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ToggleWTF is an NFT: The buzz began gently, then suddenly. Initial sales included the $590,000 Nyan Cat meme. Then Grimes sold her artwork. Another $6m. Beeple, an artist, sells an animated gif of Trump’s naked body for $6.6 million, setting a record for the most expensive digital art ever. Christie’s sells his art for two weeks. It smashed the record again at $69 million. The third-highest auction price for a living artist, behind Jeff Koons and David Hockney.
NFTs, nonfungible tokens, are the current art world and mental obsession. Blockchain technology gives customers ownership of a digital artwork or photograph in these digital collectibles, which range from niche to worldwide obsession. Currently, Twitter founder Jack Dorsey is auctioning the first tweet as an NFT, and Azealia Banks sold a sex tape with her artist lover for $17,000. Taco Bell sells taco-themed GIFs on Rarible.
Why buy tacos when you can gaze at a screen simulation?
Digital tokens built on blockchain and bought using cryptocurrencies like Ethereum are uniquely identified and all transactions, sales, and transfers related to this effort are public. Before, you could right-click and save a digital asset and claim it as yours. The blockchain proves an NFT collector owns a portion. Scarcity and explicit ownership are now feasible in the digital arena.
Also Read: The Rise of NFTs: Exploring the Future of Digital Ownership
NFTs may look utopian, but detractors say they perpetuate the same art world and Facebook and Instagram flaws. NFTs offer a decentralized art market, yet most buyers and sellers use platforms, which take hefty fees. The now-defunct cryptoart. wtf also highlighted NFTs’ environmental devastation. WTF is an NFT: Artist Memo Atken claims that one NFT emits 211kg of CO2, equivalent to driving a car for almost 600 kilometers. Four digital artists Aaron Jablonski, Eva Papamargariti, Sucuk & Bratwurst, and Nicole Ruggiero discuss NFTs’ pros and cons and whether they live up to the hype.
EVA PAPAMARGARITI
NFTs provide artists with creative and distribution freedom. Digital art is gaining attention, particularly for works that incorporate generative coding, which were previously challenging to sell. Artists gain more control over their art, which may now be seen, traced, and traded without an institution, museum, or gallery. Artists have the freedom to distribute their work without any gatekeeping from previous mechanisms or establishments. At this moment, NFT platforms feel like an unending sea of possibilities. But, like the open sea, numerous dangerous circumstances can arise.
NFT is fragmented. We watch and gather little excerpts, photographs, and animations, older works become visible again and circulate in the metaverse, and things can be intriguing and flat. Sometimes it’s helpful to step back and study the issue from afar, examine it, and approach it with thinking instead of relentless delight. Value, ownership, and authenticity are associated with NFTs. WTF is an NFT: Because of blockchain protocols, crypto-art is transparent, token sources and trails are visible, and artists receive a percentage after each sale. While uniqueness dominates these things and their aura, we cannot overlook the rising tsunami of economic speculation and inflation around NFTs.
BIPOC and LGBTQIA artists
I don’t know if the current trend in art is a genuine change that can challenge the established power structures in the industry or if it’s simply a new spin on old tricks. WTF is an NFT: The rise of many networks that help artists from marginalized communities, such as BIPOC and LGBTQIA, as well as the fact that artists in the NFT and crypto media realm are coming together to establish a community fills me with joy.
In my opinion, the art industry may benefit greatly from the increased level of communication and understanding that these decentralized platforms could bring. Economic pyramid structures, money circulation, environmental effects, inclusion, and countless other factors must be considered before any real change can be promised. No artistic endeavor necessitates a paradigm shift that mimics the best features of existing systems while rehashing their flaws. Instead, I think we should strive for a more inclusive way of thinking and doing things.
AARON JABLONSKI
Blockchains are algorithm-running global supercomputers. Every time a work is resold forever, Smart Contracts pay the original inventor. Unique to our space, if an artist sells an artwork on a regular market and grows, the collector may be able to resell it at a better price, but the artist would never profit again. They would get NFTs from secondary market sales. WTF is an NFT: I think this space is wild and unpredictable. Making yourself known is hard, but publishing artwork helps you build a collector community. All huge platforms are packed of applications, making entry difficult. Other platforms like Rare and Opensea let you publish your art and succeed if people find you. Everything’s uncertain.”
Environmental consequences are another issue. Blockchain not crypto-art is the issue. Bitcoin and Ethereum, the largest networks, take a lot of energy and are unsustainable since their transaction verification technique needs extensive calculations. These are critical issues, but Ethereum has been working for years to modify its consensus system, and they will. There are more sustainable NFT-mining blockchains.
SUCUK & BRATWURST
NFTs allow you to market your art without losing money to galleries or other art industry actors. Digital artists usually get commissions from brands or bands. You can now freely pursue your creativity and vision. Digital art is increasingly valued intellectually. NFTs let you profit from your passion. Instead of displaying “personal” digital artworks on your portfolio or Instagram, you can now make money creating art. The NFT digital art world is visually saturated.
Crypto and NFT art mimic post-internet art. It will be intriguing to see where most crypto art goes beyond “oddly satisfying”. Since social media was its main platform until recently, digital art’s quality may have been measured in likes and hype. The fast-paced social media prioritized aesthetics. WTF is an NFT: The NFT art market may change that, but how is unknown. Blockchain computation has environmental drawbacks. Manufacturing, transit, and dissemination of “traditional” art still harm the environment. Perhaps this is not a major issue. Building a reputation across platform algorithms is difficult. Artists with a huge social media following can benefit from NFTs, but new or distinctive artists may suffer.
NICOLE RUGGIERO
Digital artists are finally getting paid for their years of free work. Most digital artists haven’t made money till now. I’ve generated much of my work for free, including large worldwide shows. Instead of solely benefiting media corporations through tangential advertising, we can now receive direct compensation.
There are many ecological issues now. NFTs and crypto transactions emit carbon during mining. The major problem is whether crypto transactions use clean energy. My concern is energy sources in general. I support wind, solar, and safer nuclear (thorium reactors). I also donate to reduce emissions. This is not a panacea. I also recommend contacting your local energy company about transitioning to sustainable energy. Though more expensive, it has a smaller environmental impact. I will do the same when I can afford it, donate, and be cognizant of my space emissions.
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