Most people frequently picture the Bored Ape Yacht Club and its outrageously costumed apes when they think of the connection between NFTs and art. These NFTs, typically cost around $200,000, are worn by celebrities like Post Malone, Jimmy Fallon, and Tom Brady. Though he had to pay a roughly $300,000 ransom to get the NFT back. When it was taken from his wallet, comedic actor Seth Green has even mentioned the possibility of making a sitcom based on his bored monkey that blends real life with cartoons.
NFT technology and the buzz around it have broader ramifications for the entire field of art. Nearly 30 million wallets were trading NFTs as of 2021, with an additional 40,000 users joining the market each month. The NFT industry is worth $40 billion. While the bulk of NFTs has price tags under $200, some of them are incredibly expensive. For instance, one piece of art sold for around $70 million. For comparison, a pair of 1634 Rembrandt paintings sold for $180 million. The fact that such a recent work of art in such a novel media matched those beloved classics demonstrates why art connoisseurs should be paying attention.
It is yet unclear how much NFTs will alter the field of art. Although the market is currently robust, it’s feasible that when NFTs become more widespread, purchasers will grow weary of them. But the blockchain-based phenomenon could significantly impact visual art, music, games, and perhaps even film.
According to Zain Jaffer, CEO of Zain Ventures, “it’s perhaps excessively simplistic to conceive of NFTs as merely a token used to identify the ownership of, for example, a painting.” This aspect can be pretty crucial to severe collectors. However, the technology underlying NFTs and the blockchain, together with the enthusiasm they currently receive, may portend significant changes in the future for how we produce, consume, and acquire art.
Many artists are selling original paintings that have been scanned into digital files on the internet, for instance. To look at that picture, save it as an image file. And transmit it to everyone you know, you wouldn’t need to pay the artist. Some authors attempt to make money from their work by using websites like Patreon or adding a contribution button to their websites. However, none of these strategies effectively guards against copying.
Here, NFTs provide artists with a unique service. A painter can legally transfer ownership of a painting to a collector and profit from their work if they turn it into an NFT.
Without gatekeeping intermediaries, artists are more accessible to explore without being concerned about their work being accepted or rejected depending on a curator’s preferences.
A Larger World
Several supporters can contribute money to an NFT simultaneously, conveniently, and directly thanks to the blockchain. Which enables people to share ownership and feel like they own a piece of something meaningful without having to be millionaires. An intriguing illustration of this dynamic is the artwork The Merge, which was purchased for $91.8 million by 28,983 collectors.
It’s possible that other types of art, like songs, could be impacted by the ability to fractionalize ownership of a work of art. For instance, if a piece sold as an NFT appears in a TV program. The royalties may go to all parties who co-own the music.
This might make it possible for the creator and the other investors to continue making money from their creations eventually.
NFTs could symbolize in-game property ownership in massively multiplayer online video games. Meaning that a player’s avatar might possess the title of a piece of virtual real estate in the game world. Filmmakers can also sell official NFTs representing digital or physical files or props from movies. For example, an NFT could represent the real-life suitcase from Pulp Fiction or a page of concept art from Dune. It’s unclear exactly how NFTs will alter the art world. But, in Jaffer’s opinion, it’s time for artists to start considering how to use them.