in storage, but I highly doubt this is the intended purpose of the artist.) I will be steering clear of NFTs.
Disclosures: I tried for a few weeks to make a NFT. I hope this latest buzz helps further legitimize digital art. I also think buying art as an asset is gross. I am also very bullish on crypto markets. BUT I think making a NFT in Canada, in my experience, where major banks don’t let you buy crypto with their credit cards and you have to buy eth from a exchange where you can deposit cad through a etransfer but the transaction fee to send eth to a minting websites compatible wallet is borderline criminal. This makes no sense to me to spend all this money to put a digital artwork on a website with the hopes someone will launder their fiat through buying my token. Until there is a tokenization system where it is easy to navigate and empowers ALL artists I’m going to stay away. I have no problem with artists making money. I do have a big problem with the pay to play systems and conniving arts people behind them that prey on early career artists hopes of making a sale - which in its current iteration I believe the NFT minting process is. I also want to make it clear it’s none of my business where and how you spend your money. For me the 60-100cad would be better spent at Above Ground.
It’s way too early for me to form an opinion. As with anything new that is speculative the “middleman “ rakes in money from the uneducated and the get rich quick mind set.
As always your letters give me pause to think and I like that challenge.
Thank you Tatum
I'm now selling work in NFT space and it's very exciting. Another way for artist to share their work, make money, connect with new people. The speculative market and over-priced over-hyped art is no surprise. But as an emerging and independent artist this is great way to make work, make money, make connections . This is just another tool, and it's very useful.
The medium, ultimately, is irrelevant. If it stirs my heart, mind or soul in any which way, I gratefully define it as art.
And there is always a place for disruption.