More brilliant writers than me have written an explanatory guide to what NFTs are all about, so I shall not attempt to rehash what they have thoroughly covered. Nonetheless, I attended this informative and enlightening talk organized by ADDX: "ADDX Fireside: Non-Fungible Tokens - Investments or Hype?" It featured a panel of established digital artists and other professionals who are creating waves in the arts industry, so I will like to use this space to record what I learnt from this talk.
Advantages Presented By NFTs
1) Content creators will be used to publicizing their artworks on social media websites like Instagram and Tiktok, so NFTs, being sold and purchased on the digital space, empower digital artists to reach out to new audiences who may not use social media all that often. This helps raise their profile and bring forth a new level of audience engagement.
2) NFTs help you gain ownership of digital artworks in the sense that you gain the title deed for them. Hence, this democratizes the art collection process. Art enthusiasts may now be able to step into a gallery or museum and feel a deeper sense of connection to an artwork because they happen to own a NFT of it.
3) NFTs enable digital artists to cut the middleman as they now get the chance to convey and sell their artistic vision in front of audiences who are keen to purchase a NFT or two.
Challenges Posed By NFTs
1) Digital artists will need to pick up the ropes in regards to the crypto industry and learn how to set up crypto wallets and store cryptocurrencies. They will also need to be familiar with blockchain and be immersed in a digital world called the "Metaverse" that is exclusively used for NFTs. In addition, they should learn about IPSF (Inter Planetary File System), which is more powerful than URL so that the link doesn't get broken and their digital currency doesn't get lost along the way.
2) The selling of NFTs ought to come with a clear stipulation of terms and conditions. Otherwise, the question of what happens to the original artwork once the NFT is sold will arise. The one who puts up the NFT could, for instance, express his wish that the original artwork be destroyed so that the NFT becomes the original artwork! Lest you scratch your head and wonder about why artists will want an original artwork to be destroyed, they could want to do so because they may want to shred it in front of an audience, thus elevating it to performance art. Thus, the evolution of New Media Art!
3) Art collectors may feel confused about owning NFTs. What do they do with the NFT now that they spend a substantial amount of money on it? It doesn't seem that there are many virtual digital spaces for art collectors to flaunt their collection, although the rapidly expanding Metaverse could resolve this problem very soon.
Isn't it wonderful how NFTs help broaden the horizons of not just artists, but also art fans and collectors? Have you bought a NFT before? What was the experience like?