Every industry goes through a shift. Some are smaller and has less impact and some changes the whole mindset of a generation.
The art world is in a state of flux.
The traditional model of the art market is no longer working for artists, galleries, or collectors. The high costs of production and promotion, the lack of transparency in the market, and the lack of trust between buyers and sellers are just some of the problems that need to be addressed. But there is hope. Non-fungible tokens (NFTs) are a new technology that has the potential to revolutionize the art world. NFTs are digital certificates of ownership that can be attached to any digital asset. This means that artists can sell their work directly to buyers, without the need for galleries or middlemen. In this article, we’ll explore the problems with the current art market and how NFTs can change that.
The lack of transparency in the market
There are currently no systems in place to ensure that a work of art is real or that it has come from the artist it’s claimed to come from. It’s possible to buy a fake work of art, or even a work that has been stolen from a museum. It’s also possible to buy a work of art that has been produced by machine or by staff at a factory. And even if the work is real and comes from the artist it claims to, you have no idea how many copies have been produced or how much the artist has been paid for the work. It’s currently impossible to know if the price you pay for a work is commensurate with its value. And if the work is fake, you have no way to prove it and no way to get your money back.
How NFTs can change that
If an artist issues an NFT for their work, it’s possible to track every copy of that work.
This means that it’s possible to track fakes and copies of the work. It’s also possible to prove that a work is real and comes from the artist it claims to come from. And the data that can be collected using NFTs makes it possible to create a trust system that ensures buyers can trust the sellers and vice versa. NFTs can even be used to track where a work of art has been. This means that if a work is stolen from a museum, it’s possible to see where it has been and who has owned it. And if a work is a fake, it’s possible to see that it’s a fake. If a work is real, the owner can easily prove it by tracking the chain of custody. This means that everyone in the art market can be trusted. This means that artists, collectors, and galleries can all trust each other. It also means that artists can sell their work directly to buyers.
The benefits of NFTs for artists
Artists can use NFTs to sell their work directly to collectors. This means that they don’t have to depend on galleries to sell their work. It also means that they don’t have to share their profits with galleries. Instead, they can keep 100% of the profits from their sales. And they can use online marketplaces like Open Art or Opensea.com to sell their work, just like a traditional gallery would. This means that artists don’t have to build and maintain their own online stores. It also means that artists can reach a wider audience than ever before. And, as artists don’t have to rely on galleries, they are less dependent on the whims of the gallery owner. Our upcoming feature article will be all about how to use your NFT and some case studies and how we use it.
The benefits of NFTs for buyers
NFTs are completely fungible. This means that each copy of a work of art has the same value as any other copy. The info box next to the item can easily verify the blockchain and wallet associated with it which can be verified.
This means that there is no way for a collector to increase the value of their collection by keeping the best art for themselves. Instead, they can keep one copy of a work and sell the rest. It also means that it’s possible to resell works of art. This means that it’s possible to get a return on your investment, even if you don’t like the work or change your taste. It also means that you don’t have to worry about buying a fake. You can always repossess your money, even if you end up with a fake work of art.
NFTs are new technology and with any new "Thing" we invent as a human being and discover, there are challenges on how to normalize it for mass or make it safe. All of these are in progress and we can't just ignore the innovation because of technical challenges. After 20 years of accessing internet, we are still evolving and making sure it can be a better place. Imagine if we kill internet because we see some risks.