Rise of NFTs. What are NFTs?
The rise of digital art as a mode of expression is a natural progression in a world increasingly connected to the Internet. NFTs, unique cryptographic tokens that represent assets, as digital art are the source of these evolutions. But how do they work? These are unique codes powered by smart contracts (similar to a deed) typically run on the Ethereum blockchain, creating an open-access public record of provenance, price, ownership and authenticity. NFTs also introduce scarcity of digital assets, giving creators the ability to sell – and collectors to own – inherently replicable works in finite quantities.
Artists create NTFs why?
This technology, so recent and with an uncertain future, has been revolutionizing the artistic world, as it offers artists and creators a unique opportunity to sell directly to consumers and facilitate the creative process — greater freedom of expression and autonomy. More and more artists are joining the world of NTFs because of their great potential, for a myriad of reasons, from developing extremely creative new directions for their work, increasing connection with collectors to getting more power through their work. works. Another very attractive feature is the ability for creators to program to receive a percentage of the profits from their own art, whenever it is sold to a new owner. Undoubtedly, these advantages and opportunities have driven this new technology and consequently, it has been revolutionizing the world of art. Several questions still arise about this new technology: is it already integrated into the values of the art world or is it still deeply embedded in the cryptographic community.
Are NFTs art?
This is a fairly mainstream topic and was the big question posed by Wikipedia's recent decision to classify Beeple and Pak's recent $69 million and $91 million NFT sales not as art sales but as NFT sales. For the most part, NFT artists do not obliquely cite Western art history, but rather the history of video games, pixel art, comics, AI, science fiction, concert graphics, and other histories that have not been canonized by museums and universities. NFTs are primarily a market innovation. Can they be art? Of course, art is defined by the artist's intent. What is certain is that NFTs continue to set records for amounts paid for works by living artists. There was such a surge that Collins Dictionary named NFT the word of the year for 2021. The growth of cryptocurrencies, coupled with the COVID-19 pandemic, has paved the way for an increase in collectors of NFTs. Additionally, Christie's record sale of “Beeple Everydays — The First 5000 Days” (2021) for $69.3 million in February 2021 put NFTs in the worldwide news.
NFTS market in Portugal? Vhils creates “Rupture” and enters the world of NFTs
The NFTs have created an innovative digital art movement led by artists and a community of collectors. In Portugal, we highlight the growth of this practice with the artist Alexandre Farto, known for Vhils, for having made great strides in the world of NFTs. This consists of a video that captures the exact moment when the explosives that the Portuguese artist uses in his work – which transforms destruction into creation. The video was filmed through slow motion advanced, including 2000 frames per second, which offers a unique experience and perspective on Alexandre Farto's unique creation process.“Rupture” is part of META_VS: A CRYPTO ART EXPERIENCE IN 3 METAVERSES, a BEYOND THE STREETS action that aims to promote the artistic community on blockchain through exhibitions, piece releases, exclusive artist collaborations and conversations on ClubHouse and YouTube. During these days the NTWRK virtual art fair features exclusive works by the likes of Felipe Pantone, Mister Cartoon, DABSMYLA, POSE and Tim Conlon. Portuguese visual artisthas captivated the art world for the last 15 years with his unique techniques which consist of subtracting the buildings themselves.Vhils has been using everything from scalpels and chisels to drills, jackhammers and even explosives to destroy crumbling walls, revealing realistic faces of local and often marginalized residents.Now the artist has passed this message to NTFS, being the first experience in Portugal with these cryptoassets. Companies such as Verisart facilitated the entry of artists, such asVhils, in the NFT space. They helped creators use blockchain technology, certify and sell their work. NFTs have become a way for artists to express themselves without censorship, in a free and open access network where they can share their creativity and prove ownership over it.
“The goal is to create something that makes the digital format eternal and also allows people to acquire it. More and more traditional collectors are realizing the potential of this technology and digital art itself. A technology that brings the possibility of solving various problematic issues that are associated with the world of art. One is the issue of royalties, or long-term payments.” — Vhils
"Vhils reveals that NFTs give artists the possibility of “earning throughout life”, given the existence of NFT “transactions” from one collector to another, which guarantees a “return” to artists. Something that does not happen, at this moment, in the “most of the sales in the secondary market” of art commercialization. In these cases, “the artist never earns anything”, he recalls. With NFT, “royalties are always paid automatically”, in a “transparent and automated way”, ensuring that artists are always rewarded for each resale that is made of their works.”
How is the relationship between the artist and the collector?
Many collectors find themselves directly involved with the artists they collect. With NFTs, collectors are able to connect their name to an artist or a work, and there is a date and time stamp of this special moment, in which the collector supported an idea or a human being. This is the true revolution that NFTs bring about.
Collect NFTs? Should I collect which Nfts? Where to buy?
The considerations for exploring and deciding which NFTs to acquire are essentially the same. One should learn about the artist's background and career path, its narrative and historical significance, and the work's message. Having a connection with the artists and the message they are sharing is essential to being happy when collecting a work of art. The fascinating part is that anyone can become an NFT collector, due to the variety of prices on various blockchains. Even the biggest artists in the NFT world often have drops which are quite affordable.
The creation of the Museum of Crypto Art
Initially, NFT collectors were drawn to the way blockchain technology helped creators. Such as Colborn Bell, who created the Museum of Crypto Art (M○C△), a decentralized art exhibition platform that houses a permanent collection of 200 NFT historic artworks. This virtual museum in Somnium Space represents a pantheon of artists including Trevor Jones, XCOPY, Dmitri Cherniak, Frenetik Void, Pak and undeadlu. The M○C△ represents a “testament to those who dared to believe in a better future that prioritized sovereignty, market access and freedom of expression in the arts”.
What is the future of NFTs?
Although the technology is still very new, the fact that more and more notable national and international contemporary artists are entering this space suggests that applications of blockchain technology in art will continue to grow.
