Why are NFTs good for us?
(NFT – Non Fungible Token https://www.investopedia.com/non-fungible-tokens-nft-5115211/)
Last week was a significant week for the art world. It went digital in a big way.
Digital art is not a new thing, it’s been around since the beginning of technology, moving with and alongside it. Sometimes leading it. And now, the artists in the digital space are finally getting recognised for a medium which, until now has been largely under the radar. The recent boom in NFTs and digital art is creating incredible conversations and raising questions which, when answered will bring significant change, progress and newness to our understanding of what art actually is and what function the art world has.
I can’t wait to tackle these questions in an upcoming Clubhouse room we’re working to open which will bring professionals from all areas of the art world and ask questions which break down walls and confront confusions regarding arty things. NFTs and Clubhouse are promoting community and this is how we will learn and craft real impact for the future of our industry.
For now though, I’m super excited to be tracking and following the rise of the digital art world. To me, this is a wonderful extension to what we already know and love. It requires jumping into a different mind set, head space, all those things that art can do to you.
One of the major pros in the NFT camp is the ability to guarantee that the creator benefits from the sale and on-sell of their work, forever. Something we built Red T Multiples on, having recognised very early on that artists are not properly benefitting from the full lifecycle of their art. It is also a game changer for tracking provenance and authenticity. All great things.
While I am excited by the buzz surrounding art at the moment, I have never been more convinced that using digital to create new is the right thing to do. However, the questions I am asking are around what this means for physical art, can the two be connected or do they live in entirely different worlds? Physical will never be redundant. Appreciating a physical object, the creativity that has gone into it, an intriguing concept that inspired it and the depth of a hand created art work on a physical medium is a joy. What digital does for us is to keep us evolving and exploring. It opens up a huge market of those who find it inherent to own a digital art work and live with that on their screen and encourages others to learn to appreciate that too. It all counts, it all matters, it’s all relevant. These alternative ways of approaching art, the moving around convention and creating something impactful are all things Red T Multiples has been founded on so it is exhilarating to watch the rise of a whole new space which carries our same message and validates a different approach.
Where will blockchain take Red T Multiples? Now, that’s the most exciting question of all…
If you want to learn more about NFTs for art and what blockchain is doing for art, here are some cool podcasts and an article I came across last week.