NFTs: Yay or Nay? A Simple Explanation by an Artist
As an abstract artist, I have been receiving offers from various NFT marketplaces to join their platforms for a while now. I’d checkout the NFTs on those platforms and my “eyes would hurt” from the lack of aesthetics, effort, and fine art itself in the vast majority of those NFTs, which popped up overnight like mushrooms after a rain.
Artists, who put their heart and soul into their works, would never display their artworks on a platform that does not correspond to the standard level these artists work day and night to achieve.
So, I kept on gracefully refusing those offers, until PRISM NFT came up with this idea to have a curated platform for premium NFTs, crafted by world leading and emerging artists. I don’t believe in this craze that the NFTs would make me filthy rich overnight. This is not my purpose and not the reason I have created my first NFTs. My rationale was:
“Cryptocurrencies are here to stay and are steadily growing, if crafting an NFT is conducive to my own artistic process, if this provides visibility to my artworks, if it opens new opportunities, and might be an additional income for me, then why not?”
One of my fortes was that I could always intuitively spot out the cool new stuff, and I can tell you that the fine art NFTs are a cool thing.
NFTs, unlike bitcoins, are unique:
· They are irreplaceable. If you’d lend someone 100 dollars, it won’t matter in which bills you’d get the money back, as long as it’s the same amount. If you’d hypothetically borrow an NFT, you would want the same one back.
· They are indivisible. NFTs, unlike other cryptocurrencies, cannot be split into smaller chunks.
· NFTs allow digitized versions of collectibles to be created.
· NFTs bring rarity and scarcity to the blockchain.
An NFT that is created based on physical fine art creates even more scarcity, as an artist can produce only a fixed number of pieces of art in their lifetime. This limitation ensures somehow that the value of a fine art-based NFT will always be high.
As in real-world fine art, the NFT art can be verified by its authenticity and history of ownership, and this can be done in a heartbeat.
Art-based NFTs create a whole new collective, where artists, galleries, online marketplaces, art collectors, and crypto market players come together. If I become a blue chip artist, those who bought my NFTs now will grow with me. And if some super talented NFT collector would buy and trade my NFT in such a manner that its value will grow, I will grow as well.
Creating your first NFT is not a two-click procedure, but you don’t need to be a rocket scientist to be able to create one. And the second one comes much easier. Plus, the PRISM NFT marketplace team is very helpful throughout this process and they provide instant assistance with any needs the artist might have.
So, is there a future to fine art NFTs? Definitely yes, and the possibilities of this market are enormous and yet to be revealed.
Please follow me on: